The sun., 1909-06-11
FINANCIAL AND COMMERCIAL.
THURSDAY, June 10.


Prices Of stocks advanced to-day and
the security market was aotive during
the first three-quarters OF the time devoted
to business. After then the market
became dull and values lost good share
and in some instances the greater por-
ton OF their previous RISE closing, as
! they did yesterday. with an irregular
display Of advances and recessions. On
the whole the market undoubtedly ex-
hibited stronger undertone than 1t
did on the day before, even IL II was still
open to the criticism that il was market
| to large extent of specialties and that
| the rise In certain particular stocks did
not stimulate a general advance all along
| the line. The feature OF business was
perhaps the tendency of buying to occupy
itself with the railroad shares. as COM
pared with the industrial list. Union
Pacific stock continued it's especial
strength Of yesterday, again rising TO
new high record point. After this In
turn the Northern Pacific, Atehison and
Baltimore and Ohio stocks were leaders.
In the case Of bo tn the Atchison and North
MED, as it has been, at least as regards
Atchison for some time past. with talk
Of an impending increase in dividend
distribution; and it Is obvious that the
present selling price of Atohison common
stock as a s per cent. dividend paying
security indicates that prospects OF
larger dividend are thought by many
people not to be remote. That the Atchi-
son could easily increase its dividend
rate to 8 per cent. is undoubted; but 1t
still is OF course an open question whether
the directors OF the company, who have
long been noted for conservatism, will
consider whether it is wise to enlarge
their scale of dividend payments until
the prospect OF the seasons harvests
becomes more definite than it now is.
So far as Northern Pacific is concerned
| the large equities possessed by the COM
pany are such as to have made an increase
of dividend possible at any time for
long period back but here again the
probability of such action must be con-
sidered to bear some direct relation to
the agricultural results OF the year.
notable exception to-day to the upward
tendency in the railroad shares was. as
yesterday. Southern Pacific stock. and
| liquidation here was presumably due to
/ the same cause as that operative on the
preceding day. the fact that now that
knowledge of the plan for retiring South
ern Pacific preferred stock is out no
! fur ther development of interest in the
company's affairs is expected for con-
siderable further time.
There were not many matters to-day
| in the news having an influence on the
market one way or the other. Semi
| off cial denial was given to a story printed
| this morning that the Colorado and
Southern company. recently acquired
by the Burlington. that is to say the Hill
railroad interest, was to be made hold
ing company for all the various Hill lines,
| and after the close OF the market ii was
announced that at a meeting OF the Colo
RADIO and Southern directors no further
dividend upon the company's stock had
been ordered. lnasmuoh as an initial
dividend OF 2 per cent was declared upon
the stock last November expectations
we're rife in many quarters that similar
dividend would be declared at this time,
placing the stock upon a per cent.
basis. The money market was again in
clined moderately toward firmness call
money lending freely in the latter part
OF the day at ~ per cent. with time money
rates stoutly maintained. especially for
the longer periods. Sterling exchange
! to-day, too rose ten points. On the other
hand the Bank of England's report for
the week was a great improvement over
that of last week, the banks proportion
OF reserve to liabilities rising to 10 from
last week showing of 1881 per cent
The banks reserve is still, however,, be-
low it's usual average at this season.
sharp decline occurred in the price Of
wheat. particularly in the July option
where operations partaking Of the nature
Of q corner have been in progress. Reason
for the fall was obviously the near ap-
proach of the time when the harvesting
Of winter wheat will begin and the weight
Of new wheat will exercise its usual de-
pressing effect upon the price OF grain.
The monthly report OF the Copper Pro-
ducers Association disclosed a reduction
of l3,349, 600 pounds in the amount of
stocks on hand. such curtailment being
wholly in accord with general expecta-
tons thereof. The Governments state
ment of exports Of domestic products
in May, issued this morning, put the
value of these shipments at S5l. .e09, 90 o.,
which although less than those Of April
were larger than those OF May last year.