Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-06-21
Southwestern Group Strong
in Crop Prospects.
CHANGERS IN DEMAND
STRENGTH DEVELOPED IN THE
STEEL STOCKS.
Bank Statement Indicates Prepara-
lions for Lower Prices During
Coronation Week
Special Dispatch TO The Evening Star.

Special Dispatch TO The Evening Star
NEW YORK. June 2I.-Today's stock
market was irregular under a decreased
volume OF business. During the opening
hour prices rallied. and the undertone was
firm. but later in the day disappointing
bank statement forced recessions from the
best level. London holidays during the
coming week and preparations for the July
disbursements are likely to restrict trading
and force some concessions in prices
The Increase OF s7.a44. 200 In the item OF
loans. as shown by today's statement. and
corresponding increase OF sS.oS4.ooo in
deposits indicates substantial preparations
for meeting the July demand. The COM
ing week should see this process carried
still further. and some advance In call
money rates may result. Instead Of show
ing gain OF s2.5o0.o 900 in cash. as indi-
Gated by yesterdays estimates. the law
full money has been less than sen0.oo0. The
net result OF all changes reduces the sur
plus reserve Sl.144lao.
The immediate market seems likely to
hinge on the money rate. and later crop
conditions will overshadow all other con-
siderations. Earnings keep up TO the high
standard set by three years OF prosperity.
and any announcement In the crop reports
should find prompt reflection in prices.
The ability to maintain earnings is the re-
markable feature OF the average railroad.
Just at this time earnings and crop pros
poets are especially favorable to the Gould
southwestern issues, and every member OF
that group developed new strength In to-
days market.
St. Louis and Southwestern Preferred
gained III per cent, Texas Pacific gained
L per cent and the Wabash shares were in
good demand at higher prices. The report
that Standard OIL interests had wrested
the control of Missouri Pacific from the
Goulds made little impression on the price
OF the stock owing to the lack of confidence
in the rumor. Kansas and Texas Preferred,
Illinois Central and st. Paul were all strong
during the morning under buying said to be
good in character. The covering Of short
contracts was said to be the explanation OF
an advance of per cent in Canadian Pa
cific. but the local buying was not large
Reading issues were disposed to harden
signify under what were construed to be
more favorable strike Developments
The want of harmony on the subject of n
sy sympathetic strike - me soft coal fields
was favorably Construed. nssa
mand for the Cr'ted States Steel Issues tina
common stock gaining Ia and the preferred
i per cent, was the most significant deyeI-
opment in the industrial list. For the first
time in months the stocks rallied easily and
the belief was expressed that liquidation
had run its course. There is also a fair
sized short interest to be covered ReDor1s
that current earnings will make a eratify-
ing exhibit were partly responsible for the
buying.
Evidence of support by Morgan brokers
was unmistakable. This activity argues
well for the general market. Colorado Fuel
continued to reflect the uncertainty hanging
over 1t in the matter of dividends Thu
management OF the property maintains its
position favorable to the non-payment OF
unearned dividends. but the speculative
minority insist upon a further depletion of
the surplus. There is only one right side
to this controversy. and there are fair
prospects for its triumph. The Industrial
list as a whole was dull and without special
significance. The bond market has been
active all week and there has been good
buying of strictly high-grade stocks