The sun., 1909-06-15
FINANCIAL AND COMMERCIAL.
MONDAY, June Il

MONDAY. June IL.
To-day's dealings In stocks partook Of
the same irregular character that they did
throughout last week, with this notable
exception, that a general upward tendency
in the market was distinctly more no.
ticeable than it recently has been. This
might have been due to two Developments.
both OF them being calculated to induce
optimism in the financial community.
One Of these was the display Of an un-
mistakable disposition in the wheat mar
kets TO sag under the weight Of crop news
OF a highly favorable character. In many
Of the leading primary grain markets to-
day there were signs OF a gradual dis
appearance OF the premium on cash wheat;
that is to say, wheat for immediate de-
livery, that has for a long time back been
the strongest feature OF the entire grain
situation. Harvesting Ia now under way
in certain sections OF the Southwest, and
reports are becoming numerous. as most
we'll informed persons considered likely,
that the winter wheat crop after all lis
turning out better than expected" Ad-
vices from sources usually highly trust
worthy were received from Kansas that
the wheat crop there had greatly improved
in the last two weeks. and the Atchi-
on railway .company's weekly report offs
crop conditions in the territory covered
by the lines OF the road enlarged estimates
Of the wheat yield in this district very de-
cidedly. As every one realizes that con-
ditions over the West for the oats. spring
wheat and corn crops are ideal 30 far as
the state OF the soil is concerned indica-
tions are becoming more and more en-
phasized for large harvests OF everything
except winter wheat. In the last few
days the weather over tho entire agri
cultural belt has been Of forcing variety,
relatively high temperature coming after
fairly long period Of heavy rainfall.
1t Is not unnatural therefore that specu-
lators for the advance in these articles.
especially in the nearby wheat options,
should begin to reduce their commit
ments. Again. the news to-day from the
iron and steel business was Of more cheer
ing sort than it has been at any time
this year. 1t is now admitted that the
railroads OF the country are in the steel
market for railway orders, that the
United States Steel Corporation is already
operating 81 per cent. Of it's capacity and
that the strong chances are for another
advance in the near future in the list
prices Of all iron and steel products. A
sign of this was OF course the news this
afternoon of an advance by the Pennsyl
vana Steel Company, one OF the leading
independent producers, Of So ton in the
price Of steel billets.
Tho state OF affairs last described
was the undoubted cause OF further
rise to-day in the price Of United States
Steel common stock to a new high record
level, although 1t appeared to be the case
that there was not little buying OF the
stock by the London dealers who have
recently made heavy commitments with
American purchasers for the call OF the
stock. Another feature OF no less interest
was violent rise. attended by large
transactions. in the Wabash Railroad
common and preferred stocks and re-
funding per cent. bonds. Accumula-
ton of the Wabash issues has been going
on in a more or less restrained way in
the stock market for considerable period.
To-day the movement gathered great
and it is hardly possible
that the cause OF it-could have heen
merely speculative. Stories connecting
the names Of the Lackawanna and Cana
dian Pacific railway companies each as
an individual purchaser Of control" OF
the Wabash property have long been
matters OF gossip. Such stories were
again revived to-day. but they received
neither official nor unofficial sanction,
and the explanation OF the rise in the
Wabash stocks and bonds remained very
much Of market mystery. Other strong
stocks in the market were in the railroad
list the Union Pacific shares and among
the industrials the Amalgamated Copper.
Allis- Chalmers and in general the whole
list Of metal stocks. The dribbling liquida-
ton in Southern Pacific stock that has
been noticed ever since the announce
ment Of the plan OF retiring the company's
preferred shares continued, although the
decline in the stock to-day was trivial.
There was little change in money or
sterling exchange rates. Sterling still
keeps at fairly high level here. but it's
price is obviously held down by the large
sales OF bills now being made by our
bankers against foreign borrowings,
representing in substance an anticipation
OF European buying OF our agricultural
commodities later on. Advance sales Of
exchange Of this character are familiar
phenomenon in the sterling market at
this season of the year.