The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-06-02
Ne w Y 0rk
Stock Market

New York, June Measured by TIL,
rate OF shrinkage OF prices the stocl
market offers strong impression OF
the sinister purport given by the
speculation to the action of the Fed
eral government against the advance
In railroad freight rates. The fall In
prices to-day. added to yesterdays
declines, had carried St Paul and
Reading down Q SIS before effective
resistance was encountered. Many
other active stocks showed losses for
the two days movement of between
and points. The result was the
abrupt establishment OF prices at the
lowest level OF the year for all the
principal railroads. The showing was
less striking in the case of the indus
trials, but tho weakness in that group
was sufficiently acute to leave no room
for presumption of their exemption
from the influence common to the
whole speculation.
Much must be allowed to the ele-
n1ent of unexpectedness in the govern
nlent action to explain adequately the
abrupt effect produced. Opposition to
the proposed advance in freight rates,
possibly extending to legal process.
was looked for. and the railroads have
been pursuing course to meet this
opposition and public agitation on
the subject. There has not been lack
Ing broad insinuation that the lib
eral expansion in expenditures which
has caused the large increase in oper-
ating cost of the railroads in recent
months has been allowed with view
to its effect on public sentiment In
favor of the contention of the rail-
roads for higher compensation.
The tone of public discussion by rail-
road officials has shown recognt- |
ton OF the necessity of IrstifyinS the |
higher charges which were to be ask |
ed by offering evidence of their rea
sonableness. The appeal to the prin
cipal of unlawful concert and agree
mont In the making of the schedules
contained in the government suit IL
what proved the greatest shock to
speculative sensibilities. The advo-
cacy in party platforms and in official
utterances Of amendment of the law
to permit agreement on rates seem
ed to be taken as assurance of
exemption from prosecution on the
score OF identical charges by the dit
ferent roads. The prospect of be-
ing held responsible for restraint of
trade on the mere score of this ident
i,v of schedule Is greatly feared as a
threat of something like chaos in the
rate situation. The Supreme Court |
Denver rate cases, upholding the rul.
inss of the Interstate Commerce Com
mission. supplied an effective supple
ment to the Federal injunction suit as
depressing influence on stocks.
The shaping Of the railroad bill in
Congress received increased considera-
tion as indicating the tendencies to-
ward radical treatment of the rail-
roads. 1t was considered not withou,
significance that the rally in the mar
ket followed the news of the defeat OF
the amendment for physical valua-
ton of the railroads. The postpone
nlent of the coal rate increases from
Indiana and Illinois mines was taken
to indicate the general effect to be
expected from the movement Of OPP
position to these increases.
Nothing else received much con-
siderarion in the days stock market.
Private estimates of the large increase
in cotton acreage awakened expecta-
ton of favorable government report
tomorrow. The weekly bulletin of
the weather bureau showed favorable
weather conditions for cotton, but re-
ported the grain crops delayed by I'M
seasonable conditions.
Increase in exports of copper for
the week did not prevent further
shrinkage in the London visible supply
of that metal The preliminary census
estimate of a population of hundred
million would not have passed with
out notice in a different mood of the
speculation Large buying for Lon
don account was technical demand
due to the rapid decline here and the I
slower movement in London. which
made it possible to sell stocks in
London against purchases made at
lower prices.
The boldness of the bears left a
large uncovered short interest. when
had TO advance bids to secure stocks
when the liquidation had spent its /
force 1t was this demand which I
rallied the. market and modified the
extreme defiines very materially.
Bonds were weak. Total sales, par
value. sS,o6s,Ooo.
United States bonds were unchanged
on call.
Total sales for the day. 10000
shares
New York, June Money on call
. 3-4@S IL; ruling rate, ia; clos
ing bid, Ia; offered at 8 3-s Time
loans dull and slightly frmer: sixty
days. IL per cent; ninety days,
:; 2-i64 per cent; six months. 4 1-23
paper. ga to 3 IA per cent. Sterling
exchange weaker, with actual business
in bankers bills at S4.s4ms4S425 for
sixty-day bills, and at s4.S710 for de-
mand. Commercial bills, s4.S3 La
siS4 Bar silver, 50 1-9. Mexican dol
lars, A.
RICHMOND STOCK MARKET.
Richmond Va. June /, 1910