The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-06-09
FINANCIAL AND COMMERCIAL.
SAruRpAY. June 8.

SATURDAY, June 8.
The only activity in the London market
to-day was in the American department
and except for the strength in our stocks
there was no strong feature, consols indeed
declining fraetionally TO a new low record
for the year. The opening Of the local
market was generally at advanced quota
tions as compared with last nights close,
Union and Southern Pacific being promi-
nent on account of the character OF the
news from Washington which led q great
many people in the Street to believe that
tho Administration would not pursue as
aggressive a policy in tine matter OF bring
iaE Mr.. Hartman into the courts on charges
arising out of tho revelations made at
tho Interstate Commerce COMMISSIONS
inquiry last winter as it had been credited
with entertaining. These stocks continued
prominent in the trading all day and closed
q. Substantially higher prices, although at
SONS recession from the highest recorded
during tho session. The Hill Issues, the
hare coalers and Pennsylvania were also
strong and active and there was hardly a
stock on tho list OF any prominence that
did 10: score a considerable advance. This
wac the more significant rs the bank state
nent proved decidedly disappointing. the
Kansas State crop report showed a greater
deterioration for the month of May than
had been expected and the weather and
crop news generally was not Of a favorable
kind.
Early in the week the market began to
give Indications Of having become thor
ouGhly l%iuuidated, and about the middle Of
the period il manifested a distinctly hard
eniug tendency, which it has maintained
down TO the close OF to-day's business.
This it has lone in spite Of heavy gold
exports, which for the week have aggre-
gated 81, 100 900, and Of weather conditions
which, while not as unfavorable as those
prevailing earlier, we're nevertheless not
ola kind to repair the damage suffered by the
crops during the month Of May. The topic
Of most general Wall Street interest during
tile week was the attitude of the Admins
traiion toward Mr.. Hartman and his roads,
aud while ut first Wall Street was unwilling
to believe that there could he any com
promise, in view of the conditions brought
tolight last winter, il has since been forced
tochnncr this view on account OF the vacil-
l:ting and indecisivc policy which seems
to have recently prevailed. In the wheat
market prices have fuctuated without any
decided tendency, but cotton has been
active and strong all through the week,
Until the July option has now reached q
higher level than at the same time in any
previous year since 1875. The underlying
argument which the bulls on the staple
have used in advancing prices is that Thile
the condition of 7O15 shown in the Govern
niant report did not promise a large crop
tho promise is still less satisfactory on
account of damage sustained since that
estimate was made. Reports in regard to
the progress Of tho grain crops have been Of
tho most contradictory character, but as a
rule they tended 10 show that the condition
at the beginning of June was lower than at
he beginning of :lc month preceding.
The most significant OF all was that issued
by the Kansas State Bureau Of Agriculture
to-day, which showed n condition OF
winter wheat as low as SO, in comparison
with a condition Of "a IL month ago. In
Wall Street not q great deal OF reliance
is placed upon the reports from the
individual States, the general disposition
being to regard the figures issued by
the Government for the country at
large as far more reliable than those
emanating from any other source whatever.
Notwithsta nding the heavy gold exports
during the week and the loss of cash by
the banks in other ways, which is reflected
by a substantial decrease in the item OF
surplus reserve In the bank statement,
the money market continues easy, the trust
companies being apparently we'll supplied
with leudable funds, although unwilling to
put them out at tie rates now prevailing.
New York Stock Exchange Sales, June $.