The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-06-24
IN e w Y ork
Stock Market

New York. June 2s.---The feeling OF
apprehension over the crop prospect
proved It's. dominant influence on stocks
again to-day and forced into the back
ground the more cheerful sentiment OF
yesterday, growing out of the bright
eninE prospect for railroad rate In
creases. and the improved investment
demand for new capital offerings. The
amount OF rainfall officially reported
left a dubious feeling regarding the
reports of abundant rains winch nelped
20 send stocks upwards yesterday and
stocks started with hesitatinE and
UNCERTAIN movement 10 correspond. II
was not until the wheat market opened
that the reactionary movement became
pronounced, With the price of wheat
ruling 2 cents bushel higher than.
Yesterday. and the advance sustained
during the morning, the stock mar.
kets misgivings over the state OF
western States We're revived. The
agreement of the Price Current and
the Northwestern Miller in their almost
identical reference to the situation
there las critical" for the spring wheat
crop appealed with force to the pre-
Nalent uneasiness. The Weather
Bureaus forecasts of probable rains
Kept the feeling in restraint. but Wit
the obvious suggestion that failure of
Inc predicted rains would strengthen
anxiety.
The Importance attached to the crop
return of j Pierpont Morgan and the
customary use made by professional
operators of that recurrent event to
closely associated with that financier's
name. A story from Paris that Mr..
Morgan was bringing home a plan for
restriction Tei.. Of copper .r production by
ducers. failed OF effect on coppers
which We're fully abreast of the gem
eral dropping tendency of prices. The
additional items cleared up by Con-
"a hst, ~
of an early adjournment We're equally
Ignored by the market which has
looked forward to some symptoms OF
relief from speculative apprehension to
follow that event. The retention of the
Bank OF England discount rate occa-
stoned some professions of disappoint-
ly statement disclosed the heavy re-
auirements OF outside borrowers on
the. central institution. but the in
gathering of tax money has notably
abated. The conviction is undated.
Bank rate will come down following
the meeting of the half-yearly settle
ments on July l. and period of no.
table ease OF money is promised to fol-
low. Foreign exchange rates here
continue 10 fall in consonance with
. the easing Of the London market. The
Il placing Of financial bills with London
g Bankers Is reported to be going on
/ again.
2 The easing of the money market in
New York is restricted as yet to the
shorter periods, rates carrying over the
end OF the year showing a sitter tone
The effect on the investment demand
TOR securities is only moderate, partly
owing TO the question how far the
easing money situation is due TO econ
onlizes in expenditure which may be re
Elected in the earning power of bus
mess enterprises.
While the spring wheat outlook wa.
the Influencing factor, the spring whea
grangers We're not alone in feeling the
effect, The dropping tendency was
fairly uniform and was accompanied
BY shrinkage in value of business
from that done on the advance yes
terday. The passing of the half-yearly
dividend on Minneapolis and ST. Louis
preferred weakened the Hawley group
and hurt the general list in the late
trading.
Bonds were firm Total sales. par
value. s2.l2S.ooo. United States 3s de-
clined Il per cent In the bid price on
call. Total shares for the day. 34s.s0c
shares.