The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-06-23
CHANGE FOR BETTER
IN STOCK MARKET
Tone Is Much Better in Nearly
All Lines of Stocks
DEMAND Is IMPROVED
Decline in Wheat Affects Market Bull
fshIy-This Is Aided By Express
sions In Favor of Advances
In Freight Rates

New York, June 22.-Speculative senti-
ment toward stocks derived encourage
ment from various causes today. The
principal of these were the reports of
rain in the spring wheat region, and the
agreement of the meat packers to the
increases in freight rates postponed by the
railroads.
Reports of weather conditions In the
threat ened region of the northwest va
ried greatly as to the extent of the rains
and of the territory affected.
The violent drop in wheat drew out a
demand for stocks from shorts, who sold
yesterday. Besides the rain reported as
falling the forecasts of additional pre-
cipitation in the affected districts played
their part III the abrupt reversal of opin-
ions Of the conditions surrounding that
crop. Large differences We're drawn from
the announcement on behalf of the Chi
cage neat packers of their assent to
TIE increase in freight rates to be asked
for by the railroads.
The countenance given to these infer
ences by the powerful banking interests
which is most diligent in seeking the as
sent OF shippers, coupled with the expect
ed arrival home of the head of the house,
gave them added influence in the specula-
ton.
limitations were circulated in the stock
market that similar assents would be
sought by the same financial power from
the wholesale grocers, dry goods mer-
chants and all other classes of bust
ness
From these propitious circumstances it
was urged that no reasonable opposition
was to be apprehended from the inter-
state commerce commission to the pro-
posed increase in freight rates. and that
delay even might be avoided In putting
them into force.
This pleasant perspective so appealed
TO the speculative imagination as to
prompt free buying of stocks not only of
railroad but of industrial corporations.
as the advances in prices became inclusive
of practically the whole list.
Quite aside from the expected benefits
of the rate advances there was a de-
tailed estimate by the Journal of Com
nerce of the disbursement to be made in
July of dividends and interests showing
total of 1904 257 .0oo establishing rec
ord In that respect.
OF the $1S670. 300 increase over July dis
bursements last year. thus reported, some
s7s5o,oOo is interest payments, borrowing
out of new bond and note issues. After
providing for this increase, however,
earnings have provided for over 81 ,0oO.-
900 increase in dividends paid, including
assumptions. increases and in some cases
initial dividends. This showing had it's
part In dissipating the sense of oppres-
sion and poverty on the part of the rail-
roads which has been cultivated, while
railroad legislation and the rate adjust
ments were In prospect.
The money market gave further evil
dence of improving conditions and helped
materially In cheering speculative senti-
ment
Large foreign purchases were said to
be included in the quick sale reported
for the equipment of the New York Gen.
trail lines
This and the sale of $4,000, 600 st. Louis
and San Francisco divisional bonds in
France contributed to the sharp decline In
foreign exchange rates. In spite of the
fmnlinence of the July settlements, dis
counts receded weakly in London and
JneTe was reported a readiness WITH
London bankers to entertain offers of
finance bills on New York account. An
early reduction in the official discount
rate of the Bank of England is expected.
Interior bankers at the leading centers
In this country are beginning to change
their expressions of solicitude from the
matter of present credit extensions to that
Of danger of oyer-conidence in the i'm
provement that has been affected and too
rapid expansion of loans in consequence.
Bonds were firmer; total sales, par
value $1,93 5000.
United States IS coupon declined u per
cent in the bid price on call
Stock Exchange VIII Close
New York, June 22-The governors of
the stock exchange voted today to close
the exchange on July 2. AS July Is Sun
day and July holiday the exchange
will be closed from the afternoon OF
July to Tuesday, July 2.
Bonds.
u. 3. ref. -, reg. 10OM
U. 8. ref. p, coupon ........... 1904