The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-06-17
FINANCIAL AND OoMMKRCIlL.
FRIDAY. June 10.

@h"AHOhAb AND OVAAhhnNAA~
FRIDAY. June 49,
According to the trade reports the condition
OF the business OF the country during the week
now drawing TO a close has not been accu-
rately reflected In the stock market There
has been further advance in nearly all staple
commodities, particularly in the prices OF
cereals and Of iron. Tho advance in iron Is
the more noteworthy In view Of the fact that
the production during May was the largest
ever reported. being more than 256.000 tons a
week. At the same time the stocks on hand were
reduced 10000 tons in May. indicating con-
sumption of nearly /. 200. 600 tons for the month.
The demand ia such that every furnace and
iron manufacturing plant in the country that
can be utilized il being made ready for opera
ton. The rise in the grain markets. particu-
larry in wheat, is according to the best In
formed judges. due fully az much 20 the short
age OF European crops as to the damage that
has taken place In this country. As weather
conditions have cen more favorable here dur
ing the last week. both for harvesting the
winter wheat in sections where II has matured
and for the spring wheat Drop further north.
expectations are encouraged that the United
States will produce u surplus for export OF
about 20O.0O0.0OO bushels. for which good
prices will be received
In manufactured goods an unusually active
distribution OF seasonabe goods is also. ac-
cording to all accounts. very satisfactory
Bank clearances. though somewhat smaller
than last week. are "a q cent larger than for
the corresponding week OF last year and % y
cent greater than in 1892. Business failures
are small. both in number and in amount OF
liabilities. The domestic money market Is not
disturbed by the exports Of specie, which were
Increased to-day to $S,5OO.000 by the engage
= nln tor ant
by newcomer in the foreign exchange market.
The large excess OF exports over imports OF
merchandise last month. in spite OF the
falling of in exports as compared with
last year. would seem to indicate that no very
large amount of specie Ia likely to be required
in making foreign settlements pending the
outward movement OF this years surplus pro-
duction OF breadstuffs and cotton. The COM
paratively small amount OF gold that has al
ready been shipped has had tho desired effect
upon some OF the European money markets
and has unquestionably been instrumental In
diminishing foreign sales Of American securi-
ties.
The most noteworthy local development to-
day was the fulflment by the management OF
the Federal Steel Company Of tho predictions
OF some OF its directors and friends that the
common stock would be placed upon the divi-
dend paying list. In order to declare the divi-
mon the management has set aside the cash
required to pay at the rate OF y cent.
upon the preferred stock for the balance OF
the fiscal year. and. besides. the company.
according to an official statement. carries
forward a large surplus. The announcement
OF the dividend was the signal for the usual
afternoon raid OF the bear contingent In the
stock market. Prior to that event the market
had been dull. and in the main very steady.
Notwithstanding the final demonstration
against prices. large proportion Of the ltst
closed fractionally higher than yesterday, and
number of stocks. notably the anthracite group.
closed materially higher Those that received
the brunt OF the selling movement, namely.
Federal Steel common. Sugar Refining. O.. B.
and Quincy and American Steel and Wire. sus-
tanned net losses averaging less than half
of cent. There was a further falling
off in the volume Of trading as compared with
yesterday. As will be seen by summary OF
the movements Of currency this week. printed
further on In this column the banks have
probably lost in the neighborhood OF 5.OOO.-
600 in lawful money. The prospect OF an I'M
favorable bank staten snt was not lost sight Of
to-day and doubtless influenced some OF tho
professional selling. The closing OF the mar
ket was. as for several days past. In tho main
heavy.