The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-06-22

IuHaDAK, June n.
The most that could Be- said Cor The
security market to-day. and it Was really
saying q good deal. Waa that despite a
continuous advance In prioes IN Ne last
four business days and . further sensa-
tional riss In the grain markets based
upon reports Of damage 20 the spring
wheat crop quotations for stocks de-
Clined but little. The advance In grain
was violent. tho new crop options max
ing net gains Of over three points and
closing nearly a the days highest. This
IL an advance oi slI cents bSahsl IN the
last two days and over cents from the
bottom prices % thess options, touched
some time sinoe. The movement was
accompanied by stories the most alarm
ing character Of the injury done 70 spring
wheat by hot and dry weather over a
portion % the spring wheat territory,
principally. however. IN Minnesota and
the Dakotas, and a favorits form OF
putting the matter IN dispatches received
from these States was that the outlook
now was for only half q crop Of spring
wheat this year In theae localities. All
these things. however. fell upon indiHer-
ont ears in Wall Street. at least 20 far
a. Il might he supposed 20 have any
reference 10 the stock market itself
Possibly ono reason for this apathy was
the well understood fact IN the financial
district that a great decline has lately
tlken place in grain and that a heavy
short interest has been created IN nearly
all the leading agricultural commodity
options. chiefly Of course In whcat. IL
10 realized. however, that the excited
uprish IN the staple yesterday and TO-
day has been largely due 20 the retreat
Of Spectators for the fall. No doubt
the spring WhSat crop has been injured
somewhat. but word was received to-day
from . Trustworthy railway authority
in the Northwest that while rain and
cooler weather were needed no vast
amount % injury had yet been done
and would not BE- unless present weather
conditions were continued for a time
longer Weather predictions to-day were
for lower temperatures in the district
under consideration. Il may be said
that the rise IN wheat to-day was facili-
lated In some degree by the large decrease
In the worlds visible supply Of wheat
attssted IN the publication Of the weekly
statistios thereof Mention must Be made
ITO 81 the circumstance that to-day's
weekly weather report made rather curl
Qua reading alongside the Western crop
damage stories. Il made the unusual
declaration that weather conditions
through the West and al over the agri-
cultural district during the last week
had been -the most favorable Of the
season 10 date
The days transactions In stocks were
leas than 10000 shares. and whatever
tendency in prices there was toward a
lower level was not sufficicnt 20 cause
more than fractional declines IN by far
the greater number of leading shares. !
On the other hand distinct flrmneas was
shown by a number of stocks such ~, /
notably. Consolidated Gas. The London |
market was again perceptibly affected I
by the continual ease Of money In London, |
which IL now attaining such proportions /
as 70 lead. a. seems. 70 some prospect of
a further reduction In the Bank Of Eng |
lands discount rate even u Il has not |
hitherto been considered that such adj |
ditional lowering Of the rate was probable |
until the years autumnal financial neces- /
sites were over. Formal announcement |
that 81. OoO. 900 % equipment notes % the +
New York Central lines had been sold "a |
bankers. that a cut In cotton goods had |
BEEN made by the great R. B. 4 R, ,
knight and Goddard Bros. mRnufao-
turing concerns In New England. and a
report which was generally understood !
20 have semi-oiiioial basis that the Lord |
a Taylor dry goods company had been !
sold 70 the United Dry Goods ompanies |
formed. aside from the Western crop /
news. the only financial or business de- !
,s,n,nu,nnaa ~ fha Aaw