The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-06-14
Me w Y 0rk
Stock Market


idleness into which tho stock market
fell to-day proved to the advantage OF
values the Withdrawal OF orders be-
ing. apparently. from the selling side
Of the market. The evidence thus af-
forded of a subsistence in the pres
sure of liquidation with which last
week closed, warned the bears not
TO press their operations. According
1y, after a preliminary test under
which prices yielded only moderately.
they bought to cover short contracts.
The reports OF the borrowing of
large amounts of stocks lent credit
to the suppositon that the short n-
terest was becoming unwieldly and the
market oversold London prices for
Americans were at advances over Sat
urday. but the opening market here
ignored that Influence at first and
London was accredited with little part
in the days strength. Other foreign
centres were affected by the poor con-
dition of the American copper trade
and depressed copper mining stocks,
This was notably the case in Paris.
The London price of copper fell sharp
~ also. Amalgamated Copper. how
ever, after momentarN response. came
into the general upward movement
There was a substantial absorption.
at the same time of United states
steel in spite of reports that the
market for finished steel products was
beginning 10 show signs of the same
kind of oversupply that has weighed
on the iron market There had 10 be
faced. as we'll reports of additional
curtailment By cotton mills both in
New England and the South.
From railroad traffic officials
through the country came intimations
that some check had been felt on ac-
count of the controversy over rates
between the railroads and the govern
ment. a call was said to have been
made on the underwriters of the S43,-
100000 .Atchison, Topeka and Santa Fe
convertible bonds for payment of 70
per cent. of their subscriptions, the IN
ference being that stockholders had
not availed themselves of their privi
lege of subscription TO these bonds.
None of these items of news was
cited in explanation OF the rise in
stocks which was, rather, In spite of
these developments. The reported ba-
sis of agreement on the railroad bill
in the conference was the subject of
differing views amongst spectators,
the elimination of the control of CAPT
tai issues being balanced against the
proposal for commission to invests
gate the subject, said to have been
y substituted. The leaving open of the
matter for future agitation instead of
its definite disposal one way or an
other was called an Objectionable fea-
ture. The money market reflected a
lightened demand for stock market
purposes. The demand from mercan-
tile sources appears to be sluggish as
we'll Interior money markets report
that the land speculation in its OBJ
jectionable forms have been effectively
checked.
The return to the Controller OF the
Currency under the call, which is ex-
pected now at an early date, is await
ed with great interest for compre-
hensive showing of the loan position
London seems to expect to be called
upon for gold to help finance the
American crop movement this fall,
that being one of the reasons for the
extraordinary reserves which have
been built up in London. This would
suppose d free revival of exports o.
wheat and foodstuffs from this coun-
try.
Bonds were somewhat nrmer, bu
with little change in the dull condi
tons in that department Total sale
par value. si,395,0o0.
United states bonds were unchanged
on call.
Total sales for the day, s4s.7o
shares.
New York. June 1s.--Money on cal
easy. 2 1928 12; ruling rate, "a
closing bid, 9 L.: offered at 3. Time
loans soft and very dull sixty days
3n3 Ia per cent, and ninety days
3 Ia; six months. iG4 Ia per cent
Prime mercantile paper, 4 3-4@5 Ia
per cent
Sterling exchange easy, with actual
business in bankers bills at si.S440d
s4.s45o for sixty-day bills. and at
s4se75 for demand. Commercial bills.
s4sS 3-4@s4.S4 IA Bar silver, So Ia.
Mexican dollars, A.