The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-05-29
CROP REPORTS
CAUSE OF DROP.
Decline in Price OF Wheat Re-
gardcd as Largely
Technical.
ST. PAUL PLACES BONDS
Securing Of s5o,ooo,ooo in Europe
Officially Announced
in Street.
ST. PAUL PLACES BONDS
Especial to me rImes- plspatch

New York. May 2s.--Most important
Street was the official announcement
that st. Paul had obtained $4,000 In
Europe, and the break in wheat The
latter was largely technical. but 1t
was brought about primarily by the
excellent crop reports Based on theso
. reports the railroads are preparing for
q record tonnage Of agricultural pro-
I duoe. and the steel trust. as q result
is receiving 20 per cent. more business
than 1t did in April. orders coming to
tho trust arc now 10 per cent. OF Its
capacity, and It Is assured OF enough
business to run all its mills full to
the end OF the year. The iron markets
are better, and even copper showed
somo improvement In tone Canadian
Pacifc's advance to new high record
figures was due to the crop news
which indicates yield of 900. 900
bushels OF wheat in Canada this year
Efforts were made to lead the public
to believe a distribution of land of
the Canadian Pacific would be made,
but this was officially denied. Ofhc!al
denials were also made that the Ca
madam Pacific had any idea of purch-
asking control OF the Ontario and Wes-
tern or the Wabash A speculative
pool in Duluth. South shore and At
lantic was discouraged from operating
by news received from headquarters
in regard to that property.
The buying OF New Haven stock
that has been attributed TO Canadian
Pacific proved TO be in behalf of the
Pennsylvania. That company ha. In
creased It's holdings from 100000 TO
ss,0oo.ooo par It Will get additional
representation on the New Haven
board. but denial is made of any in
tention 10 buy control.
That St Paul was compelled to pav
q shade over per cent. for Its
money Was not cheerful news. Other
railroads will have TO pay even more
than that, The total of bonds TO be
placed abroad II now estimated at
100000, 900 or more The st Paul
and the Canadian Northern have each
100000 900. In addition. the Hill
roads are understood to want 100000
200, the Hartman lines s5o.ooo.ooo.
The Gould lines s7o,ooo,o0o. the
Pennsylvania ,s5o.ooo.on0. Frisco.
$4,000, 900. Missouri. Kansas and
Texas 100000 and New York
Central sao.c0o.ooo The big Four
has already sold slo.ooo,ooo. The
Missouri. kansas and Texas will also
Issue blanket mortgage of sl25,00o.-
200. but the bonds will not be sold
for some months. as they are chieny
refnnd,ng.
The Erie Railroad is the latest to
: advance It's passenger rates for COM
n1uters. This has stirred up protest.
but the road. in common with all 9th
ers. insists that there Is no monev In
the short hauls OF passengers. This
movement of the railroads is hurting
real estate speculation in suburban
property. and will prove indirectly a
good feature because speculation was
running rampant. The railroads have
encouraged tens of thousands OF per-
, sons to move out OF the cities in ex-
pectation OF low passenger rates and
now that these people are tied so
they cannot help themselves the rates
are advanced and the boons in prop
erty will be arrested.
During the week the Street was
filled with rumors from time to time OF
trouble. and investigation proved most
of these were based on fact. but In
every case the trouble was averted by
prompt action. The institutions and
persons in question are not of suffi-
cient Importance to have any real
stock market influence, and recur-
renee OF the rumors need worry no.
body.
Attempts to create the Impression
that ]. P. Morgan was dangerously
I'll in Europe, however, were not based
on fact. according to official state
ments from members Of his firm.