The sun., 1904-06-19
YsN4NoIAGexND c0MMERCLAL.
SATURDAY. June Is.

associated with the property, and its price
rallied q full point from the lowest level
touched by II yesterday, although part
OF this gain was subsequently lost. Anal
gamated Copper. was strong by reason
Of knowledge that the demand Tor copper
for foreign uses has recently heavily en-
larped and that tho selling agency with
which the Amalgamated Company is con-
nected has disposed during the week OF
over IL 900 900 pounds Of copper, for ex-
port. The most notable incident OF the
day was the offering Of $9,5O0,O0O 3H per
cent, Burlington first mortgage bonds
under the same conditions that per cent.
bonds were sold a little time ago, showing
clearly enough the growth OF investment
ootrfidence. The weekly bank statement
exhibited, as was expected, large gain
in cash and surplus reserve, and brought
these items to enormous and record totals Tor
this time Of year; but the statement excited
almost no attention and certainly exer-
cised no influence upon the trading. Dis
cussion OF the monetary and foreign ex-
change situation has, indeed, almost wholly
ceased in Wall Street. 1t is now settled,
70 far as anything can he. that low rates
for money will prevail here until the fall
seaAon. and. that oven then the usual crop
moving drain win leave a larger amount
Of money available for ,se at this centre
than has been the case for very many years.
It ID doubtful, however, If there is proper
popuht APPRECIATION at this time of the
benefits that financial affairs here have
received from our recent large shipments
Of gold to Europe. BY means OF These OK
ports there ls condition Of financial ease
in every great European capital, 40 that
money rates abroad are now below our
parity, our own rates being little more than
nominal. IT canhot OF course. yet he con-
sidered absolutely certain that gold ex-
ports from our shores have ceased for the
summer, but resumption Of such shipments
win obviously require a very decided shift
ing OF tho International financial balance.
The time ,bss now arrived when our bankers
usueiIy fosestal gold exports. II they find
Il kfSsSsasy to do 20. by sales Of foreign
exeAanEes sblls drawn, against shipments
Of aefchandise. chiefly cotton, in the fall.
The bankers VIII more than ever be ready
TO indulgein such: operations in the present
season by the indications that the country's
cotton crop will not only be very large,
but.wiY Ae gathered at an unusually early
Discussion Of the Southern Pacifcs pre-
ferred stock issue continued to-day, but
Indications were that its importance as
market factor was becoming diminished.
Objections to the proposed plan OF liquida-
ting the floating debt of the company have
seemed to centre chiefly in the disappoint-
ment Of the present Southern Pacific stock
holders Ger the supposed fact that by
the execution Of the scheme dividend
distribution upon the present Southern
Pacific shares would be removed farther
away into the future. And yet there is no
way In which 1t can be said that the plan,
properly considered, accomplishes this re-
suit. The good crop news has been really
the only important development in Wall
Street during the week, but it has been
suffioing. The long stretch Of favor
able weather in the agricultural sec-
ton, South .as well as North, has been.
undoubtedly, the, factor that has un-
derfain the improvement Of sentiment
in business and financial circles and
has contributed more than any other to
the; advance in prices in the stock market
The crops are Of course, still a matter OF
tomorrow. :, 1t will probably be late in
the summer before any solid confidence
a. to the outcome Of the cotton crop can
be felt, and 1t will not be until September
80 Nvs-,ha1s.. al thas. o-nr ~ 80 70
-..st. 49, 80 hr,.ht th,s,, ~ aa,;ss.
t,ss.,,.S - a. hos ,,ess.a ,Uar tha o,nt,
.nd ths stoct rnarrst n ;ts nrosant go
o.,t.conait;on has takan c,na notice ~ The
SsOx sAIu,ost inva,iablv in year. whan
the harveat Weld IA GOOD the month ~
Ausust in Wan Street ia a hull neriod.
and fhis Il. 81 oo.irse. Simply because in
the;mcnsh Of August. while absolute Ger
taiuky - 70 the crops cannot he had reason
able' certainty, is not wanting. The winter
vhhGt lorop Is then a matter Of history
snd the indications for the harvests of all
the omar leading staples stand out pretty
plainly, Taking all things into considera-
Ton at oan hardly be oonsidered a too san.
suina yiex Of the situation that II six veeks
mo1p Of n rood crop weather lies iur A.
1v.before US as now lies immetliatelx
beAdnd us. the quantity and quality Of the
Aarxsst, this. year will be in the highest
Aourtvo satisfsotory. Nor IA It at ali inn
urobable that from now on deyelopments
ooidcsaninr tho crops will be daily DIS
counted in security prices.
Ihcso ara other grounds for epoo,,rape-