The sun., 1909-06-23
AND COMMERCIAL.
TUESDAY. June %. .

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TUESDAY. June 22.t
Prices in the stock market to-day
pursued the path which nearly all per-
sons of experience in Wall Street and
close students OF existing conditions ex-
pected that they would following yester-
days break. There was in general
throughout the day slow buying back
Of stocks that had been soldspeculatively
for the fall accompanied by certain
amount of purchases by people who have
for long time been waiting for fair
reaction upon which TO make accumula-
tions; and the result Of this was that al
though net changes in quotations for
the day we're irregular the majority of
the active stocks left off at higher level
than they did yesterday and that the
market as whole evinced a harder under
tone The improved technical position
OF affairs was rather clearly shown IN
the view of many observers in the effect
of what seemed to be another raid upon
prices made in the last hour of the Stock
Exchange session. Hasty and at the
market" selling OF stocks took place at
this time in all the principal issues, but a
stronger resistance was presented TO
this attack than was exhibited at any
time on Monday and the market in the
last fifteen minutes OF the dealings re-
bounded with rather notable resiliency
In the middle of the day the market was
utterly stagnant and seemed to disclose
rather even balance of speculative
forces for the time being, The extremely
oppressive weather Of the day was un-
doubtedly to some extent factor in
the trading.
Every one knew before the close OF
business yesterday that the rumors OF
F. II. Harrman's death were un-
founded, and it is doubtful whether any
amount OF stock worth mentioning was
sold by persons who were really i'm
pressed by the tale. The truth is that the
Hartman story yesterday was used as
a pretext on the part OF spectators FOR
the decline in their endeavors to get
the market down. just as II is evident
on the other hand that the position
of these operators has latterly had some
foundation in the fact that the market
had passed temporarily into more or
less topheavy condition just how much
of reaction in prices is necessary to
correct this topheaviness must of course
be a matter for individual judgment.
But from certain topics to-day OF Stock
Exchange gossip it was obvious that
yesterdays decline had served at least
one useful purpose. in Kidding the market
of certain relatively bulky speculative
accounts that have recently been carried
on "shoestring" margins. and there Is
no doubt that to this extent the recession
in prices that has occurred has been viewed
with favor by the more conservative
and the higher financial interests. 1t
may very well be that some OF these
interests would like to see the decline
continued further. but the underlying
strength OF certain prominent stocks
was to-day much in evidence. Steady
buying of the Atchison common shares
continued. New York Central stock was
again conspicuously strong. The vari-
GUS Erie issues reflected the prevailing
belief that several gentlemen Of the
first financial prominence are about to
become members Of the Erie directorate.
But more attention that anything else
was attracted by a rise Of 81, points IN
Union Pacific stock to a price not far
from the highest quotation ever recorded
for the security. A strong argument
can admittedly be made for Union Pacific
preferred stock from an investment
point Of view alone at it's present price.
inasmuch as the 4 per cent. dividend
on the stock seems as souhdly
La, - rfh a mi N
railroad stock in the country, but natu-
rally. the rise in the stock to-day provoked
rumors that the movement was due to
other causes. Sterling exchange once
more advanced. owing TO the pressure
to make remittances to England and
Germany in time for the forthcoming
semi-annual financial settlements. but
at the same time there seems to be no
in banking circles that
exports Of gold from the country in any
amount are likely in the
near future. The grain markets were
all heavy because of favorable crop news,
A report published by the Kansas State
Bureau Of Agriculture, well recognized
as one Of the most conservative and best
managed institutions Of the kind in the
made out the statistical condi-
ton OF wheat in the State as practically
the same as last year. which indicates a
crop there Of about 100000 bushels.
or much more than the current estimates
Of bulls on the produce exchanges.
or even more interesting character were
the figures of the report giving the condi-
ton of corn at ss. the highest since 1902,
and the corn acreage of the State as the
largest since 1899. If these prospects
are general there is at present promise
of national $500, 100000 bushel corn
crop.