New-York tribune., 1910-06-21
FINANCIAL MARKET
General Advances in Stocks on
Restricted Trading.

Transactions in the stock market yes
terday were again on a limited scale,
but the underlying tone was strong and,
despite the unfavorable crop news. the
entire list closed at net advances over
Saturday. The trading was largely pro-
fessional, but there was also e fair
amount of commission house buying
The chief factor in the Improvement in
sentiment was the signing of the rail-
road bill by the President, which is ex-
pected soon to be followed by the filing
Of freight rate increases by the rail-
roads, the mere enactment Of the new
law itself having q salutary influence
as ending the uncertainty and permitting
the railroads to adjust their affairs to
the new conditions and requirements.
The coming Of Mr.. Morgan, who is due
to arrive home tomorrow, also played
part in causing the market improvement,
as it has become the custom in the Street
to look for q bullish demonstration of
some extent upon the arrival from Eu
rope of that powerful hnancier. The
rather pessinistic interview Of Victor
MOloWSLZ II fGIlS was ISdO " III III
terest, but had no market effect, although
it is generally expected that the money
market may develop q measure Of strin
gency in the fall, when the crop moving
requirements will be felt for It is the
feeling that 2 more severe strain than
usual is likely to be placed upon the
banking institutions at this centre in
.f he ~ int
banks TO the land speculation in the
Western country.
Wheat prices moved sharply upward
yesterday in the grain markets of the
country. on reports OF unseasonably hot
weather and of drouth, which unless
change soon comes will cause enormous
loss to the growing crop. In Chicago
and in Minneapolis the prices Of the
leading futures rose 2 to cents, and on
the local Produce Exchange an advance
of 21s cents occurred. Corn advanced
in sympathy with wheat, although the
outlook for a full harvest Of that staple
is still highly encouraging, while IT may
be added that il is yet too early IN the
season to give UP the spring wheat crop
as a failure The bears seized upon the
discouraging advices from the spring
wheat regions as an opportunity to at
tack the granger roads. especially St
Paul and the Hill roads, toward noon,
but with poor success. as was seen by the
closing Of St Paul and Great Northern
at fractional net advances and OF North
ern Pacific at g full point gain Reading
lived up to its reputation for market
leadership in making the largest net gain
of all of the active issues, pa points,
on the heaviest transactions Of all
stocks. Southern Pacific was also con-
spicucusly strong, advancing 17s points
in the face of some expressed comment
over the offering OF the new issue OF
bonds here, as well IS in Europe, and
the news from Texas OF projected issue
Of s1o,0oo,ooo bonds on certain of the
cornpany's lines in that state.
In the last hour. after q considerable
stretch OF dulness. the market became
active at rising prices, Third Avenue
leading the advance, in which the spe-
cialties in general participated. The
basis for the movement in Third Avenue
was not made evident, but the stock
closed 215 points up from Saturday,
while the convertible IS were the feature
of the bond department, advancing from
81 to 63A The call money rate touched
per cent and closed at 2A, the ruling
rate having been "a. The time money
market was lifeless, the only demand,
and that small one, being for the
longer maturities.