The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-07-01
FINANCIAL AND CONNIE RcIAL.
TUESDAY, june 80.

! stock isauo Of tho Pennsylvania Railroad
Company and better crop conditions both rs
to sho grain and cotton. with q relapse
in the high pension that has governed tho
commercial markets. we're reflected by
co-day's stock markos In q further advance
In pr1oss. Speculative Wall Street, how
| ever. il prone 10 become hySterioal and
TO jump 10 rapid conclusions whom prtosa
which have been moving downward for any
longth Of time r~v-rse sheir action and
move the other way Tor few poinss. Tho
assertion mads &C such urpss by che traders
In The market would almost sosm TO re-
fcot an opinion chat. by some remarkable
operation o. nature or dnanoe. all the clouds
that bad bson shreaesning had boon cleared
away In few hourp' rirns and that a great
bull market bad started, In the course
Of which prices wore 10 regain almost at
once all ehsir loas ground. Suoh, OF course,
is not she case. 10 Is true chat the prices
OF the best GLASS of ssooAs In the great de-
cline extending over nins months had
reached market figures thas wers attracting
investment buying. With he announce
ment Of the suooesxfu! subscription to the
Pennsylvania Railroad Oompany's new
stock issue. indicating that thsrs u still
plenty of money in this country available
for investment purposes. al upward re-
action in the stock market u worry natural
It had become evident that urgent liquida-
ton had ceased and that stocks were being
taken at prices, and with this fact developed,
the strong bear party that had boon work.
ing in the market also curtailed It's opera
tons, and last weeks period OF dulness
which eliminated on Friday with the small
est days business Of the year, was the
sequence.
The advance that has followed has been
largely professional, though no doubt il
has been reinforced to some extent by
limited foreign and domestic buying Of
stocks. partly representing July reinvest-
ment demand. A belated short interest
in the market of some proportions has
run to cover, and. in spots in the market
pools have done some bidding up Of the
prices OF the shares in which they are
concerned. A public such as a sus-
tanned bull movement requires, is not
drawn into the stock market, however,
in day, and an attempt to attract it into
the market at this time would be very I'M
fortunate and pretty certain to rebound
upon the interests making the attempt.
The financial clouds, while less threatening,
have by no means rolled by, and were Wall
Street at this time, with the money demand
on this centre for crop-moving purposes
still to come and with investment buying
only beginning to absorb the surplus stock
Of securities, to attempt to enter into an
other one of what has been justly termed
aho, to
foolish act. 1t is true that the release Of
a large amount Of money, through the pay
ing Off of the Pennsylvania Railroad loans
in this city, will provide ample funds for
ordinary demands, but the fresh borrowing
demands Incidental to an extended bullish
stock market movement would quickly lap
up this supply Of funds. With, however,
the demand from speculative quarters
kept within bounds, and the banking ele-
ment, with the experience Of the past nine
months in fresh remembrance. can be safely
depended on to keep it within bounds,
comparatively easy money rates may be
looked for after the turn OF the month.
In the closing hour Of business to-day the
rate for money on call went up sharply,
touching 10 per cent and rejecting shifting
Of loans In connection with the financing OF
the July interest and dividend payments.
Coincidently with the advance in money
the prices Of stocks fell away from their
best figures Of the day, but the closings
were generally at net advances.
The most decided strength at the close
was shown by the securities Of the United
States Steel Corporation. including the
bonds, in which the liquidation which has
been going on recently appeared to have
ceased.
After the close OF business official an
nouncement was made that in consequence
of the continued i'll health Of the president
of the corporation an assistant has been
appointed to perform the active duties of
the presidency. While this action does not
represent formal resignation on the part
of the president, it will undoubtedly be-
regarded as tantamount to that in Wall
Street, and it must be confessed that
speculative sentiment in the financial
district under present circumstances will
regard the fact as being advantageous to
the market price Of the Steel Corpora
tons securities. In connection with their
strength in to-day's market it may also be
said that there are indications that the
deadlock in the pig iron situation is break
ing and that consumers are likely shortly to
enter the market with orders in volume.
Incidents Of the day were the publication
of the May statement Of earnings of the
Reading Company, whose showing was
forecast in this column yesterday, and the
announcement that the affairs Of the United
States Shipbuilding Company will be taken
in hand by a receiver. This latter develop
ment should remove from the situation.
for the present at least, factor which has
exerted some disturbance. London on
balance sent further moderate volume Of
buying orders for execution in this stock
market, and these orders we're reflected in
another decline in foreign exchange rates.
Now York Stock Exchange sales. Juno 80.
CLOSING PRICES OF UNITED STATES BONDS.
BID Asked. BID. Asked
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