The sun. [volume] (New York [N.Y.]) 1833-1916, 1909-05-28
FINANCIAL AND COMMERCIAL.

THURSDAY. May 81.
Probably because OF the tendend es
that developed in yesterdays stock mar
ket and especially in view of the fact that
the governors OF the Stock Exchange
after the close Of business yesterday de-
oided to close the exchange on Satur-
day. thus providing for a three days
holiday, the greater number Of trading
spectators were inclined before the stock
market opened to-day to look for a con-
%tinuation OF the dulness and heaviness
that was in such complete control of
affairs on the day before. Their expecta-
lions were not disappointed as regarded
the dulness Of the market, for the volume
OF dealings in stocks was less by nearly
100 900 shares than on Wednesday. Cal
garded the character of the changes in
prices. The market was depressed for
a short time, but from then on it was
strong throughout the day and rather
more than regained yesterdays losses.
The striking feature Of business contin-
ued to be the steady accumulation OF the
United States Steel shares, which to-day
extended TO the stoc ks Of the Rep ublic
Steel and Iron. Sloss-Shefie Id and other
minor steel producing companies.
Further reports than which none could
be imagined more favorable regarding
the present state OF the steel and iron
business again formed the basis Of the
advance in these stocks. 1t Is stated on
trustworthy authority that the business
OF the United States Steel Corporation
in the current month is the largest months
business reported In many years. the
orders received being at a rate approxi-
mating $4,000, 900 tons OF steel a year, or
nearly double last years entire produce
ton OF finished steel by the corporation;
and 1t Is known that sales of steel are be-
ing made in not a few instances at prices
a dollar a ton or more higher than ruling
quotations. Advices from the copper
market are of like nature. sales OF copper
constantly taking place in large volume.
with an advancing tendency in prices;
and this latter fact was therefore prop
erly responsible to-day for a particular
advance in Amalgamated Copper stock.
All the traction shares were strong, sup
posedly on account Of reasons growing
out Of the signi lg by the Governor last
night of the Travis-R robinson bill which
makes possible the construction Of adj
ditional subways in the city. The Wabash
stocks made large advances, giving rise
to a recurrence Of the old story concern
ing a transfer Of the Wabash property to
the hands Of the Delaware. Lackawanna
and Western company; and whether this
story is or Is not true the sustained
efranrth ~ Ill IL. I.L-.l --- ----t-
can only be taken as an indication that
Developments OF importance to the COM
pauy are impending.
What the railroads OF the country are
doing Just now was again illustrated to-
day in the Chicago and Northw estern's
report Of an increase in gross earnings
for the month Of April OF $3.50, 900, and the
progress OF tho investment demand for
was atteeted by numerous
announcements OF the speedy sale by
bond houses OF bond issues
recently taken by them In whole or in
part. The moet notable development
Of the day in q general business sense
Of course q decided slump In all the
wheat and grain options caused by the
Of greater consideration than was
Afforded yesterday to the reports of
propiious weather conditions for growing
over the Western agricultural
Admittedly the situation here
1t the moment Is subjected to a mixture
II two inf1uenoes-those OF old crop
and those OF new crop conditions. One
these influences obviously makes for
higher prices and the other for lower,
the grain trade at the moment appears
20 be uncertain which one OF the two Is
he stronger. Nevertheless in conserva-
i've circles the opinion is steadily gaining
that the good weather for the
almostuniformly prevailing through
the year thus far must result in large
yields at the end of the season and
that the probable weight of these new
supplies in the market will as time
goes on be the controlling factor in the
The crop ews from foreign
is, however. an element de-
handing attention, and SO far this news
not pointed to large harvests. II is
perhaps worthy Of note that the secretary
the Milers National Federation at the
annual meeting Of that body to-day
declared that both Secretary Wilson and
Patten we're wrong in their statements
-egarding agricultural affairs. He main-
aimed that Secretary Wilson'S assertions
'egarding a plentiful reserve were not
,orne out by the reports Of the members
II his organization. the reserve being
per cent less than last year, and that
dr. Patterns statements that the present
wheat crop is short we're also un-
rue, the crop promising about IS per cent.
than it did in 1908. Some such
general conclusion as this is that which,
las already been arrived at by a good
many non-experts.
New York STOCK Exchange Sales, May ~.