The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-07-10
QUICK RECOVERY
|NST0Ck MARKET
Advances From Low Prices Are
About Two Points for
Leaders.
MANY NEW LOW LEVELS
Death Of Chief Justice Fuller
Nearly Demoralized
Traders.
MANY NEW LOW LEVELS

New York. July s.-After q heavy
opening to-day tho stock market
quickly recovered. This recovery was
due to realization on the part OF
traders that in spite OF the sovere loss
In spring whoat the total graan crop
OF tho year will be about 400, 100000
bushels greater than last year. Adj
yanoes from the low prices were about
two points in the leaders, with Union
Pacific. st. Paul. the Hill stocks and
Steel most active. The money sttua-
ton Is 10 confused that the bank
statement had no direct influence on
prices.
Tho crop report came at critical
time, and the fact that 1t was able
to produce only momentary decline
in the market indicates that 1t had
been thoroughly discounted The mar
ket is In technical shape to advance,
and the demonstration OF to-day was
further evidence that the important
interests are working for higher
prices. An advance OF ten or fifteen
points in the next six weeks would
be perfectly consistent with the theory
that q period OF depression Is coming
In the near future and that all stocks
will sell very much lower than they
have sold for many years.
Eject of F>ui1er's Death.
The death OF Chief Justice Fuller
4
and on several occasions prices showed
Generalization. New low levels for
the year were recorded by half hun
bred stocks.
Near the close of tho week tho
stimulus OF un1ustined gold imports
and the belief that the government
crop report would be favorable, started
substantial rally, despite unfavorable
figures by the Copper Producers Assoc
citation.
Appearance of the crop report just
before the close on Friday started a
heavy selling movement The report
showed an Indicated increase of corn.
spring and winter wheat and oats of
more than 40o.0o0.000 bushels. but
spring wheat showed decrease OF
more than S3000.eoo bushels, compared
with last year. and the total loss in
wheat will be nearly 100000
bushels. This VIII be made up ~ the
greatest corn crop on record, the In
aicated yield Of corn being 3,251. 365,000
bushels.
Fuller's death was regarded as
bearish because It mnde further post.
ponement of the great trust cases
necessary. The statement By Governor
Hughes. who Is prominently mentioned
for Chief Justice. that American bust
ness men Will stoop to anything to
accou 1plisn their end, provided they
can remain under cover. has alarmed
the business world. Business men have
been trying hard TO obey the law in
big things, but find II impossible,
largely because even the Supreme
Court does not seem to know what
the law means Ninety million people
are now compelled TO fold their bands
and walt nearly a year for decisions
on the cases that will determine how
business is to be reorganized. 1t was
liquidated freely under the circum-
stances
The Des Moines and Fort Dodge
passed the dividend on its preferred
,tock. This is a little road controlled
by the Hawlcy group. but the action
Jeems to indicate the policy OF the
Hawley people. and passing of the
Chicago and Alton dividend Is now ex-
pected. AS the Glover Leaf" depends
partly upon the Chicago and Alton
dividend to make its own payments
TO stockholders. the Glover Lear al
vldend will have to be reduced. Re-
ports of unfriendliness toward the
aawley stocks have no foundation. in
fact, because Standard Oil and Nor
gan houses are very friendly to him.
His loans have all been arranged on
long time. and any decline in the
Hawley stocks will be only the natural
result OF passing dividends,
Astonishes Street.
st. Paul astonished the street by
paying its regular dividend and re-
porting earnings that seemed to JUS
tify 1t. Atchison also declared the
regular dividend. The payment by st.
Paul marks another scandal in stan
dard Oil affairs, for the insiders of st.
Paul have been liquidaung the stock
on an enormous scale for months, and
publicly advising the purchase of the
stock from 100 down. The statements
made in this column regarding the
financial condition OF ST. Paul are NOT
disproved by the dividend declaration.
That declaration was made in a spirit
of bravado. It was technically justified
because the St. Paul company is hold
ing in its treasury bonds Issued for
construction Of the Pacific Coast ex-
tension.
It is legal to pay interest oa con-
Structton bonds, even though the in
tsrest is not earned, and in that way
the ST. Paul regular dividend was pro-
vided for. as explained In this col
unn. The fact that the money was
produced to pay it does not justify It's
payment.
Import OF gold to the extent OF
nearly s2,O00.000 was announced late
In the week. although the exchange
rate did not Justify the movement.
The Copper Producers Association
announced that the production OF that
metal In June was 4.24os1o pounds
avery day, q total OF 127,219,1ss,
pounds. against 128,2se.474 in May.
Domestic deliveries wero only $685.
les pounds, against bs,8o5.222. Stock
romainingS on hand July was 1853, 1885,
OFT pounds, compared with 180,425,973
The previous month.
The weeks contribution to reform
consisted Of tho revelation that prac-
Ideally every storekeeper is cheating
the public with false labels on dry
goods. while wholesale frauds are per-
petrated through false scales. The
government is also trying to find q
way to prevent short sales in the
stock market, vainly believing that IT
such a thing could be stopped prices.
Thnmac Rranch & "a