The Washington herald., 1911-06-03
NEWS OF WALL STREET
Adpance in Prices Caused by the Great Northern
Bond Issue-Cotton Report Indicates
Record-breaking Output.

New York, June 2-It would, OF course.
be very interesting to ascertain the exact
axtent to which the renewed advance In
Noek-market prices to-day was due to
the further recovery of stocks sold foY
the decline upon the supposedly "unfav-
orable' import Of the Supreme Court de-
cision in the Tobacco case.
But whatever results might attend this
Investigation, one deduction can plainly
be made by everybody from the stock
markets recent action. This is that the
market is not disposed to go down on
what either is or what feverish specu-
lators may think to be bad news.
1t has again been demonstrated, and
for the third or fourth time In the past
moth, that on occasions Of this sort or
what seea>s to be such actual holders of
their securities. but are inclined to buy
more from the SPECTATORS who are SELL
ing them.
1t may be that the SPECTATORS for their
part have become aware Of this attitude,
and are less inclined than they formerly
were to indulge in operations for the fall.
At any rate, they are plainly inclined to
not stand upon the order Of their re-
treat when the market pauses after a
temporary recession.
No doubt, a continuing force, making
for an advance in prices to-day, was the
day before yesterdays announcement Of
the Great Northern's s6oo,00000o bond
issue. with fits plain implication of a pas
sage Of the Burlington property at no
extraordinarily distant date into the sin
gle ownership Of the Great Northern
Company, with consequent melon cut
tings" Of various descriptions.
Dividend in Doubt.
A broader truth about the matter Is,
however, that both the Northern Pa
cifo and Great Northern Railway stocks
have lately been selling. from a stock
market point of view. altogether too low
- per cent dividend paying stocks.
The cloud hanging over these stocks was
fear that the current dividend distribu-
tion upon them was insecure. Such an
adversely is not now regarded as in any
way probable. and its likelihood is con-
sidered to be reduced still further by the
brilliant crop prospects in the North
west.
With that curious perversity that some
times seems TO characterize Wall streets
way Of looking at matters or of not look
ing at them there was almost no COM
ment at all excited to-day in the financial
district by one Of the most fundamentally
favorable news announcements of the
year, that of the government June cotton
report.
The stock market. II Is true, advanced.
but no one seemed to ascribe as q rea-
son for 1t the promise held out Of the
greatest yield of cotton this year in the
country's history. The government fig
ures estimate the current condition of
cotton at SIS. the highest with but three
or four exceptions in the last two de-
cades and an increase OIL 1T per cent in
the cotton acreage, that is to say, max
ing the total area planted to cotton
of over 35000,000 acres as against g, 400,-
900 acres last year.
Cotton in Infancy.
It is true that this increase in acreage
as officially calculated is somewhat less
than that arrived at by the experts Of
the journal of Commerce and the Finan- |