The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-04
FINANCIAL AND COMMERCIAL
WEpNKsDAY. June !

has ceased and q fair rally, at least
is in progress, were somewhat indeclsiv'
There Is no doubt as to the judgment tina
} would have been generally express ed re
garding the meaning Of the days h''sines
had the market closed at half past
o'clock. instead Of at 3 o'clock In tn
afternoon. Up to the last half hour tn
market was very strong, and the buying
of stocks. according to the most competen
! observers on the floor OF the Stock Elk
change. had been Of the best sort. Th'
opinion gathered force that the entir'
speculative situation had been cleared
by recent events. that there had been larg'
absorption of certain investment stocks
and that these stocks were still selling u
bargain prices Hence broad and genuine
upward movement started in securities
like st. Paul, Southern Pacific. Pennsyl
vania, New York Central Union Pacific
and, generally. in all the standard shares
st. Paul advanced from 1911. its closing
price of yesterday, to 1921. and other
prominent stocks rose proportionately
Tho market gave every evidence OF closing
at the highest level seen since the outburst
Of liquidation a week ago last Monday
when it received a check in the selling, in
as furious and abrupt manner as could
be. of large quantity of Pennsylvania
stock. Nearly all the days gain in prices
was lost although net changes in quotations
at the close were for the most part small.
The consensus was after the close Of the
market that the selling of Pennsylvania
possessed no more significance than that
! of Il bear raid directed by a certain erratic
! Spectator whose operations are, almost
! invariably, of the plunging variety. The
| order to sell Pennsylvania was intrust ed
to very large and we-known commits
! sion house. whose transactions are often
| understood to represent sales or purchases
! for London account or for powerful local
banking interests Many speculative hold
ers Of Pennsylvania were induced to throw
over their stock when they saw who was
doing the selling, one house alone for this
reason throwing 140OO shares of Pennsyl-
vania upon the market for its Gust omers.
After the close of business many Of those
who had thus sold their Pennsylvania
shares. becoming convinced that they had
been trioked, repurchased their stock pri-
vately at prices considerably higher than
the closing market price. All sorts of
rumors, OF course, were set ahoat to account
for the so-called liquidation OF the stock.
One was to the effect tina, the control of the
Erie had passed to combination Of Gould,
Rockefeller and Hartman interests and
that this was body blow at Pennsylvania
supremacy. The righteousness of such a
tale is. of course, almost unreasonable
Another story was that a strike of coal
miners was imminent and that the interests
of the Pennsylvania company would thus
directly suffer. strike in the coal regions
is not at all imminent and seems altogether
improbable. dispute has arisen there
between the coal operators and the
miners as to whether or not the rep
resentatives of the miners on the Board
of Cancellation sought to be established
under the decree Of the Anthracite Coal
Strike Commission have or have not been
properly chosen. Inasmuch AS the decree ,
of the Commission, which both coal !
miners and operators have bound them |
selves to respect, provides that any contro- :
versy as to the meaning Of any part of the ,
terms Of set Element shall be settled by an
umpire in the person of one Of the Judges
of the United States Circuit Court in Penn
sylvania. the present difficulty. il it is not 1,
otherwise adjusted, will undoubtedly be
referred to such umpire for
decision, and the whole trouble come to an
end. Taking 1t all In all, such an attack
on the market as was witnessed to-day
is OF the kind which usually marks the
elimination Of bear movement, and is
made for the purpose of covering" short
contracts.
The days news was almost wholly favor
able. The labor situation over the country
is improving each hour. Two-thrds of the
striking mill hands in Lowell are back at
Tho hpilIipy rtrl,o a.,
all but over, and indications are that the
1t rike of textile workers in Philadelphia
will also soon pass into history. Reports
rom the West We're that the foods were
apidly subsiding. and that the damage to
property was found to be much less than
,ad been expected. slight although
significant rise In time and call money
.ates to-day raises the question as to
low long gold exports can continue.
Northern and Southern pig iron prices
rave been again reduced. this time to a
lgure which will probably put an end TO
ron imports and will serve to place the
ntire iron situation upon stable basis.
\ good deal has been made recently of
rop damage by reason of wet weather
n the West, but 1t must lie said that en-
|eavoring to look at the matter exactly
q II Is. t1efe seems Httle IN present pros
,ects for the season's crops TO induce SELL
ng OF railway securities. Allowing for the
tmost injury that can have been sustained
" winter wheat the crop Of this grain will
t least he as large as the very large crop
f last year and will undoubtedly exceed
lst years crop. All accounts agree that
he wet weather has, so far from working
arm in the spring wheat section, been OF
ecided benefit there. Some corn has been
estroyed In the bottom lands of the Mis-
ssipp River and corn planting is late.
ut such adversely as has happened to
orn is OF nature that can be easily re-
aired Indeed many grain experts con-
md that it will he found that the heavy
aims that have fallen in the corn belt have
plped corn more than they have hurt It,
v filling the ground with moisture sufi-
ent to carry the crop safely through the
MINERS heat
sw YORK Siock Exchange 0alss. June q,
CLOSING PRIc@ OF UNITED STATES Bonds