Evening star., 1909-07-11
PRICES CLOSE HIGHER
"Pennsy" Features Weekend
of Stock Market.
D. S. STEEL COMMON ACTIVE
Violent Rise in July Wheat a Grain
Incident.
RUMORS OF A CORNER REVIVED
Bank Conditions Abnormally Favor
able for Time Of Year-Mid-
summer Industrial Contrast.
RUMoRs OF A CORNER REVIVED
Special Dispatch to The star.

Special Dispatch to The Star.
NEW YORK. July 1O.-Today's two
hour stock market was one of small vol
umc and an altogether inert sort of
Saturday half holiday. Dealings in stocks
were but 10000 shares. Nevertheless,
dull and narrow as it was, market prices
were higher throughout than on Friday.
Prominent stocks, whose strength yester-
day in q quiet and sagg1ng market at
tracted much attention, bore witness
again today to seeming process of ac-
emulation.
These were the Illinois Central. Penn
sylvania and United States Steel COM
mon shares. Talk of an increased divi-
dend distribution accompanied the ad-
vance in the first case. The rise in Penn
sylvania was based apparently on Well
founded argument that the larger busi-
ness not being done in the iron and steel
trade must benefit the transportation
lines directly connected with this indus
try, while additional proof that comes to
hand every day regarding the fiourishing
business In iron and steel and some indi-
cations that the strike of union work
men in the shops of the American Sheet
Steel and Tin Plate Company is on the
point of breaking up. or at least is weak
ening, were, Ii may be, the cause of the
buying of the steel shares. Elsewhere the
market was without feature.
On the produce exchange another vio-
lent rise took place in the July wheat
option, reviving ruInors of corner in
this option similar to that which took
place in May and which have more or
less plausibility In the reduction to ex-
tremely low limits of the quantity of
contract wheat available for delivery in
the present month. There were further
rains today In the southwest, which,
g.-l,,
materially. inasmuch as harvesting in
the winter wheat district has been pretty
nearly completed. would yet, as was con-
tended. retard the movement of the crop
to market
Moreover. il has developed that larger
short interest than was commonly sup
posed was created in corn and wheat in
the recent decline in the price of these
commodities. The low state of reserve
supplies here obviously makes commit
ments of the sort described hazardous,
even despite the brilliant prospects for
the years crops.
Bank Statement Figures.
The figures of today's bank statement
again attested the value of the newly
established method Of computing the re-
turn both upon an actual and average
basis. Today's average figures OF the
statement reported decrease in the bank
surplus of $2,493,OOO, loans decreasing
81, 10000 and specie decreasing over
100000 But in the figure as taken
plus reserve Increased st. .62S. 900. loans de-
creased S. 100 ,0S5 and cash increased S3.-
100000. This makes showing of bank
conditions abnorInally favorable for the
companies attested. too. that the favorable
exhibit In the clearing house actual
was not made at the expense Of the in
stitutions not included In the Clearing
A0g foff
The security market during the present
week has been of the sort usually wit
pessed the month of July. 1t is time
Of the year when expectancy is general
ly spring rise" in values has already
taken place; when the bankers and finan-
ciers and men of this class are starting
on their vacations, and when the entire
attitude Of financial matters is of tenn
porary pause
July Stock Movements.
July. indeed, is not infrequentIy a
month in which the stock market not
only hesitates, but declines, and 1t is not
improbable that instead of holding with
firmness at the high level of the year,
as 1t has done in the present month. 1t
would have receded considerably had it
not been for the current low rates for
the use OF money and the really tre-
mendous prospect for the business year
now in sight.
1t is hard to get prices of stocks down.
even If great many people feel like
taking profits under previous ventures
when money is cheap. when the crop out
look is superb, and when, in every direC-
ton, great movement OF recovery is
manifest from preceding depression.
This weeks evidences of such recovery
have been no less signal than at any
time in the recent past The iron and
steel mills are operating at a larger
capacity than ever and advances in
prices for many finished products are
the features of the markets.
All this being In decided contrast TO
what Is ordinarily witnessed at this time
Of the year. when midsummer dullness
customarily prevails in trade circles.
Uncle Sans Crop Report.
The governments July crop report, pub
lished Thursday, did not stimulate stock
market prices. because a very favorable
report had been looked for by every one
and therefore discounted at least for the
time being In security valuations. In
due time. however, Wall street will dis
cover that corn crop OF 100000 600
bushels-and which may very likely ex-
ceed this quantity-haS not been discount
ed In permanent fashion in the present
price of securities Immediately affected
by such a harvest.
One aspect of the situation in this re-
sard Is not perhaps fully appreciated in
the financial district and that is that
conditions favoring the planting and
growth of corn have been so universal
In the country this year that an alb
normally large yield of the staple is prob
able in the states that do not usually
figure as corn states'-that is to say
that there is every likelihood that some
OF these states Will grow so much corn
this year that they will not be compelled
TO draw upon western reserve stores for
supplies for their own consumption.