The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-06-29
Ne w Y ork
Stock Market

New York, June 2s,--The parallel
speculation in stocks and wheat
showed evidence o-day of IA realisina
movement in the sense of buying
stocks TO cover shorts and proiit.tak-
ing sales IN wheat The hesitation
developed on the reactionary price
movements resulting from this action
was an index of the state of doubt
whether the wider speculative adj
justment had eliminated or only
paused. There was no material change
In the conditions which had prompted
the movement.
The large influence Oh the course of
the markets played by the crop situa-
tion in the Northwest does not adS.it
of doubt The Immediate relief to the
most severe of the weather conditions
there was proven by the official terms
of the weekly bulletin of the bureau.
which reported improvements due to
timely rains in the more Southern
portion of the saring wheat region.
There was. however, the qualifying
statement that rain in abundance is
needed in nearly all portions. of the
district" There was much attention
paid in the financial districts to the
constant estimates current of the
amount of damage already done to
spring wheat and the consequences
general business activity in the sec
lions affected. Officials of the rail.
roads admit the fact of the damage
done by the drought but pronounce
the reports of II exaggerated for spec
uiative effect. Crop reports. aside from
The spring wheat damage, arc favor
able as a whole especially for the
corn and winter wheat belts. The ef-
feet was seen in a degree of positive
strength OF some of the corn grangers
in the days stock market.
OF the more abstruse causes of the
break in the market there continued
to be much confused conjecture. The
force of events give warrant to the
supposition that the adjournment Of
Congress and the return to New York
of ]. P. Morgan had failed to bring
out demand for stocks which had
been counted on by party in the
speculation.
The paucity Of the demand and the
urgency or determine ton of the recent
selling were the facts beyond dispute.
There persisted suspicion that the
rectifcation was in progress of steps
not approved by the home coming
chief of party in the market.
Reports or opposition from the mis-
cellaneous shippers to the agreement
over rates between the meat packers
and the railroads were cited as cal
culated to invite to renewed agitation
against the proposed advance in
freight rates. The complaints OF this
agreement take the form of accusa-
tions Of a community of interest by
mutual ownership in the railroad
companies and the centralized indus
tries. whose assent is being sought TO
higher freight rates. a common profit
at the expense of smaller shippers is
alleged as a ground for proceeding be-
fore the Interstate Commerce Com
mission TO interfere with the proposed
program.
Rates for money showed little
change, but the tone was somewhat
frmer, in spite of the heavy liquidation
that has been going on in the stock
market One of the surmises over the
cause OF the weakness of stocks is
that some long standing Speculative
accounts have been forced out by
lenders of money on collateral, who
are DESTROYS of keeping assets in HAND
for the fall money requirements.
The days small net changes are due
to the covering movement amongst
the bears and supporting orders
through which the early losses were
entirely retrieved. Net gains We're in
dicated in not a few cases, although
the early downward plunge establish
ed new low records for the year ir
some of the market leaders
Bonds We're irregular. Total sales
par. value, sl,s53.000
U, $. bonds were unchanged on call
Total sales of stocks for the day
were 7S4,5o0 shares.
New York. June 2s.-Money on cal
I steady. 1908 per cent; ruling rate
rs, closing bid 2 3-i offered al
rs. Time loans firm; sixty days,
per cent. and ninety days, 1-403
Six months, 4 1-494 1-2. Prime mer.
camille paper S4d5 per cent Sterl-
Ing exchange steady at decline will
actual business In bankers bills al
s4s44o@ s4.S+5Q !. for sixty-day bills
and at s4.sG26.for demand CONNER.
cial bills. s4'ss '34@s4S4 IA. Bar sill.
YER SO SIS. Mexican dollars, A.