The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1913-06-01
The MARKETS
Financial Review.

UNITED Press Leased Wire Service Il
NEW YORK,May 31-The throwing
Of the Frisco system into the hands
OF receivers has turned the entire
stock market situation topsy-turvy.
The result may be disastrous in sew
eral respects. There is certain to be
q financial war between James Spey-
er, of the banking house of Speyer
and Company, and Benjamin F. Yoa-
KUN, head of the Frisco, which will
tie up against each other the biggest
men in banking and financial circles
divided into rival camps. Then the
Paris bourse has threatened to bar all
American securities if the interests
of the French holders Of Frisco bonds
are not protected
The charge that politics was in
part behind the Frisco receivership al
SO will not down. The claim is made
by friends of the present administra.
tion that an attempt is being made by
certain commercial interests to prove
by the receivership that dangerous
condition exists in the money and In
vestment markets in order to in.
fluence the shaping of the proposed
currency legislation.
The present situation, SO far as
Wall street Is concerned, is peculiar.
The market continues entirely pro.
fessional. Sales are few and slow. In
many respects the exchange these
days resembles big club, the brok-
#ers spending more time visiting each
other than trading on the floor The
three holidays may stimulate bust
ness somewhat on Monday, but it is
not expected by even the most radical
bulls that there will be any settled
improvement for considerable time to
come.
General trade is very dull just now.
There is very little doing in textiles;
steel has appreciably slackened; iron
prices are down, yet there is no ap-
parent reason to believe that there
lis anything more than usual tween
season dullness," and that general
business will soon find itself again In
fact, it is generally accepted that so
soon as the tariff bill is out of the
way and an official statement forth
coming from the administration of
the scope of the currency legislation,
business will pick UP all along the
line with consequent material benefit
to the general security market.
Grain Review
limited Press Leased Wire Service
CHICAGO, May, 31--News of hot.
dry weather that was damaging the
crop in Kansas and Oklahoma featured
the wheat market of the week. Re-
ports of this crop damage came late
in the week and started a rally after
an easier feeling early in the week.
The net result was that May closed
the week at 80 cents, the same figure
quoted one week ago, and July at
92Ac, a gain for the week of sc.
A furry among the shorts. who had
been nervous over the corn prospects
all week, occurred just before the ses
sion closed today, and caused change
in corn prices sending May corn up
one cent over the closing price last
week Before this buying pressure
was exerted, May was at IS cents, last
weeks closing price. July closed at
571ac, loss of &c for the week.
Adverse crop news early in the week
bulled the oats market, and the early
strength was retained all week. May
closed today at 43 cents, an advance
for the week OF 21a cents. July closed
at 39c, &c gain.
All provisions made gains during the