The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1905-07-24
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10 rooAv's MARKETS. .
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MARKET LErrra.

New YORK. July s4-Tbe market ls a
waiting one. a period OF auiescence af-
ter the unusual activity OF the past six
weeks some specialties advanced 9th
ers were neglected u. S. Fubtcr comrnon
scored sharp gain under the Impetus
q large and increasing earnings and the
probability Of a dividend in the near
future. American woolens common re-
iccted the companv's excellent sale re-
ports for the fiscal new year notwltn-
standing an advance Ia wooden goods
Among the railroad shares. the IInl
stocks alone made s"bs-ant al ,ains and
the buying seemed to be OF the invest
ment character. National Bi4uit COM
mon In spite Of large earnings. declined
sharply many timid shareholders liquid
ating their holdings because Of the re-
ceipt OF anonymous circulars from a for
mer empioye. The Pittsbure Coal Co..
as had been expected. nassed the divi.
derd on its preferred stock, and the
stock declined sharply IN ccaseaucuce
II Is probable. however that influential
stockholders may demand an investiga-
tion Of the companys affairs. The gem
eral list showed a sagglng tendency af-
ter a display OF strength eady IN the
week. and this was intensified in Thurs
day by the first crop scare of the sea-
son on reports OF crop damags in South
Dakota and MinnSeota There was mont
taken in Union Pacific, Illinois Central
and Amaigamated. on the declaration OF
increased dividends. ana the week closed
with prices generally at rccessions. 1ut
without rquilation from large holders of
sto,ks. There was 4 disposition IN evil
dence throughott the week to await the
outcome OF the crops
Nothing is clearer tolay than that
general business coaditie~s and prospe.ts
are excellent. The long-driayed nsovc-
ment in pig iron arrived and for the
first time IN two months the pig iron
market is active a; advancing prices.
Heavy lines Of steers are in unabated de-
mand and premiums for del,~cry wiz
become more common y 'lle aeSf -ev-
weeks. A better feeling prevails 70 the
lighter grades OF finished steel Illus
trativs OF the stability cf the steel siiua-
ton. II is worth while reme,nbe ring that
the Steel Corporation IN the first six
months of the year earned the fiil years
| Interest charges depreciation allowances
and the dividend on the preferred stock.
and the balance Of the year prori'ses
even better The one exception TO gcner
/ al prosperity Is the btmminous coal
trade, and this is hardly in effect
/ The recent spell OF hot wearihcr meant
m ehorr'o'.s traie Tor the local surface
tr ctioa lines. There IL no longer luc4
tion that the regular Sui way infflc Nas
new business ereates by the additional
{ transportation fuciltes. hut for tho Coat
ing traffic a counteTpoise has been ere-
atcd between the surface linoe on tha
ore hand and the subway Snd Gieva' ed
IN tho other, by which. acordlrg to the
season. the Metropolitan or Inter. or
ough draws an abnormal pe"ccntare The
sstwav enninss were greater In the
winter months. and In the spring wen
the weather was inclement. With the
hot weather passengers deserted the
Subway fnr The surface carss the ressie
being that July carvings OF the Metso
poltan will be by far the greatest IN
record The company bills faii ~ time
to earn even more than its sevon per
cent i,iderd, ard the stocks az 10th
the Metropolitan Street RAILWAY and The
Metropolitan Securities Company look
cheap at present figures.
That the prices OF the active stocks
I
points during Jne ana luly Is suT,sient
in itself to impress upon the minds he
necessity for caution during the re-
naming summer months In only three
years IN the last thirty has such a con
dition confronted Us. ana It must b. re-
membered that reports OF damnge 10
the growing crops are periodical, of'en
exaggerated or untrue, but nevertheless
temporary very real Influences on prios.
II is. Of course significant Of the ulti-
mate outcome that the leading railroads
are placing steel orders on the bosis OF
large harvests. ard, barring the mex
pected. large crops are assued but Aug
ust il the crucial month. and il IS then
that there is determined whether u Is
to be another year OF prosperity OF a
year OF clackened business. We ore
certain to have crop scares. and sroT
scares mean lower prices. But they al