The sun., 1909-06-03
FINANCIAL AND COMMERCIAL,
WEDNESDAY,, Juns.a.

In the stock market taken as a whole
to-day the dominating influence In the
minds Of the greater number Of profess
eonel traders and spectators was
desire to continue that profit taking
movement which was so distinctly the
feature Of the market yesterday. These
realizations continued on fairly active
scale throughout the first four -hfths
Of the time devoted to Stock Exchange
business and succeeded in that period
in depressing the prices OF many OF tbs
active shares moro than a point from
yesterdays closing Quotations. Indeed
In thevery early part Of the day some thing
like drive at the market appeared to
be manifest. and It was held by close
observers that a good share Of the early
and simple. As the day advanced, how
ever, the pressure upon the market gradu-
ally grew less and less, aud 1t became
evident that the liquidating movement
had lost much Of its former force. II
was also noticed that the demand for
the United States Steel common shares
was sufficient to hold this stock with
extreme steadiness against the general
decline and that moreover the stock
exhibited tendency to rally sharply
whenever offerings OF 1t ceased. When
therefore orders to purchase the stock
were once more in the last hour placed
in the market on something resem bling
the same large scale as that witnessed
at the end OF last week II speedily became
very clear that there was scarcity Of
the stock greater than any ever before
witnessed in the financial district, and
by reason OF this discovery and the pres
sure Of new buying the stock rose vio-
lently, closing at the highest level Of
the day and OF course at a new high rec
ord level. The specific explanation ac-
corded TO the movement in speculative
quarters was that it had its origin in
the definite announcement that large
block Of the United States Steel common
shares had been purchased by syndi-
cate Of French bankers who proposed
to issue certificates therefor which would
be dealt in on the Paris Bourse after the
fashion adopted in the case OF not a few
other securities, the expedient being
one by means Of which the heavy French
tar upon an actual listing
Of securities on the bourse Is avoided.
No doubt the fact that the United States
Steel shares arc to be introduced in the
French market In this favorable way
by number OF the leading Paris bankers
is highly favorable circumstance 80
far as the stocks are concerned, but the
reason for the rise in the
Steel shares Is that which has been time
and again emphasized in this column
during the last eight months. An amount
nearly approximating .&45o. 600 600 has
been put into the property Of the United
States Steel Corporation out Of earnings
up to tho end OF the last calendar year.
The corporation has proved its ability
TO earn its current dividend rate upon
its common shares In the hardest OF hard
times, and now once more the iron and
steel business is booming throughout
the country at the liveliest rate ever
known. That all this points to a much
larger dividend distribution upon Steel
common stock in times not far distant
seems a moral certainty.
The grain markets were again strong
,o-day, chiefly because Of more crop dam
ige stories sent to this country from
toreign wheat producing centres and
which we're. it must be confessed, effective
n causing an advance in grain prices
So far as matters at home are
grain prices are constantly
,ustained by the premium on cash wheat
lrising out Of the small actual supplies Of
wheat left over from last years crop.
later to-day grain declined because
II highly favorable weather reports from
he West and the publication OF the Ken
lucky State crop report for May showing
condition OF winter wheat in the State
II 90, as compared with 81 in the preceding
month. The price Of copper metal again
.dvanoed to-day, and it was trustworthly
tated that 5000, 900 pounds Of copper had
,een sold the day before by one OF the
copper producers at a price OF
81 cents pound. News Of the Atchison
Railways issue Of $2e. 900 900 convertible
,onds excited but little attention, il
icing accepted as a foregone conclusion
hat the bond issue would be heavily
by the stockholders Of the
company. to whom the privilege OF taking
he issue is to be first extended; and it
must be said that one reason for the par
ocular strength shown in Chicago. Mil
raukee and st. Paul stock to-day was
doubtless the fact that an issue Of bonds
~ the company involving rights to stock
holders is also imminent. The New York
Railroad Company's earnings
statement for April exhibited a gross in
crease OF $500 900, and President Brown OF
he Central declared that the company
had loaded 2s7. 900 more cars in May than
N May Of the preceding year, the amount
oeing only little less than in May. 1907.
This is a sign than which none could be
oetter of improving business; and further. |
proof OF the same development was af-
'orded in the figures Of the country's bank |
,learings in May published by Messrs.
R. G. Dun d Co., which attested that the |
volume OF these exchanges was above |
hose OF last year and even larger than |
hose OF 1905. when they we're the largest |
On record.