Wichita eagle., 1889-06-18
WALL STREET.
The Course Of the Market a Surprise to
Professionals.

| Professionals.
NEW YORK, June 16.-The course Of the
| stock market in the past week has been
surprise to the professional traders, who
daily promised reaction. They argued
| among other things, that the differences
| between the western railroads was so
serious that they were merely prelude
to an old fashioned war in rates. They
professed also to perceive great dan
ger in the continued exports OF
gold and the diminishing bank re,
serves. These fears were not realized ana
it is extremely doubtful whether they VIII
be to an extent in the immediate future.
While the movement of prices of prices
was irregular, shifting from one group OF
stocks to another, the tendency through
out the dealings was clearly upward and
many shares at the end OF the week
showed handsome gains. The quarrel be-
tween the western roads is not problem
that cannot be solved, and indeed, vague
rumors that had been already settled were
circulated yesterday While they could
not be confirmed. the strength and activity
of the stocks most nearly affected were
circumstantial evidence of their correct
ness.
So far as the exports of specie are con-
cerned there is no ground for alarm. In
and dividend disbursements in the year is
close at hand, and, besides, the policy OF
the treasury will be sure to prevent any
thing like stringency in money. An adj
vance in rates will quickly check the ex-
port movement. The ability of the treas
ury department to advance the offlc1a!
price of bonds is 2 strong element OF
millions Of gold before the shipments Will
have any important influence upon
the course of prices. IN case
of an extraordinary ACTIVITY
in speculation or in general business, IL Is
not impossible that there should be more
urgent demand for money, but conditions
are such that scarcity of funds woulG
therefore, to be NO risk ID this way during
the summer months.
The reports in regard to general trade
are altogether favorable, and in the iron
market especially, which is admitted to be
the barometer of business, prices have
been raised The demand for structural
and plate iron has been large, and
although pig iron has not fully
sympathized the tone of the market
is strong. Steel rails are substanti-
ally higher. In staple goods there are
signs of greater activity and an excellent
fall business in every branch of trade is
promised. Possibly in consequence of
better prices for iron the coal stocks were
usually prominent in their dealings. Della
ware and Hudson, .for the first time IN
many years past, Lackawanna and Jersey
Central reached prices that are simply
There were no developments
this class of stocks, but the best
part of the year is just before the anthaclte
1t was whispered that the
rate of dividends on Lackawanna might
soon be restored to S per cent. But al
though the earnings of the company may |
Justify this distribution, it is not certain
that the action will be taken in this quar-
ter.
Another interesting feature toward the
7nd of the week was a rapid advance in
New York and New England stock on the |
theory that union Of the rail lines be
tween New York and Boston was not far
distant. 1t must come in time, but wheth-
ar the latest move has any more substan- |
tia1 foundation than others of the same |
kind was not made plain. At the same |
time the earnings of the road are reported |
TO be exceedingly favorable and perhaps |
-he advance would have taken place III |
spite Of the rumors. The prac- |
5icallV official announcement that |
5he Atchison company had secured |
money for its needs, at least un-
Ill October, resulted in an advance in that |
stock. These illustrations are sufficient to |
show that one by one the several groups Of |
stocks are steadily moving upward,
The bank statement was unexpectedly |
favorable in showing an average loss of |
,nly $l32, 600 in cash, and a decrease in sur
plus reserves of only S452, $50. This latter !
'esult was due entirely to an increase of
(, ,339, 500 in net deposits. The changes in
iicate receipts of about $5,000,00 from the
Interior. In other words the movement of
to this center exceeded the out
ward flow of gold to Europe The banks
till hold $10,603,22 above legal require
nents against S2S. 463, 700 year ago, and
,nly S4,616, 625i in the same week of 1857.
AS compared with the final prices of last
the majority of stocks are high
r. The more important net advances are
n Jersey Central. SO per cent; Cincinnati,
indianapolis, St. Louis & Chicago and
New York & New England, 81 each: Del
Lware & Hudson, 31s: Oregon Short Line,
~; Lackawanna, 2115; Toledo, Ann Arbor
( North Michigan. 3; Reading ~; Atchi-
on IL, and Lake Shore = per cent. The
noteworthy declines were in Chicago gas,
% per cent; Oregon & Transcontinental, |
u, and Wabash preferred, = per cent.