The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-06-26
M0RGAN'SRETURN
DISAP POINTING.
Did Not Result in Upward
Trend Of
Prices.
MARKET RATHER HEAVY
Rains in Northwest Fail to Re-
vivc Selling as Crop Ex-
perts Expected.
Specialize The Times. Dispatch. i

Especial to The Times . ispatch1
New York. June 25--Stocks closed
without material changes to-day, ex-
Is points on single transaction OF
100 shares, and Wells Fargo advanced
$l4 on the purchase Of 200 shares. St.
Paul showed a net gain of more than
sues fiuctuated in small fractions
Early In the day the market was
inclined to be heavy. London was
lower. Heavy rains In the Northwest
perts hoped they would The revival
came after announcement was made
that the New York Central had filed
schedule OF freight increases to be-
ject OF course. to revision by the In
terstatc Commerce Commission. but IT
is understood that the rates have all
been discussed with shippers, and will
be allowed.
A Disappointment.
j. p Morsans homecoming was
bitter Disappointment to Wall Street.
for the market had been advanced
very largely in the hope that he would
He was not very good natured when
he arrived, and the stock market at
once began decline. with losses IN
some issues OF points In twenty
four hours. The bears Immediately
Morgans health were put in circula-
ton.
The wheat crop was destroyed some
more. In spite OF heavy rains In the
go that humorous prediction of
panic In a newspaper organ for Wall
Street bankers was taken up and
used as though made seriously.
Support was Withdrawn from Nor
gan issues. and to an outsider the
market had the appearance of specula-
tive manipulation for the purpose OF
entrappng another short interest.
and he looks it. No doctors are
known to be in attendance on him.
The extreme loss feared in the spring
wheat belt is not enough to interfere
the rains OF the last few days have
Quilted all reasonable fears in that
direction. Canada Will not raise as
much as expected. for the hot. dry
weather has hurt the Canadian crop.
but that is all the better for the
United States, since 1t Will have some
for export this year. With total
crop area, 12,0o0.0o0 acres larger than
last year, and with last years crop
many respects in the United States is
good. Reasons for selling stocks must
be looked for elsewhere than in the
agricultural region just now. Even
good crops cannot prevent an ulti-
mate decline in the market in the
autumn, and a crop failure would
start decline much sooner. But all
kinds of business men agree that
orders already in the hands of manu-
guarantee heavier business late this
summer and early this autumn than
usual
Talk OF Dear Money.
To such an extent does this business
congestion promise to go that there is
already talk OF dear money this fall.
with possible recourse to Aldr!ch cur
rency to help out. 1t is only call funds
because speculation in stocks has been
reduced to a minimum. Speculation in
land and commodities is going on at
great rate.
week. aside from Morgans return.
was the announcement that Chicago
packers had aereed TO let the rail-
roads advance the rate II per cent.
East. 1t Is taken for granted that
the Interstate Commerce Commission
viii grant this increase. and 1t is
understood that other increases VIII
the railroads getting permission to In
crease their freight rates. talk was
heard of the distribution OF melons.
Consolidated Gas. Northern Pacific
and Southern Pacific were purchased
with this idea in view. Lehigh Valley
prepared for a melon by getting the
stockholders to authorize a doubling
Of the capital stock. A total OF $780,
In the near future, and there are hints
OF the balance being used for a bonus.
Passing OF the dividend on the pre-
ferred stock by the Minneapolis and
killers OF the West were doing most
effective work. Action OF the d.
rectors therefore had more weight
than 1t deserved to have, the reason
the spring wheat belt. The true cause
of the passing OF the dividend was
the bad weather last winter and the
strike Of coal miners this year.
The fact that all Is not harmonious
between the government and the rail-
roads was proved by a statement of
p. 3. Thomas, president Of the Lehigh
Valley, In which he charged the gov
eminent with bad faith in prosecuting
denied that the payments elasssd as as
rebates were really such, and new
trial Is being demanded. Manipula-
ton OF Consolidated Gas and Anialga-
mated Copper was carried on briskly.
would be paid on Cas- AT the close
of the week 1t began to look as
though Gas had been put up to cover
liquidation OF Amalgamated Copper.
aonE 'o sae nes a s asve 81
Amalgamated mines will have to close
or operate without profit.
Goldheld Consolidated was listed on
the New York Stock Exchange, the
securities being an acknowledged In
vestment issue. The exchang viii be
days holiday.
On the Curb.
Price fluctuations on the curb mar
ket to-day We're extremely narrow
because OF the light volume Of trading
and net changes for the session we're
very small. Mines Company OF Amer
loa shares lost 4 cents each. although !,
e e :; Rose : Sc was = steady around SIS.
Consolidated Trading was SO dull
that some Of the standard Investments |
were not even traded In.
In the Street.
. Number Of shares sold to-day. 215,-
895; q year ago, 249S45.
Par value of bonds sold to-day, |
t477,000; a year ago, s1,s92,0O0.
hondon traders were. aggressive
iellers Of steel. It is estimated that
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