The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-07-07
IN e w Y 0rk
Stock Market

New York. july 6-Tilerc was d dis
position to-day in the financial district
10 turn TO the banking and financial
position for explanation of the action
Of the stock market to the partial
eclipse of other causes lately preferred,
such as the railroad policy of the gov
ernnient delayed Interpretation of the
Sherman law and crop prospects The
increased prominence given to the sub
Ject of the banking situation grew out
of the published expressions of some
ties, of the interior regarding the farm
land speculation and the consequences
to be apprehended from it. The sub
3eet Itself is not trw one nor o., Is Its
York bankers, since 1T has been dealt
on for months past, and with special
stress ever since the abstract Of the
reports of national banks under the
came known disclosing loan expan-
sion in years time of half billion
dollars. This special stress on the
subject had kept alive a conviction
that the Objectionable position was in
course of correction. That conviction
is not maintained by the interior bank
complaint that the smaller banks are
still burdened with mortagages and
with farmers paper instead of the
usual investments in commercial paper
banks are below normal Such posi-
ton indicated that the crop-movins
requirements will have to be met to
a larger extent than usual by Calling
on the larger banking centres for ae-
comnlodation The intimation that the
reports now being sent to the controll-
err but not yet in shape for tabulation,
Will not show the expected improve
ment in the credit position had n dis
turhing effect on sentiment and was
q large factor in the. early crash Of
fell TO below last weeks low level. thus
establishing them at the lowest for
the year.
spective money condition LETT = 'cula
tive sentiment ready to be easily in
fluenced by the reports that gold had
been engaged in London for SHIPMENT
stocks was the result While the re-
cent course of foreign exchange rates
has presaged such movement. to days
engagements came sooner than was ex-
private discount rate In London and
arouse some question whether the. Off
cial bank rate would be reduced to..
morrow. as was expected. 1t Is not
believed. however. that any determined
Obstacle Will be opposed to the move
rnent of gold to New York The Lon
don money market is in strong posi-
ton. and with the prospective redemp-
tions of short-term government ohlisa-
ton. is likely to become redundant.
The return on money now is consider
ably lower IN Donupn IMAM III We"
York Offering an inducement TO place
London funds in New York. Subscrip-
tions for the American bonds. recently
sold abroad are PAYABLE on the install
nents which call for rernittances to
New York. The merchandise export
movement from this country has shown
improvements and imports have fallen
off There have been purchases of
securities in the New York depression
of the last few days, and these have
helped to weaken exchange rates. That
free recourse for relief is open to the
New York money market in London is
belief warranted by these conditions
The decline in wheat and corn help
I'D stocks. the strong rally in wheat
of unfavorable weather predictions ir
the spring wheat region helping to un.
settle the rally at the last, The early
severe declines were more than recov-
cred. however. and general net gain:
we're retained at their closing
Bonds were irregular. Total sales
par value. s2,07l,o00. United States
bonds were unchanged on call.
Total sales for the day 9l9,50o shares
New York. July s.-Money on cal