The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-06-26

MosnAV. Juns N

pfuteeaiotal ungfU Na4 eNtdenee ~ . hNt'eT
class ~ buyiha on thu btpeha than hal hegh
ssen fof aims time, Ths iaafa adopted
he pollgy ~ concentrating prruaurn IN .
few lss,Ies like f~nieflnfnuah Metropolitan,
Reading AMI Amalematsd Copper and
taking advantage ~ thu Apparvht weak
aass In thepa tp uovef short ouhtrHcta In
other stocks, Ths market VIVA AubIguted
~ a NtcSrssion N dfiVea, htt sofne ~ The
hadiAR iss,tsa Ahow pi strBha Resistance W
pressure, ~, for inatahOr, Tinted HtAtee Hteal
opfnmon, which ~otiatlhatsly refused w yield
lnlnw 9atS. and Pennsylvania, which found
n lag feady to rrrriyr N every tins the
rflco hrohs hclow iN n vaa tbs opinion ~
cnnsnt vntlyp lntareata that the reports ~ a
combination ~ independent, steel concerns
10 nght the United States Steel Corporation
wa nothing more than a new scheme ~ the
hear party to drprrps tho price Of the United
states Steal sha re-, hut the deniala ~ thia
story were ~ explicit aA 10 len w no doubt
that no such merger was contemplated,
white the resistance Of the stock 10 unfavor.
able rumors and beariah attacks WINS 20
sturdy Hs TO win over quite a number Of
careful apeculators to tho bull side, II was
stated during The day that the current
quarter gave promise Of showing better
results than any previous one In the
Company's history, and that the outlook
for the trade could hardly be better.
ACKNOWLEDGEMENTS dropped to a
new low record but II was doubtful II
there was much real liquidation. and the
amount Of public interest in the stock was
very snail. The markets abroad we're ir-
regular. prices in London showing a declin-
ing tendency, partly due to the circulation Of
stories about the possibility Of trouble in
connection with the Kafir settlement which
was In progress. The money market showed
no great change, but the continued ease in
rates for call funds was notable in view
Of the near approach of the July disburse-
ments, and although the Street had rumors Of
the possibility Of a sharp advance before the
end Of the month, banking interests did not
anticipate any serious stiffness. The ex-
change market suffered a further decline,
demand sterling getting down to the gold
import point, even with allowance for the
advance of I'd. an ounce in the price OF bar
gold in London. A decline of Ell los. in the
London market for spot copper was used
as a weapon by the bears in depressing the
~ - Vi II lbdpSu oBDNl itlty pit III
conservative quarters it was said that the
trade position was as strong as it has been
at any time this year. The report of our i'm
ports and exports for the month of May
showed an increase Of over 5000 600 in the
value of exports Of manufactures es COM
pared with the corresponding month last
year, the actual figures being $50, 245, $50,
against $4s, 200, EOS, the gain over 1904 being
still more notable, as for that year the item
totalled only $3s. s94, SOL. These figures in
dictate the progress being made by Ameri-
can ma nufacturers in finding a market for
their products outside Of our own country.
In their attack on Reading the bears
made use of stories to the effect that the
Interstate Commerce Commission would
recommend and that the Administration
might favor a change in the existing laws
so as to permit the Government to assume
the ownership Of the anthracite coal fields
with a view to %precluding the possibility
of the production of this Kind OF fuel ever
becoming a monopoly. Perhaps the best
indication OF the amount Of credence given
to this report was the strength of Penn
sylvania, which, directly and through its
in other companies, is sensitive
to all changes concerning the anthracite
industry. Comparatively little attention
was paid to the report, and the news from
Washington that the Senate had adopted
a resolution favoring an investigation by
the Interstate Commerce Commission OF
the relations between the railroads and the
grain elevators passed almost unnoticed.
In view of the early adjournment Of Con-
gress, it was believed that very little more
of a disturbing nature was to be feared
from Washington, and the Street was en-
tirely reconciled to any sort of an investi-
CATION Of the methods Of the Standard
Company. The July disbursements
are expected to be the heaviest on record
for this time OF the year, and the invest
ment Of the sums received for interest
and dividends may possibly have an APP
probable effect on the market within the
next few months. The Chicago, st, Paul,
Minneapolis and Omaha published its state
Of gross earnings FOR the month OF
MAY showing an increase Of $85, ia over the
corresponding month last year. The grain
markets declined as a result OF the favor
able weather for the growing crops, corn
particularly affected by this cause.
was a little unsettled, but moved
a comparatively narrow range.
The belief was expressed that SO 900 900
of special deposits which the Government
withdraw from the banks here on July 10
be sent to San Francisco in full
flment of Secretary Shaw's plan to relieve
he situation in that city, and that thus
he amount Of Government money in the
banks of the country at large
would be retained at about the present
The stocks Of the disclaimers
declined on the announcement
the financial plan involving the issue
Sl2, 900 900 bonds. and a number of other
.ndustrials in the inactive class suffered
from a little dribble Of liquidation. Southern
Pacific continued to show decided firm
meas, and it was reported that a good deal
stock had been taken in the last week
or two by we'll known London financial
in the belief that a dividend of
, per cent. would be declared in August,
although probably no intimation would
be given IA to whether this was An annual
Or 2 semi-annual distribution.
New York Stock Exchange Sales juno rs
CLOSING PRICES OF UNITED STATES BONDS.