New-York tribune., 1910-06-22
FINANCIAL MARKET
Stocks Down on Crop Outlook
Paris Still BUYS Our Bonds.

Little else was discussed among stock
market operators yesterday than the ad-
vices from the spring wheat territory,
but although the news continued dis
couraging the prices Of securities yielded
so slightly as to give convincing dem
onstration of the underlying strength of
the market From all parts of the
spring wheat country came reports Of
persistent drouth and extreme heat, the
thermometer in North Dakota mounting
as high as no degrees, and it was pre-
dicted by authorities that unless relief
from these alarming conditions should
come by the end of this week a very
serious impairment Of the growing crop
must occur and the size Of the harvest
be materially reduced from the recent
estimates. The gravity of the danger
advance in prices in the leading grain
markets. amounting to about three cents
in Chicago, nearly four cents in Mime
apolis and around the same figure In
Winnipeg, although the weather condl-
tions in the Canadian Northwest are not
unpropitious for the crops. No calam-
ity threatens the winter wheat harvest,
and the corn belt has not suffered from
adverse weather conditions. but these
favorable facts were disregarded yes
terday by the stock market The open
ing was irregular, and following the re-
ceipt of the initial prices from the grain
markets there was a general decline In
stocks, with the principal pressure eX-
erted against ST Paul and the Hill is
sues. There was little public interest in
the market and the trading relapsed
into dulness after the first hour, total
sales being under the low figures of the
preceding day. ST. Paul sustained an
early loss of 11z points on the heavy
short selling which was the response to
the opening advances in the grain mar
kets: but at the close its net decline was
only 1A points. which was also the net
loss of Great Northern, while Northern
Pacific ended the day with a fractional
net advance, and no transactions oc-
Cured in Chicago & Northwestern,
road which traverses Minnesota and the
Dakotas, the chief spring wheat states.
The general list closed at about the
lowest of the session, but few Of the de-
clines represented more than fractions,
and in some of the specialties there were
gains of AZ to 3 points. Rumors were
current that the government suit against
the Union Pacific and Southern Pacific
had been withdrawn, but they had no
effect upon the stocks, both of which
closed fractionally down. A news de-
velopment of the day was the sale OF
500, SOC, 600 equipment trust notes of the
New York Central to a banking synd1-
cate at a price regarded as favorable to
the company. Announcement was also
made of the sale of $10000.000 Frisco
bonds in Paris, a transaction which
tended to disprove the recent reports
that the French bankers had decided to
take no more American securities for
the present. It was announced from
Providence that two of the most I'M
portant cotton manufacturing firms had
made radical cut in the prices of their
goods. with the object of stimulating
buying and thus bringing about more
satisfactory condition in the cotton goods
market, which has long been lifeless.
The local money market continues quiet
and easy, with the call rate ruling at
about 2% per cent and virtually no de-
mand for time accommodation, except
for the longer maturities the rates for
which hardened a little yesterday.