Daily press. [volume] (Newport News, Va.) 1896-current, 1910-06-23
Encouragement Prompts Free
Buying Of Stocks.
MANY CAUSES ADVANCED
Principal Factors Are Reports Of Rain
in Wheat Region and the Agree
ment OF Meat Packers to An In
crease in Freight Rates by Roads
rpy Associated PressJ

NEW YORK, June 22.-Speculative
sentiment towards stocks derived en-
couragement from various causes TO
day. 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 frelshl
rates proposed by the railroads. The
violent drop in wheat drew out de
mand for stocks for shorts. Large
inferences were drawn from the an
nouncemcnt on behalf OF the chicago
meat packers of their assent to the
increase in freight rates to be asked
for by the railroads. The countenance
given TO these differences BY the pow
erful banking interest, which is most
uiligent in seeking the assents OF ship
pers. coupled with the expected ar
trivial home OF the head of the house
gave them added influence in the
speculation. limitations were circu-
lated in the stock market that SINH
lar assents would be sought by the
same financial power from the whole
sale grocers. dry goods merchants ana
"all other classes of business.
From these propitous circumstances
II was urged that no reasonable OPP
position was to be apprehended from
the Interstate Commerce Commission
to the proposed increase in freight
rates and that the 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 railroads, but of Industrial cor
porations. 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
q detailed estimate by the Journal
of Commerce of he disbursements To
be made in July in dividends and in
terest, showing a total of S2o4,251 900,
establishing q record in that respect
This showing had It's part in dissipat'
| ing the sense of oppression and power
| ~ on the part of the railroads. which
| had been cultivated while railroad
| lie gislation and the rate adjustments
were in prospect.
The money market gave further eyi
dence OF improving conditions and
helped materially in cheering spcuia
1 tive sentiment.
Large foreign purchases were said
to be included in the quick sale re
ported for the equipment notes OF the
New York Central lines. This and the
sale of $10.000,000 OF ST. Louis and
San Francisco divisional bonds IN
France contributed to the sharp de
cline in foreign exchange rates. In
terror bankers AT the leading centers
in this country are beginning t.
| change their expressions of solicitude
from the matter of present credit eN
| tension 10 that of danger of over conf
lence in the improvement that has
heen effected and too rapid re-expan
| ;ion of loans in consequence.
Bonds were firmer. Total sales, par
value. .g39 600.
United States IS coupon declined
IA percent in the bid price on call
| Total sales today were. $4,000
shares. including: Sugar. 5000; A. c.
L.. 200: G. & o.. $500; l.. & N, 1900;
V. & w. 1.5o0; Reading. S4.1e0;
Southern Railway. s.l00; do pfa
$500: Union Pacific, 43.600; l.. ;
steel. los 500. v. c. c. 1900