The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-06-23
N e w Y ork
Stock Market

New York, June 22 Speculative sen.
timent towards stocks derived encour
agement from various causes today.
The principal Of these were the re-
ports OF rain In the spring wheat
region and the agreement of the peat
packers to the increases In freight
rates proposed by the railroads, Re-
ports of weather conditions IN the
varied greatly as to the extent of the
rains and of the territory affected.
The violet drop in wheat drew ont
sold Yesterday Besides the rain re.
ported as falling. the forecasts OF add
tional precipitation in the affected dis
iricts played their part in the ABRUPT
reversal of opinions of the conditions
surrounding that crop
Large differences were drawn from
the announcement on behalf of the
10. the increase in freight rates to be
asked for by the railroads. The eoun-
ienance given to these differences by
the powerful banking interest which
sent of shippers. coupled with the eX-
pected arrival home of the head OF
the house, gave them addsd nhuence
In the speculation. limitations were
circulated IN the stock market that
similar assents would be sought br
the same financial power from the
chants and all other classes of bust
ness" From these propitious cir
oumstances 1T was urged that no rea-
sonable opposition was to be appro-
hended from the Interstate Commerce
Commission 10 the proposed increase
IN freight rates and tnat deiIv ey.n
might be avoided IN putting them into
force
This pleasant perspective so appeal.
GO to the speculative imagination as 70
prompt free buying OF stocks, not only
OF railroads, but of industrial corpora
tons, as the advance in prices became
inclusive OF practically the whole list.
Quite aside from the expected. bene-
fits of the rate advances. there was d
Commerce Of the disbursements 10 be
made in July in dividends and in
terest showing total OF s2oi,251 600. |
establishing record in that respect. |
OF the SlS,6f0,300 increase over July |
disbursements last year thus repre-
scented, some s7,s50,000 is interest paw
ments, growing out of new bond and |
note issues After providing for this
vided for over sll.000,000 increase in |
dividends paid, including assumptions |
increases and, in some cases, initial
in dissipating the sense of oppres-
sion and poverty of the part of the |
railroads. which has been cultivated i
while railroad legislation and the rate |
adjustments were in prospect
The money market gave further evil |
dence. of improving conditions and |
helped materially in cheering specula-
eiNe seHt4Lisllt. I-dESc loTelSn pCI- I
cnases Were said 10 be include! IN
the quick sale reported for the equip
3nent notes OF the New York Central
lines. This and the sale of SlU.UUU00U
g. Louis and San Francisco divisional
Hohds IN France contributed TO the
snarp decline in foreign exchange
rates
In spite Of the imminence OF. the July
settlements. discounts receded weakly
an London. and there was reported a
readiness of London bankers to enter
tain offers of finance bills on New
YORK account. An early reduction in
the official discount rate of the Bank
OF England is expected. Interior bank
ers at the leading centres in this
country are beginning TO change their
expressions of solicitude from the mat
or danger OF over confidence in the i'm
proNement that has been effected and
TOO rapid re-eNpansion of loans in con-
sequence.
Bonds were firm. Total sales. mar
value. Si.939, 900 United States as,
coupon. declined Ia per cent in the
bid price on call.
Total sales of stocks for the day
Were $4,000 shares
New York. June 22- Money on cal
steady, 2 3463 per cent. ruling rate
81: closing bid. ga offered al
i-S. Time leans easy; sixty DAYS
some loans at 3 per cent and ninety
Gays, Sa3 Ia: six months, Lilo
IL. Prime mercantile paper 4 3-4N
L. per cent. Sterling exchange
weak, with actual business in bankers
bills at S4.S46o1s4S470 for siXty-day
bills, and at s4.S645 for demand Com
mercial bills, $4.S4@S4.S4 IL Bar sill
Yer, SO SO Mexican dollars Al