The sun., 1909-05-25
Financial AND COMMERCIAL.

In the first hour of the Stock Exchange
session to-day fairly large quantity of
hs:--..aoss was transacted, but thereafter
she market became to a large extent a
perfunctory' affair. Gains and losses
we're about equally oommingled in the
closing prices, the market holding
strength firmly and evincing no abate-
ment Of that undertone of confidence
that has 80 definitely characterized it
during the last six weeks. Features
were in the early dealings an advance
to new high prices of record in the United
States Steel common, Northern Pacific
and Great Northern preferred shares.
the quotation for United States Steel
common being the highest price abso-
lutely. The rise in these stocks was
legitimately based on current news and
prospects concerning them. Individuals
OF the most pessimistic temperament
cannot fail TO be impressed by reading
the reports Of the existing rush Of business
in the iron and steel trade as these are
daily set forth in the commercial jour
malls. An unquestionable revival In the
iron and steel industry is broadening every
ricated steels is now SO great that the
total orders for these classes of ma
terials for the first five months Of the
year are larger than any known in a
similar period before. and latterly in
these lines the volume of business has
been due to an accumulation of small
orders as distinguished from the placing
of large individual contracts. The steel
companies also are now enjoying an
extraordinary tonnage in wire prod;
ucts, and the purchases of pig iron
necessarily induced by all this state Of
affairs are heavy 1t was to-day stated
that the sale Of steel generally in the pres
ent month had been larger than in any
month since October. 1907, end that a
corresponding situction existed in the
copper tradc. where sales have been larger
thus far in May thcn in any month since
Jsnuary 1907. When it is remembered
that this activity. in the metal trades is
largely unaccompericd by orders from
tho, railroad companies corporations
that in the past have enjoyed the reputa.
ton of being the largest purchasers
of iron and steel materials the breadth
Of the demand in the country for these
products becomes manifest. No little
attention was attracted today and at
the end OF last week by the rising move
ment in the Hill stocks because up to
the present time these stocks have been
slow in following the general advance
in The security market. Rumor was
again busy IA il was on Saturday with
story that the Chicago, Burlington and
Quincy company. whose stock is owned
by the Great Northern and Northern
Pecifc companies was about to make
an increased distribution. The story
is not at all improbable, but n sufficng
reason for tho strength Of the two stocks
named is the exceedingly hattering out
look for the spring wheat crop and in
fact for all crops in tho Northwestern
section Of the country. In the late after
noon a sharp rise occurred in all the Erie
iss,l cs and was believed to be due to the
effective cause Of large and continued
increase in the Fries earnings. These
earnings have attaincd such dimensions
hat il is now quite probable that the
idea of making an issue OF collateral trust
bonds of the Erie secured hy the coupons
of existing Erie bond issues will be held |
in allowance indefinitely.
About the only noteworthy devslop-.
ment to-day was. however. further |
rise in the price Of the speculative options
for the delivery Of all grains. based |
partially upon further unfavorable news
regarding crop prospects in foreign |
partially upon the near ap-
proach OF the time when those who have |
sold MAY wheat" for delivery must !
settle their contracts and partially upon |
Iugubrious reports OF the condition OF /
winter wheat in the State Of Kansas. !
One crop expert sent kilograms to-day /
from Kansas declaring that the state ,
would only produce 6o,Ooo,o0o bushels ,
pr winter wheat this year. although /
another crop expert of equal prominence !
and authority also lin the field declared |
that the Kansas production would ha 1T
least so. 100000 bushels. Naturally under !
these circumstances a good DIAL Of !
was exhibited by spectators |
for the decline in the July wheat option. !
and such headway has been made hy tho !
idea tha, the home consum ption of grain |
in tho United States makes the eXportatNp |
surplus of these staples less and less ,
each year that IT apparently needs but ,
little to start new buying Of either corn. |
wheat or oats in the speculative market |
at The present time. Tho broad fact. !
however remains indisputahle that with |
the single exception Of winter wheat !
the crop prospect in the country was
never brighter at this period Of the year
than il is now The money situation |
to-day was without change. but the ,
firmer tendency in sterling rates in Paris,
first noticeable toward the end Of last
week, continued. and has now reached a
point that renders gold exports from this
side of the Atlantic no longer profitable.
New York Stock EXCHANGE sales. May ~.