The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-06-30
FINANCIAL AND COMMERCIAL.

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FRIDAY, June 20.
Prices Of stocks at the opening Of the
security market to-day were generally
quite O little lower than they closed yes.
terday, rejecting, perhaps, the influence
OF the lower range Of quotations sent over
from London. 1t was announced that
el0O, 900 in gold had been taken in London
for export to this country, and as sterling
exchange here Is now at the normal gold
import point 1t was held altogether probable
both at this centre and in London that our
bankers will receive q good share II not the
greater potion Of the 81, 700 900 in gold
that will be laid down in the open market
In London from the Rand mines early next
week. The likelihood OF this event was not
altogether agreeably regarded in LONDON,
and because of 1t and further selling OF
stocks there for French account the London
market during the day was weak. Here
after a little while prices rallied and fuc-
tuated without any great change until the
early part Of the afternoon. The market
was, indeed, actually dull for a couple OF
hours around midday, and the volume OF
transactions for the days business as a
whole was appreciably less than it was
yesterday. In the last two hours Of the
afternoon stocks again developed pro-
nounced weakness and fell rapidly, with
only a small recovery just before the close.
On the decline many Of the principal stocks.
such as United States Steel, common and
preferred, Pennsylvania, Northern Pacific.
Missouri Pacific, Union Pacific and Reading,
touched lower figures than they have at
any time since the elimination of the up
ward movement in prices that ensued after
the period Of Generalization in the market
in the first days Of May; n the United
States Steel stocks made a new low record
for the year. Especial pressure oonverged
Upon the Northern Pacific, Great Northern
preferred and so-called Hill group Of secu-
rites, while on a very volume OF trad
ing Pacific Mail stock broke heavily.
The popularity of the market to-day was,
as it has been throughout the week, that
there was no definite news to account for the
decline. Call money was firmer, as every
body knew it would be in view Of the calling
In of funds by the banks incident to the large
disbursements next Monday. 1t was as
serted that there was perturbation in bank
ing circles over the demand made during
the day by the Secretary Of the Treasury
upon the banks in the large reserve cities
for the return to the Treasury between
July 10 and 20 Of the $40 900 900 in special
deposits OF public money which were placed
with these institutions a few months ago,
but it is altogether unlikely that this excited
any tremors in the quarters named, inasmuch
as it was clearly stated when the deposits
were made that they were to be recalled at
the end of a certain fixed period. The SELL
ing OF the Reading issues was attributed
to the falling off in the May earnings Of the
Reading companies as set forth in the days
morning newspapers, but it was understood
that during the first half Of the month the
anthracite mines were shut down, and no
sensible person expected that the earnings
Of any of the hard coal mining and carrying
companies would show other than decrease
for the month. No attention was paid
by the market to the clear prospect of gold
imports to which reference has been made,
backed up by to-day's preliminary engage
ment; nor was a sharp fall in the price of
wheat, due to better crop news, regarded
with any more attention. The Canadian
Pacific, Illinois Central, Rock Island and
San Francisco and other large railway
systems made splendid statements of May
earnings, which were as little Needed as If
they had not appeared at all. Estimates
Of to-morrow's bank statement conc urred
In forecasting a gain in cash by the banks
OF nearly 81 $50, 900; and as the liquidation
in the stock market In the last two or three
DAYS will hardly show to its full extent in
the bank return, there Is every reason to
believe that not only viii. the exhibit of bank
conditions at the end of the week be of
encouraging character, but that the state
Of the banks will be really better than the
exhibit shows. Ordinarily thu feeling of
relief always experienced in Wall Street
upon the adjournment Of Congress counts
as a helpful stock market factor of no little
Importance. This afternoon the winding
UP of the present session of Congress APP
peared to be only a few hours away, but in
no apparent degree did the fact stimulate
buying of stocks.
New York Stock ExcnangeS Sales juno 20.