New-York tribune., 1910-06-09
FINANCIAL MARKET
Active Stocks as a Rule Close
Lower.

Stock market prices moved IN an IT.
regular manner throughout the day, with
small net losses in the larger number OF
prominent issues at the close. Opening
figures were at declines from the closing
in TUESDAYS operations, with the general
tendency toward q lower level until the
carly afternoon, when sharp recoveries
were recorded in most of the prominent
shares on covering Of short contracts and
moderate commission house buying Tor
long account though conservative oper-
ators showed no disposition 20 follow the
advance. In the last half hour heaVy
tone again developed, owing no doubt TO
the failure of the rally TO attract an ac-
tive interest in the market The volume
Of trading was we'll under the total OF
the preceding day, and the character OF
the transactions did not encourage an
expectation of the development of sus-
tained bull movement or Of heavy in
vestment purchases in the immediate
fut1lre. Sentiment in financial circles
however. was more cheerful over the
railway and industrial situation, and
leading bankers who a few days ago
were intensely pessimistic appeared to
be quite confident that later in the sea-
son foreign and domestic capital would
be more Of a factor in our investment
markets.
If the crops are large and foreign trade
turns in favor of this country Wall
Street activities will be measured by
large daily transactions on the New York
Stock Exchange. a heavy balance Of
merchandise exports from the United
States in the next twelve months would
materially help our financial welfare
Government figures giving crop condi-
tions as Of June 1 show percentage
condition for winter wheat Of so, against
sol in the month before and SQ.7. a year
ago. while for spring wheat the per-
centage IS 92.S. against 95.2 on June l.
1909. The acreage of both winter and
spring wheat is materially larger this
wear than reported in 1909, and on the
basis Of this increase and the percent
ages shown the wheat crop Of 1910 VIII
he more than 90. 600 ,000 bushels in excess
OF last years harvest The stock mar
lzat paid no particular attention TO this
encouraging estimate. ST. Paul again
vas the weakest feature on the morning
decline in prices, suffering maximum
loss Of : points and d net loss OF "a
Wall street is bearish on the stock be-
cause Of the increase in the company )
interest charges, traders apparently be-
Iie,-i,,- that for a time the road may be
co,-,pelled 20 pay smaller dividends on
the common shares.
Local and Western bankers do not LOOK
for an active money market in the sum-
r,er months, while they apparently eX-
1ect TO see 4 material increase in re
serves before the autumn. when the in
ouirv for accommodation in connection
with the marketing Of the crops doubt
less will be heavy, and when there ought
TO be a substantial expansion in general
business. The immediate demand IOr
money against speculative commitments
il securities is not expected to be wioe
enough to bring about higher rates TOT
funds. while in some quarters of the
Street ii is thought that in spite OF the
jio,idation that already has taken place
I'm the stock market the movement viii
continue or 3 TnO1eTdLe SCdlt Aoi "CNi1S
TO come. with the accompaniment ol
gradual contraction in bank loans ana
corresponding gain in legal reserves
Further liquidation in all markets VIII
strengthen the general situation ana
eliminate the possibility Of disturbance
in money IN the fall The New YORK
banks have in mind future developments
that will call for strong bank resources
and the Western banks also are begin
ming TO place themselves IN position
easily TO meet any demands that may De
made upon them. There may yet be Sc
rious trouble in the West as conse-
ouence Of the overinyestment OF FUNDS
in new enterprises and the extensive
speculation IN land, and in this connec-
ton il is interesting 10 note that one oi
the big irrigation companies, tie bonds
of which were widely sold. has been
placed in the hands OF receivers. In ad-
Iition TO business and harvest needs in
the money market in the late summer
and early autumn il is not unlikely that
the federal government viii oe compelled