The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-06-21
Ne w Y 0rk
Stock Market

New York, June 30.--The operators
In stocks chose for the central sub
ject of consideration to- day the sign
ing by President Taft of the railroad
bill and the consequent completion OF
contemplated legislation on that sub.
ieot for the present The action OF
the wheat market brought the crop
prospect into view as contending
factor and interrupted the Influence
of the railroad bill There was slight
increase OF animation In the specula-
ton. as is evinced by the meagre ag-
gregate of the days transact ons, hut
the last prices of the day were gem
orally the best
The favorable effect on the tone OF
the market of the disposition of the
railroad legislation may be due simply
TO feeling of relief that 1t is out
OF the way. Some Of It's clauses are
ayowedly distasteful to the railroads
as well as shippers. The more I'M
mediate influence of the bill in the
stock market comes from the fact
that its passage will be made the
signal for renewed notices of the IN
tended increase in freight rates.
In the financial district the convtc-
tion is general that increases will be-
granted which will conserve the pros
porous condition of the railroads,
whether the increases are equal to
those asked or not This conviction
underlies the apprehension that tao
tics of professed discomfort and alarm
will be used by the railroads in the
conduct of their campaign for the in
crease: tactics which may operate to
disoredit railroad securities as we'll
as to recommend compliance with de-
mands for increased rates
The expediency of these tactics is
matter for controversy, apparently,
between different banking and CAPT
talistic parties, the dispute in itself
warning off some of the speculative
element from the market Stocks of
companies whose executives are most
openly dissatisfied with the situation
did not diverge notably from the up
ward course of prices to-day. The ac
tive efforts OF banking representatives
toward reconcilng great shippers to
the desired rate increases and the
necessary consultation with the gov
eminent authorities enjoyed by the
new railroad law carry broad sug
gestion that future railroad rates are
likely TO be subject of agreement,
which the antitrust law will hardly
be invoked to prevent.
Dry weather. with too great heat
in the Northwest over Sunday, con-
AIlUueQ Ip-udS, anu tiic dSliNS
demand for wheat reported from that
region carried a disagreeable intima-
ton that the wheat crop is still sub
ject to harmful contingencies, in con-
trast with the lately prevailing con-
iidence in the outcome OF the harvest.
The jump in wheat checked the slowly
rising tendency OF prices of stocks,
but without proving stronger influ-
ence on the granger stocks than on
the general list. The reports of rail-
road officials regarding traffic condi-
lions showed signs of the same cleav-
age as is found amongst executive
officers over the adequacy of the rate
situation.
Iron producers seem to be making
concessions still to secure the larger
volume of orders which are reported.
Copper also showed another decline in
price in London to-day. The offering
for public subscription of the South
ern Pacific Terminal mortgage bonds
upset supposition that these bonds
had been disposed of to German ant
Swiss bankrs at absolute sale.
The coming July money settlement
are believed to have some restraint o
the stock market. The London mar
ket remains quiet. in spite of the cor
viction of a coming period of cas-
money
Bonds were flrmer. Total sales pa
value. s1,4s5,ooo
U. s IS declined IA percent. in II
bid price on call.
Total sales to-day, 345,300.