The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-06-02
SLIGHT GAINS ARE
SHOWN IN MARKET
Trading Is Restricted, and Few
Stocks Have Share in
Movement.
RECOVERY NOT VIGOROUS
Sentiment Improved by Efforts
in London to Settle Dock
Strike.
RECOVERY NOT VIGOROUS
Especial to The rlmes-DIspatch.l

Especial TO The Times Dispatch
New York. n. y. June l.-Thc stock
market to-day was again made up very
largely of trading In the few
stocks, which led in the weakness In
inc TWO preceding sessions OF the Stock
EHcnanSc. Prices were higher at the
opening ana continued 10 advance with
some slight Interruptions during the
remainder of the period devoted to
business. In the last few minutes small
reactions occurred which did not pre-
vent however. gains of from / to 2
points In good many of the promin
ent issues. The recovery of the market
to-day was not vigorous. even In the
case OF the small group of spccitltics.
winch have fallen severely. but il was
carried on ia n quiet ana orderly man
ner with little activity III the usually
most prominent Issues. stock rcnti-
ment In London was helped by the an
nouncemcnt that the British govern
mcnt was considering the appointment
of concil!atory board, such as was
utliizcd In the Ctal strike in England.
In order to bring the present trouble
among the English dock laborers TO an
end. American stocks were strong on
the other side before the opening here,
ana London was again reported to be
q purchaser OF our standard stocks In
This market 1t was announced that
the price of merchant steel pipe had
been advanced 50 ton. The manu-
facturers OF these articles being flood
ed with orders and Inquiries.
The weekly bank statement was a
disappointment to those who had borne
the preliminary estimates In mind, but
had not allowed for the confusing eff
rect of the first OF the month disburse-
Inen,s. The average surplus increased
Si,i3s 900, while the actual surplus de-
creased S950.OoO.
5a>. or 4,
week the stock market remained in the
state OF equilibrium, which prices
seemed TO reach week or so ago
Fluctuations in prices were within the
narroweH, range and transactions were
reduced TO the smallest total forI
months.
additional reasons for Inactivity
were. OF course. the holiday in London
on Monday. and the suspension Of
operations on our own stock Exchange
later in the week. The market was
shaken out OF this rut abruptly on
Wednesday. when sudden and unex-
planned weakness developed in the Rock
Island shares and In such stocks as
l.ehiGh VALLEY. Reading and American
Can. which have advanced SO rapidly
In the recent past. Liquidation In these
shares was heavy and severe losses
were sustained. Dealings Tere en-
larged. but more than anywhere else
in the small group o: stocks mention
ed. The general list though seriously
disturbed by the lncidcrt--the avcragcI
price of stocks recording the sharpest
decline of the month-displayed no.
table degree OF hrmness In many
quarters, and IL could hardly be said
that conclusive evidence had been pre-
scented that the general character of
the stock market. as a whole, had been
changed.
The grain IND c.ttoo markets We're
generally ractionary during the week.
there being an especially sharp decline
IN the wheat options. CurIousiy enough.
the weakness in wheat occurred in
spite of flood of the mist bullish re-
ports of the season thus far from the
private crop experts.
In the case of cotton the downward
movement seemed to have been caused
by statement from the National Gin
ners Association, which placed the
statistical condition OF the crop at the
unexpectedly high figure OF 79.4 I'M
the iron and steel and copper trades
Increased and higher prices were re-
ported.
Railroad earnings statements during
the week, of which many were receiv
ed, were mixed. The hartman lines
made Il much more encouraging show
Ing. indicating improved traffic condi-
tlons in the West and southwest. The
report of the coalers. notably Lehigh
Valley. and Lachawanna. and Reading,
were in sharp contrast to those of
March. but the effect OF the coal strike.
both as regards the extraordinarily
large earnings OF March and the slump
in the business of the roads In April.
was everywhere understood.
New York. June Close: Money on
call nominal Time loans steady; six
ty days Soc; six months. IL per
cent.
per cent. sterling exchange easy
s4S460 for siXty-day bills. and at
s.S720 for demand. Commercial bills.
si.si.