The times., 1901-06-12
ARISING TENDENCY SHOWN
The Crop Reports Effect Upon the
Market Favorable.

Manipulation Thought to Account
for the Decline in Texas Pacific
Gould Railways E.incc strength
United states steel Shares Active.
NEW YORK, June 1.-THE main influ-
ence in today's market was beyond Gues-
tion the Government crol- zeport setting
forth the agricultural conditions prevail
ing on the first of the month. The show
ing was in many respects far more fav-
urahle than had been expected. 1t was
recognized, furthermore, that since the
beginning Of the month the cereal crops.
owing TO the more propitious weather
conditions which have prevailed, have
made further rapid progress to q success
ful harvest.
The indicated yield from the percentages
published by the Department Of Agricul-
ture as compiled by competent statis-
ticians, Is winter wheat harvest Of
100000 bushels. against an estimated
yield last month OF 43S, 050,0J9, and against
an actual yield last year of about 3Sl,
100000. The record breaking harvest was
in 1898. when the actual yield Of winter
wheat amounted to about 100000 bush
els. The same authorities ostimats from
the Governments figures a spring wheat
tual harvest last year of 19l 10000 bush
els, and as against 295,090,0o0 bushels in
the great agricultural year of 1895
The very satisfactory agricultural out
turn foreshadowed in the Government
crop report was apparently the chief in
fuence also in the Improvement in AmeTi-
can stocks in the London market. A NUM-
Der Of sensational advances were shown
in the carly quotations, particularly in
st. Paul common, and the combined effect
of these circumstances was to bring about
a strong and animated opening in the
local stock market.
The price movements subsequent to the
opening were decidedly irregular, but the
market stiIl showed a very strong under
tone. In addition to st. Paul, notably
strong features were Missouri Pacific,
Texas and Pacific, and the other Gould
stocks, Atchison common, Union Pacific
and Southern Pacific.
With the course Of the morning there
was a sudden decline in Texas and Pacific
which. by reason Of the peculiar nature Of
the transactions in the stock. attracted
no little discussion It seemed to be the
general opinion that the sudden decline
of nearly three points in Texas Pacific
was the result of fragrant manipulation,
but all that could be said about the mat
ter was that the transactions were appa-
rently conducted within the stock eX-
change laws operative in such cases.
The particular strength OF Missouri Pa
cific was based upon expectations of the
early announcement of dividend on the
stock and also upon the belief that the
details OF q scheme through which the
Gould railway properties are TO be re-
organized viii soon be announced. South
ern Pacific did not retain the whole Of
its advance. but its early rise revived re-
ports recently current that a dividend
would soon, in ell probability, be declared
on the stock.
There were no other movements Of par
ticular interest in the railway list. apart
from a spirited advance in the Mexican
Central issues. The anthracite coal stocks
were fairly animated. but the price
changes were limited Ontario and West
ern advanced early on buying for foreign
account, but subsequently the stock lost
most Of its early gain.
In the Industrial quarter the United
States Steel issues We're exceedingly ac-
tive ana were rather Irmer than they
have been fer number Of days Sugar
Refining enjoyed very sharp advance,
but the stock subsequently reacted sharp
ly. The American Linseed issues rose
further in the early dealings on the for
NAL announcement OF changes in the own
ership OF the property. The Tobacco
shares were comparatively dull, but in
the curb market active dealings were con-
Quoted in the securities Of the new Con-
Eolidated Tobacco Company. when issued
Railway traffic returns all made excel !
lent showings. particularly in the instance
OF the st Paul Company, for the first
week Of the month
Money continued extremely easy ard
sterling exchange was higher, without
exciting much discussion as 10 the proba-
bility Of exports OF gold. Last nights
unexpected meeting OF the Cabinet at
Washington was the subject Of some
comment, although X was believed that
the purpose was 10 discuss personal rath-
er than national affairs.