The Republican. [volume] (Oakland, Md.) 1877-current, 1909-06-10
NEW YORK STOCK MARKET
Henry Clews Q Company's Weekly
Bulletin.

many securities to the highest on record.
Public buying continued on a moderate
scale, and operations We're confined
largely to the big traders, backed by
some of the strongest leaders in the
market. A few prominent bankers dis
approved of such manipulation on
grounds of conservatism and that prices
are already high enough, if not too high,
but in the present state of the market,
with both confidence and money so
abundant, the bulls had little difficulty
in CARRYING things their own way.
There were evidences of considerable
profit taking at times, and the impress
sion gains that big insiders are quietly
feeding out stocks on every rise.
A hopeful feeling prevails in business
circles generally. and trade continues to
show an improving tendency, both
Clearing House returns and railroad
earnings emphatically demonstrating
this fact. The iron industry maintains
its lead in business recovery. some de-
partments having received record
breaking orders during the month of
May. There is, however occasionally a
slight halt in the placing of new bust
ness; and with the approach of the sum-
mer months it would cause no surprise
if general business was to show tenn
porary signs of slackening. This is
partly true in the dry goods trade, where
high prices have already somewhat in
terfered with activity in both cotton
and wooden goods. The tariff seems to
have almost dropped out of sight as a
business deterrent, although its settle
ment would be a relief. The final out
come is still matter of doubt. At
present the indications suggest numer-
Gus advances in rates instead of reduc-
tons, yet the prevailing feeling is that
these are intended to be used in bar
gaining for aTfnal adjustment in con-
ference committee. One effect of the
tariff agitation has been to greatly swell
CNAA iillJSA IS dlLlIOuSl LIlG lIlCISdSeu dt-
tiYity in manufacturing lines has, of
course, stimulated the demand for raw
materials not produced sufficiently at
home. This continued rush of imports,
accompanied by prolonged dearth of
exports, is having a very important eff
feet upon our international trade bal
Tho cIrtyr-o I'd cold -+sII
continues and may run to considerably
larger proportions unless checked by
European absorption of our forthcoming
new security issues. These increased
importations have had one beneficial eff
feet, inasmuch as they have increased
the national revenue, and thus material
ly lessen the Treasury deficit, which at
one time was a source of considerable
apprehension. Assistance from this
source, however, cannot be indefinitely
relied upon for the reasons that imports
will soon return to the normal; that ad-
vances in duties will check imports, and
are more likely to diminish than to ex-
pand public revenue. The deficit for the
current fiscal year will now be reduced
to probably 800, 900 600, but Treasury
funds are already much depleted, and
will be a month of large expenditures:
so that before long further important
reduction of public deposits must be an
ticipated.
The crop outlook thus far is as satisfac-
tory as could be expected. The season is
late and comparatively small crop of
wheat must be expected owing to re-
duced acreage, which suggests continu-
ed high prices for that staple and rela-
lively small exports next winter. The
loss in wheat, however, is likely to be
more than compensated for by big
corn crop. Should the latter escape
early frosts, it is not unreasonable to
expect bumper yield of 5000, 900, 900
bushels. Plenty cotton is also in pros
pect lat good prices. In view of the
high prices for all farm products, it is
quite certain that the agricultural
classes, will enjoy another very profita-
BILE harvest, which nothing short of un-
usual disaster can prevent.
On the Stock Exchange a confident
undertone prevails. Were it not that
values are already upon such a very
high level there is no doubt that the
market would have seen a more decided
upward movement There is feeling,
however, that the many favorable out
side conditions have been quite thor
oughly discounted, and that any further
advance will simply afford an opportuni-
ty for foreign and big inside selling.
This should induce very conservative
feeling throughout the market Rail-
road shares are firmly held, especially
in view of satisfactory condition of
railroad affairs in general Public hos
tility to railroad corporations is abating
traffic is increasing; freight rates are
frequently higher than year ago;
many important economics have been
introduced; consequently the outlook is
for better net results than for the past
two years.