The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-06-26
FINANCIAL AND COMMERCIAL.
TUESDAY, June q

increasing Vtgor during the session until
at the end there was hardly q stock that
had not advanced q point or moro. Some
Of the leading Issues, indeed, Ike Union
Pacific. Amslgamated Copper. Reading.
American Smelling and Refining and
Northern Pacific gaining from 2 TO 8 points.
Delaware and Hudson on a few transactions
advanced ~ points. Whatever might be
the exact cause of the Improvement In
sentiment It certainly operated in Europe
also, for there was q decidedly better tone
TO the trading on all foreign exchanges.
and London was O buyer Of stocks here to
the extent Of at least Is 900 shares. The moro
peaceful outlook In the south Of France.
the easier feeling in regard to the forth
coming Paris settlement. the fact that 90
far only one small failure had occurred
during the progress Of the settlement In
London, and the substantial advance In
oonsols on buying by banks In order that
their statements as OF june 30 might make
a strong appearance, all had their effect
and this was heightened here by the favor
able crop news, and the technical condition
which has been evident for SOME days
past was unusually strong as a result OF
excessive short selling. Money was CON-
p~aratively easy here, largely as a result Of
an accumulation Of supplies In anticipation
OF the requirements for the July interest
and dividend Disbursements, while in London
the situation was relieved by the announce
ment OF postponement Of the Trangvaal
loan. the Irish land loan and n or two
other issues. Dealings In the local market
showed a marked increase In activity over
yesterday, although still under half q million
shares. and as the activity was greater in
the last hour than in any other hour OF the
day brokers were inclined TO believ that
the Street was at last passing away from
it's period Of extreme dulness. No doubt
a large part Of the business was OF a pro-
fessional character. There was unques-
tionably a good deal OF manipulation for
the purpose Of forcing the covering OF short
contracts and this succeeded to such an ex-
tent that the borrowing demand for stocks
was less at the end OF the day than II bad
been In the morning or at the close OF bust
ness yesterday. A Boston operator was
spoken OF as having taken q prominent
part in the manipulation against the short
interest, but this story was not generally
credited, the popular s%uppoeition being
that the market was In hands nue. stronger
than his. or the many rumors OF a generally
favorable character heard during the day
none attracted as mnoh attention as the
one which attributed to the directors OF
the Steel Corporation an intention TO in
crease the dividend on the common stock
to 8 per cent, but the story received no con-
4rmation, though 1t was stated on good
authority that in wire and some other m
portant lines the company lie increasing
- -..zn ArAS thDao NJ thu
corresponding period a year ago.
From a market standpoint nothing else
that occurred during the day equalled in
the decline in the rates OF foreign
exchange, which indicated that with the
Of 100000 additional for
London the gold export movement was
over for the present. 1t had been generally
expected tina the total amount to be shipped
abroad would exceed $50, 900 900 and it was
therefore with satisfaction that Wall Street
that the movement had come TO an
end with only S25, 600 900 actually taken
for Paris and London. This total did not
of course come near restoring to the foreign
banks the supply Of gold that New York
had previously drawn from them, and the
evidence that the drain on this city would
be Offset by a movement OF funds from the
tended to promote an easy feeling,
even in the face Of preparations for the July
disbursements and for the repayment to
the United States Treasury Of the $50 900, 900
special deposits placed with the banks
last wear. In connection with the latter
operation the fact was made known during
the day that some OF the banks have already
begun to turn In the deposits. the Treasury
already received about 100000 o
on this account, although the time set for
repayment still leaves about two weeks
that purpose. In bond circles some
encouragement was derived from the fact
that the syndicate which yesterday secured
the &c. o0O 600 issue Of bonds Of the city Of
Philadelphia has already succeeded in
disposing Of all Of them. The success
which attended that issue. it was thought.
might have some effect on the prospect
for the hotation Of the New York city
bonds, although In banking circles the out
look for the sale to be held on Friday next
was not regarded as bright. However.
the improvement In the stock market
il maintained through the week might.
with the effect on sentiment Of the success
full outcome OF the Philadelphia sale, bring
success where at present it looks as II only
a comparatively small portion Of the bonds
would be taken News regarding the
growing crops was generally satisfactory,
and. reviewing the conditions OF the past
week, the Government weekly report said
that the whole country experienced very
favorable temperatures during that period.
The regular dividends we're declared on
the stocks Of the American Locomotive
Company and on Anaconda Mining and
railroad earnings published during the day
showed that there was 80 far no indication
of any slowing down in the business activi-
ties OF the country. Jersey Central. the
first Of the anthracite companies to issue a
statement for May. showed an increase
OF tel4. 800, or about SS per cent. in gross
and a gain OF $452 ,e2s, or about 90 per cent.
in net earnings as compared with the cor
responding month last year. Estimates
Of Great Northern's earnings put the gross
for the current month about $1,000. 900
above the gross for June last year, and
on this basis it was figured that the road
would earn fully Is per cent. on Its $3.50, oOO,-
600 stock this year, despite the ~unfavorable
conditions encountered last winter.