The sun., 1910-06-15
FINANCIAL AND COMMERCIAL


lngs uas less than yesterday the under
tone of the market was ohcs more hard
with whatever small tendency was showI
in the Auctuation of prices IN an upwarC
rather than a downward direction IA
the main. however. the opinion was eH
pFessei among professional observers
that this strength. if it could he callcc
such. was due to tho existence of larg'
market short interest which many good
judges asserted had been increase ia
the ~ lima that took place at the end
of last wees Il certainly seemed to h
the case that actual liquidation OF stocks
to-day Was in no way present. leaving II
fair inference. perhaps, that the market
hal discounted for the time being all the
unfavorahle elements that have lately
hesn promir ant in the financial situation
But Il seemed equally obvious. on the
other hand that the buying power Of
the market was in no way vigorous and
was In fart eNcse iinEly poor. As 1t was
prices hacked and fillsi most Of the day
within a small range. closing az advances
which were in some cases merely frac-
tional 4 rather particular riss in ths
~ Louis and san Francisco second pTe-
ferret shares. following an exhibition
II strength in the same shares yesterday.
attracted some little attention. Strong
features Of the market were also the
Consolidated Gas, International Har-
vsster common and a few other special
ties. In the railroad list Louisville and
Nashville stock was again helpet by
yesterdays encouraging announcement
that the lntergtate Commerce Com
mission had dectiei a case Of some i'm
portAnCe favorahly 10 the railway COM
pany In a matter involving a question
a. 10 freight rates An upward spurt
~ a point IN Rsi ling common stock Il
no way unusual hut such an advance
to-day was ATTRIBUTED to the news that
the Jersey Central Railroad Company,
of whose shares the REARING Company
u a large holder, hal declared an extra
dividend Of ? per cent In addition 10 its
regular quarterly distribution. The
annual dividend upon Mobils and Ohio
stock was also increase from 2ii to Z
per cent Very little Appearei to he
doing In the London market, but rubber
stocks there were unfayorably ahecte I
by the poor results of the days auction
sales of crude rubber.
An official statement 70 the effect that
a well known firm Of private bankers had
negotiated a sale In Germany Of SIS ON 90
Southern Pacific bonds was receive I'd
with little interest. since Il has been CON-
monty understood for considerable time
recently that the sale was ON the point
Of being Consumnatsd. There was no
particular developrnent IN the cotton
market and wheat pricls were generally
strOng upon higher prices Tor wheat
abroad owing to less encouraging crop
reports there and Ia the publication
Of BrudstrsS''s weekly statement 81 tho
worlds visible supply oi wheat which
assumed the form Of rather Unexpectedly
low figures. The Goyernment's weekly
weather report made out that IN the main
the general crop weather since tho last
report had been unfsyorabls because
1T the.rain and cold weather Of the o. riod
since that time. oi course Condiai0ns
have improved. Ne, ertheless 70 ~ Ilair
that clear skie7 an warm weather ere
nov needed all over tho country and 80
rsCially for tho growing corr. The corn
crpp ot the season is undoubtedly nCt
little hack vari. and it also apnears that
ton much rain has Recently fallen m tho
cotton state. for the hest conditions there
n will gerhans he recalled that m. chief
cause ot last wears cotton crop disaster
was too much RAIN in the month of June
Pric,as If rouger metal to-day were again
REPORTED a. being easier. and it Was sIThor.
itatlyelv stated that the Northern Pacific
RAILWAY Company had called m its con
struction gan-s and stopp-d extension
O nj Improvement wo-k ~ North Dak ota
ant Montana argrlv h"szlIs' n the IN
,srtlutl-s of the existing political and
economic situation - particularly "on.
carns railway interests n must ',s rAid
thai th.se uncertainties we're in no Uav
allie, iltad hy the nsvs that he,arre rh
rr uist heforr tho Close of husiness that
tho ronfero-s ~ tho senate and the Hou..
a. Washington on the railway rate hili
had presented q report. which. as seemed
malntaine fr'@i ~ n" unfavorable
features oi M. bin a. amended m both
hou-ag since the original Introduction
of the meas'irp ~ these the ones tu
which tho railroad companies objected
most strongly are tho long and short haul
clause and tho provision allowing the
Interstate Commerc. Commission 20 hold
40 FOR ten months obligations by the
railvay companies for increased freight
rates N has been all along hoped and in
fact beleved m financial circles here
that this latter provision would be- elm
mated IN accordance with President
Taft = own wish. but II seems that radical
sentiment IN congress has been too
strong 10 admit ~ even this concession
n NAV be said, however. that among
lawyers the greatest DOUBT Ia expressed
a. b. whether the long and short haul
clause Of the hill will successfully lass
the scrutiny of the supreme Court