The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-09
FINANCIAL AND COMMERCIAL.
MONDAY. June 8


| To thoughtful observers to-day's stock
market, though the subject of a fresh dem
| onstration by the powerful speculative
bearish interests now working against
prices, afforded further very satisfactory
evidence OF the absorption OF the highest
grade stocks by rich mon able to take care
of them and pay for them, Ample evidence
of this sort was given by st, Paul In par
ticular. for which there was seemingly
an unlimited buying order at the ruling
market price. Other stocks that Afforded
similar indications we're Pennsylvania ard
New York Central and while not GUS
tomariy classed with the stocks that have
been named. Wall Street also had plenty
Of opportunity in the case of the United
States Steel shares to observe what 1t terms
good buying" There is no evidence.
however. that the strong financial interests
who were buying certain stocks to-day.
and who were also undoubtedly buying
last week. proposed to advance the prices
of the stocks that they have acquired
or that they are buying with the idea OF
startinga bullcampaign in the stock market.
In fact, there is the very hest information
to the contrary. The question OF an adj
vance rests with the trading element in
the market itself, which has been at work
now for weeks in depressing prices. These
| traders. to Use again the Streets phrase
oogy. finding that they have been selling
into bag" and that there is not the same
money to be made in going short Of the
market as there has been, can be safely
counted on to turn to the other side and
themselves advance prices. In the mean
time the rich men who are satisfied to buy
GfnCka raf,lrpnO IN than, ipfareat Weld
of ~ to per cent. are quite willing to con-
time to buy The turn in the market may
come, however, at any time. and there
we're some indications in the closing hour
| Of to-day's market that realization ofthe
situation was dawning upon some of the
trading element. for there was in certain
directions rather active scurrying by
traders to recover stocks that they had
| sold
The stock market closed firm under the
influence of this covering movement. This
was after a series Of furious bear attacks
that had been feature Of the trading
earlier. The operations by the bear specu-
lators, who have been successful in their
campaign against prices, were resumed
with the opening Of the market on an even
more extended scale than heretofore.
dttoShe cCulIc GU az tut StaIt upoh
Atchison and from that stock spread to
the other central Western granger shares,
Union Pacific. Missouri Pacific and the
various so-caled Gould issues, and later into
Baltimore and Ohio. The bear raiders
were successful in starting fresh liquda-
ton in many quarters. but the turning OF
the market came, as already noted, with
the realization that the strong absorptive
L. n,&l
The attack made upon central granger
shares appeared to be based upon the
food situation in the West, but this situa-
ton has bettered materially, according to
the dispatches received from there. In
their upper courses the rivers are now fall
ing, though the turn is not expected at st.
Louis until tomorrow. Much more atten-
ton than Wall Street paid to it should have
been given to the breakup since last week
of the Eastern drought conditions, While
there was considerable diversity of news
regarding crop matters, advices Of the very
best SOFT came from at least one quarter
the Northwestern spring wheat section.
Much interest is being taken in the probable
showing OF the monthly Government crop
report due on Wednesday. This report
will give the condition and an estimate Of
the yield per acre Of wheat and the condition
and acreage Of oats, but will make no re-
port on corn. 1t is admitted that the con-
dition Of winter wheat will show material
falling Of, but the showing as regards
spring wheat is quite likely to Offset largely
the winter wheat deterioration.
A slight recession reported In the price Of
| the copper metal served to incite an attack
upon the shares Of the Amalgamated Cop
per Company In the final dealings, how
ever these shares rallied very sharply,
recov ering more than their early loss. In
dications point to buying Of an excellent
character having occurred on the drive
made last week against Amalgamated Cop
per stock which carried it to new low
record price. While no reports are made
public by the company, it is patent that
it's condition, with the metal selling in
the neighborhood OF is cents a pound,
must be much better than when the metal
was selling around II cents. though the
stock was then ruling at higher level.
| Consolidated Gas was noticeably weak
feature OF the market, and it gave evidences
of liquidation. the cause Of which was I'M
explained. London was buyer OF stocks
in this market on balance to the amount
of about 1900 shares. The feature OF
the cable news was an advance in the Ger
man bank rate to per cent. Private dis
count rates in Berlin also advanced, and
such further shipments of gold as may be
made in the immediate future are likely to
90 to Germany. An engagement OF $25O.OOO
gold to be exported to Germany tomorrow
was announced. At the same time the for
eign exchange market showed weaker
tone, and with firmer tone in local money
rates, the tendency is against gold exports.
New York Stock Exchange Sales. Juno ..
CLOSING rRIcEs OF uNIrED STATES bonds.
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RAILROAD AND OTHER BONDS.
| AmerHde L As, Denver A s VI &c ST Paul N A M IN