The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-07-15
New Y 0rk
Stock Market

New York, July i4-EXtreme eau
4 tion was manifest in the conduct OF
speculative transactions in stocks to-
day 1t was this that accounted for
the dullness of the market. rather
than any absolute neglect. Signs of
obstacles which appeared in the course
of price movement in other d,reo-
tions discouraged the pursuit of oper-
atoms for any long time. y rise in
prices got away from the level OF any
effective demand, and a sag resulted
When the uncovered bears bid Tor
4 stocks however. they complained or
difficulty in securing them. and called
5 the market oversold The demand from
this and more substantial sources was
effective at price recessions and but
tressed the market against fall, and
opened the way to successive recov-
cries. The closing tone was strong.
4 The action of the Interstate Commerce
Commission in favor of suspendins
Important and general rate advances
proposed by the railroads was dis
cussed in more strained attempt to
interpret its significance towards the
final decision on the reasonableness OF
the advances asked than for It's face
value. The refusal to suspend the al
vances in suburban passenger rates
out of New York was regarded as so
far favorable to the railroads, but the
determination to assume Jurlsdlctloh
OF the question, and to proceed TO con-
slider the RESPONSIVENESS of the ad-
Sances was against the contention OIL
4 the railroads. The supposition was
the rate advances might not be the
full time for all of those to be con-
sidered different tariffs being passed
on and decided serially.
This prospect was regarded favora-
bly, as promising to hasten the advan :
tage of advances to be allowed. There
is a feeling of confidence also that adj
vances will be allowed ultimately.
These assumptions contributed to the
1,ndertone OF strength in the stock
market.
The vote 10 authorize n strike by
Pennsylvania Railroad employees was
Y reflected only in a neglected and al
most motionless state OF that STOCK.
A settlement was expected, and lne
belief that wage advances would De
conceded was joined to the confidence
felt over allowance of advances in
freight rates. Increased costs OF OPP
Grafton of the railroads and the mar
rowing OF profits as consequences
are the avowed argument for asking
Increased rates. May earnings 0!
sixty-five railroad companies as conn
piled show an increase IN gross owe,
May of last year of S24,596,0oo' or To-
per cent. an increase OF opeiasits CO
penses of S2l,391, 600, or 1882 per CEN.
and an increase in net of S3,2UA,9ol
or 6.3S per cent.
The copper industrials showed som
relief from the pressure 10 Whici
,hev have been subjected recent!
and this took out of the general mar
ket a sympathetic influence TOWARD
depression The metal in the Londo
market at the same time showed som
recoyery. The conclusion of the stoc
market settlement there and IN
strong showing of the Bank Of Eng
land statement were helpful factors 4
financial markets. The maintehahe
of the Bank of England official DIS
count rate proved ineffective IN ho!o
ing the private discount rate, IN SPY
of repayments OF upwards OF Sso,oov
0O0 of market Indebtedness 10 81
bank.
The redemption OF governmer
treasury bills supplies resources
the money market for this purpos
Further large maturities OF treasus
bills are in immediate prospect stel
ling exchange declined here TO a ne
low level, in consonance with IN
condition in London, lhoicatihs =,
prospect of further imports oil sol
TO New W "a !.
The strength of the wheat market
in the Northwest directed renewed a.
tention to the spring wheat prospec
but hopeful estimates of the agricu
tural harvests as whole We're
greater influence.
Bonds were irregular. Total sale
par value, s1,3S2,oOo.
u. s. bonds We're unchanged on ca
Total sales for the day, 49s's'
shares.
New York, July l4.--MoneS on ca
steady. 2@s per cent; ruling raj
SIS: closing nd, "a; offered at
Time loans Arm FOR long periods SIN
DAYS. 9 1-4@s 1-2 per cent. and nine
days, 4@4 Ia; six months, BOO /
prime mercantile paper, -2@b p
cent Sterling exchange weaker. WI
actual business in bankers bills
s4.s34oas4s345 for sixty-day oil
and at s4S5s0 for demand CONNIE
ciaI hills. s4.S2 1-2@s4.SS. Bar silv'
B. Ia. Mexican dollars, "a.
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