The sun. [volume] (New York [N.Y.]) 1833-1916, 1909-06-12
FINANCIAL AND COMMERCIAL.
FRIDAY June II,

FRIDAY. June II.
Stock market prices to-day rose an,
fell feverishly. advances and declines rap
idly succeeding each other. and close
with a showing Of mixed gains and losse
but with q plain tendency toward a highe
rather than q lower range Of values. Tn
underlying strength OF the market wa
at all times evident sven II the advance
in individual stocks that we're ~frequentl.
made were not wholly retained and tn,
market seemed to be to a greater or les
extent awaiting new developments re
garding the general financial situation
The London market in the early trading
was inclined toward strength. but deal
ings there were apparently characterized
by the same uncertainty as that witnessed
here. The fortnightly financial settle
ment in London passed of satisfactorily
and following this the movement OF prices
there was in the main upward. Stockt
that were especially strong here at diff
ferent times during the day were Ameri'
can Cotton Oil, American Beet Sugar
Chicago and Northwestern, General Eleo'
trio, New York, Ontario and Western, and
Southern Pacific common and preferred
Reading stock went through it's usual
course of gyrations. gaining at n time
two full points. only to lose most of il
afterward. Sharp declines were re-
corded by the Third Avenue and Colorado
and Southern shares. in the mt case be-
cause Of further talk OF a heavy assess
ment upon Third Avenue stock and in the
other upon natural speculative disap-
pointment due to tho failure Of the COL
orado and Southern directors yesterday
TO place their stock upon a per cent.
basis. as many people had expected. The
market was less active than 1t was yes
terday and speculative interest in it
seemed 10 be temporarily waning.
II may be that one influence holding
the market in check was newspaper talk
regarding the possibility OF the passage
Of an income tax amendment to the tariff
bill in the United States Senate. But
those in Wall Street keeping in touch
with the progress OF affairs in Washing
ton scout the likelihood Of any action
Of the kind, and it is highly probable
that IL by some queer arrangement OF
voting strength in the Senate such an
amendment should be added to the bill
IL would fail OF enactment at the hands
OF Congress as a whole. The most i'm
portant development to-day was a sharp
and at times violent decline in the price
Of both cotton and wheat caused by the
cumulative effect OF the much more
favorable crop news regarding both
these staples with which Spectators
for the rise on the Cotton and Produce
exchanges have lately had to contend.
The tim. Is o near at hand when new
wheat will come into the market, harvest
ing having already begun in certain Sec
tons OF the Southwest. and II is COM,
monty conceded that the attempt to make
July an odd crop month" in tho grain
market will not be as successful as was
at ono time thought possible. In the
view OF the majority Of conservative
observers in both the grain and stock
markets the price Of the leading COM
modify staples has for a long time back
been he'd at an inflated level that could
not stand the Test OF good weather for
tia crops as the season advances. II
is to be remembered in this respect that
the cloudy weather and fall Of moisture
that have characterized meteorological
conditions over the country in the recent
past have BEEN although disagreeable
to those planning pleasure trips and
it may be harmful temporarily TO retail
trade, yet altogether favorable for the
crops. Call money rates here to-day
were easier than they were yesterday.
although time money was still a little
more closely held. Sterling exchange
advanced and the Paris check fell.
two matters obviously working in
the direction of gold exports. The
estimates OF the movement Of cash
in and out Of the local banks this week
conourred in predicting a gain in cash
by the banks of v s., 1000. 900; but as II
prove to be the case that because
of the rise in the stock market bank loans
expanded since last Friday the
gain in the surplus reserve Of the Clearing
House institutions may not be as great
"a the enlargement OF cash would indi-
cate, or course in addition to the rise
in the stock market the banks have been
burdened during the week with the ne
cessities incident to the subscriptions
to the city OF New York's $40, 0oo. 600
loan. The advance reports to-day of
the commercial agencies, although tes-
tifying to the ~momentarily u~nfavorable
effect upon business Of the cold and wet
weather. were yet more emphatic than
ever in their expressions Of opinion as
to the help given to the crops by the
plentiful supply OF moisture that has been
afforded and to the current activity of
the iron and steel business. Buying OF
all forms Of iron and steel is said TO be
larger, the presence Of railroad orders
being especially prominent. A feature
of the business is that those who have
recently placed orders are now asking
for prompt delivery.