The San Francisco call., 1899-06-11
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK. June 15.-Yesterday's notable
rise in prices OF stocks brought the expected
result in large orders TO commission houses by
wire and mail to buy stocks. These were put
in at the opening and executed at the high
prices 70 which values We're marked. The pro-
fessional operators who have been buying
stocks in the last few days met this demand
with sales 10 realize After this trading had
been concluded II looked though the large
operators who have started to buy stocks in
the last few days indisposed to pursue
their activities, and the market began TO sag
on light transactions The low point was made
just before the publication of the bank state
ment when prices in many cases were beloIy
last nights level American Steel and Wire
Sugar and Atchison preferred, St Louis
Southwestern preferred BROOKLYN Transit and
Manhattan were the severest sufferers from
the reaction The experts had figures that the
bank statement would show d decrease OF
$o,OOOOOO in cash holdings although 1t was
known that only Sl,5C000O of the weeks gold
shipments figured in the statement The
losses OF the banks to the Sub-Treasury We're
expected 10 be heavy. Instead of this. there
was a decrease in cash OF less than a million
and hall. and the liberal expansion in loans
OF over Slg'Vu0,O ,OU0 was evidence OF the easier
feeling OF bankers over the outlook for money
Prices Of stocks hardened a consequence
anu recovered most or the earlier decline
Sugar touched the top price for the day and
Consolidated Gas rose about 5l5 points. Penn
sylNanta was consistently strong throughout on
q selection OF new president and ST. Paul
enjoyed the benefit of It's Increase of Slg2 900
In gross earnings FOR the first week in June
The bull leaders undoubtedly counting ON
the favorable effect to be produced by coming
reports OF railroad earnings which for the next
rev weeks Will compare with the period last
year when the Letter wheat deal had its
recompense, the price OF wheat suddenly
dropped and the movement Of grain and con-
eequehty the ea(nings OF railroads, had the
only notable setback of the year. As the grain
roads have been making excellent compari-
sohs, even with the period of the maximum
grain movement last ear the increase FOR tha
next Few weeks are expected to be phenomenaIiy
IaIse me Dun movement sought TO be in
Sugurated yesterday in American Steel and
WIRE proved abortye. and the stock failed to
Eally from It's weakness to-day.
Ssgar was comparatively quiet but resisted
all attempts TO fierce il down. The selling for
London account because of the Transvaal crisis
was ignored. The powerful bear party whose
efforts TO get prices down last week were
partly frustrated renewed their attack at ~
beginning OF this week. There was great con
fidcnce manifested in the short selling of Sugar
and when on the afternoon OF Wednesday the
quarterly dividend Of per cent had been de-
clared and there was simultaneous advance
in the price Of refined sugar to the trade which
was acqulesGed IN by rNal refining interests,
the bears had not leg 70 stand on. The recov-
cry in the price Of Sugar correspondent in yio-
lence with the decline which had been forced
on tips and rumors that the trade was To he
one OF determination ana that 1t was only a
question ot time Nnen II would necessitate a
suspension OF dividends in order to see il to
a finish. On the same day came the declaration
of semi annual dividend OF "a per cent on the
preferred stock Of the Atchison. Topeka and
Santa Fe Railroad. This was a quarter per
cent mere than the last dividend II came nut
OF the earnings OF the fiscal year ending June
30 next, and was accompanied by statement
from the directors that enough would remain
out Of the earnings for that period after provid-
ing Tor all previous charges after setting aside
q reasonable sum FOR a reserve TO supply
another similar dividend in January next The
bear party was very Yoluble in assertions that
IL was a question whether the dividend on
Atchison preferred could be maintained at all
owing to the failure OF crops in the comDany :
territory. Predictions had been current in Wall
street that the preferred stock Will be selling
j. points below its present level. This alleged
condition Of Atch!son affairs played a large
part in the plan Of campaign of the bears. The
refutation of ii and the changed aspect of the
speculative outlook for Sugar undermined their
position so seriously that they became alarmed
and rushed 10 cover. The Atchison dividend
and other favorable developments also brought
some outside demand for stocks through com
mission houses. or these Developments the
shown by current returns from railroads of
every group and from all sections OF the coun-
try.
There has grown up a more confident and
cheerful feeling regarding the coming crops
Damage to winter wheat, IL Is alleged, will be
heavy corn crop and the increased interior re-
ceipts OF wheat indicate large reserve in farm
ers' hands for which the damage to the Rus
sian crop will help to provide a good mar
ket Money is obviously abundant and con-
tingency rs now foreseen which make II
scarce. The outgoing gold movement is in IT.
self an evidence Of the plethoric condition OF
begin to go abroad there will grow up
trade balance in our favor again. IL money
was scarce the gold would be held in form OF
sterling loans until the return tide thus saw
ing the expense Of bullion transportation. II
~ generally understood that the gold was