The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-06-25
MARKET STIRRED Il /
.B||YC0URTDECIS|ON
Victory for Hartman Methods
Causes Buoyant Ad-
st VanceS.
GOOD REPORTS FROM CROPS
Gains Recorded III All Depart
ments, and Urgent Demands
IL for Stock.

s. New York, June 24.-Dccision by the
United States Circuit Court OF Appeals
that the Union Pacific has a legal
right to hold control OF the Southern
Pacific caused the stock market to
close to-day in the midst of a buoyant
advance. Union Pacific and Southern
Pacific gained more than three points
each and closed at the top, with ur-
gent demands for more stock on the
part OF the Investors and professionals
The entire market was stirred to ac-
uyity, and gains were recorded In all
departments, In addition to the Harri-
man news, there were good crop re-
ports. Even from Texas there came
good news on cotton. and threshing re-
turns from the winter wheat belt In
dictate larger crop than foreca sted
by the government. Spring wheat is
holding Its own. and with the cxcep-
iion of hay, 1t begins 10 appear that
all crops Will be record breakers
The decision In the Union Pacific
case Is clean-cut victory for the late
L. II. Hartman and his methods. HIS
friends regret that he did not live to
enjoy IT. hut the great railroad builder
; died with the firm conviction that the
court would vindicate him. lie never
{: had The slightest doubt as to the
LEGALITY of what he did in merging
+ Union and Southern Pacific. The court
now adopts his view. While there will
no doubt be a routine appeal BY the
government. owners OF Hartman
stocks need have no fear, for the light
Of reason that radiates from the SUI
preme Court OF the United States Will
only illuminate the Hartman structure
still more. and make the strong points
OF Z. II. Harr'man's monument stand
out more distinctly.
The courts have proved their safety.
President TAFT has proved himself
safe man TO be in the executive de-
partment Of the government. With two
OF the three departments OF govern
ment deserving and enjoying the con
fdence of the people, and little poll
ttcians who are trying to make trouble
IN Congress can be left out OF the cal
culations and business interests can
now go ahead with complete comb
dence. The reaction that swept prices
down last Thursday was perfectly nat
ural and would have come anyhow.
Congress and crop scares We're an ex-
cuse rather than a reason.
The decline was taken advantage
of by the bull campaigners to get
back considerable stock on which they
had taken profits at the top Of the
advance caused by the Standard OIL
and American Tobacco Comapny de.
cisions. s
Steel companies report constantly
improving business, the trust taking
orders at the rate OF about 10000 tons
daily now. and some OF the indepen.
dents. while refusing TO give exact
+ ngures. say their orders for June ara
nearly double those for the previous
month.
Copper has been strong most of the
week. some large sales being report
cd at IL 3-i cents pound The presi-
dent OF one OF the greatest producing
companies says the corner is definite
~ turned In the copper metal market
and he expects continued Improvement
with slightly higher prices from now
on.
On the Curb.
Trading In the outside securities
market to-day was quiet and about
STEADY. Some frmness was developed
in the copper shares near the close
and these closed at fractional advances
for the day. Specialties were quiet
and steady. American Telephone rights
were strong on heavy dealings
In the Street.
Number Of shares sold to-day. 3s3,-
T93; a Year so. 2f5,es5. f.
Per value of bonds sold to-day s2,-
100000; year ago. $4,000.
New York, June 24.--Money: can
money, ruling rate, s-s per cent
Time money. for sixty days, 2 1-2 per
cent. for ninety days, I-2G2 SO
per cent; for four months.-e 3-4@ 3 per
cent; Ave months, 3 1903 IL; for six
months. 1903 12 per cent Very
dull.
Commercial paper: Prime, sixty days
8 3-4@4 per cent; ninety days, 3-4@
ia per cent: four Eve and ely
months. AGA 12 per cent.
Foreign exchange market: Cables
quoted at, s+ss25@ s4,S630 demand ;
sterling, s+.s595@ s+.ss: francs. $500
5-s. les 1854: marks. 951-s@95I-s plus
1892. Foreign markets: Discount-Lon-
don. 2 5-l6 per cent; Paris, 2 is per
cent: Berlin, 3 1-Ssper cent. Exchange
on London: Paris. 25). 80 1-2c.; Berlin,
20m. AZ 2 pig.