The evening times., 1899-06-10
SRARP. ADVANCES.
IN OPENING c deals
Stocks in Wall Street Strong
and Active .s
Every Quarter Of the Market Re-
ceiving Attention.
The Week Closes With Some Record
Breaking Advances-An the
World Wants Iron.

New York, June 10.-The stock market
this morning was notably. strong and act
| i've. with the dealings showing a general
land wholesome distribution Of interest.
There were number Of exceedingly sharp
advances scored in the opening dealings.
and while these gains wre subsequently
shaded on profit realizing sales and on at
tacks by the room traders in anticipation
of an unfavorable bank statement, the
market retained a very firm undertone.
Practically every quarter Of the market
| received fair amount Of attention. There
| were active dealings in the granger shares
| and in New York Central and Pennsylva-
mia. The local traction shares and Con-
| solidated Gas were strong and active, and
| the industrial quarter was generally strong
on large dealings. The anthracite coal
shares were unusually active and were
firm. and the Shares of the Southern roads
were in good request. The markets gen.
eral tendency and characteristics were not
the result of any important news or chang
es in the situation, but seemed to follow
wholly the improvement in sentiment set
| for them. The market was unaffected by
the lower range of prices furnished by
London, or by the moderate dealings here
for foreign account.
The changes in the bank statement were
| about in line with the common estimates.
The gold shipment of the week did not
| appear fully in the cash item, which
showed decrease of only sl,4i5,000. Loans
increased 81, 600. probable reflection
| of the increased activity Of commission
| houses in the weeks stock market. The
| increase in deposits Of Sl.7I0,0oO was an
| approximate reflection of the changes in
| the cash and loan items. and in conse-
| quence of the other changes surplus re-
serves decreased sS,3s7 600. The banks
now hold $39 ,323 900 in excess OF the
| lawful requirements. The ratio OF cash to
| deposits now is 29.4 per cent,
| The market was little affected by the
| showing made in the bank statement, ir-
regular changes appearing, tn the subse-
quent dealings.
| The final dealings were in. the main
marked by a very firm updertone with the
trading still active and wen diversified.
There has been little or nothing in the
| outside situation this week which would
| account definitely for the distiifct improve
ment in speculative sentiment and - the
stock market. The agricultural situation
continues. as ii must fof the next sixty
days at least. problematicat Still. the de-
clining prices for wheat and the heavy re-
ceipts from the interior points do not in
dictate any belief in the great shortage in
the crops which the East, has been led to
| believe. In the business world the week
has been one of extraordinary activity.
with astonishing advances In bill the sta
| pie products except wheaty and with iron
| and all iron products recording almost rec
ord-breaking rises. The demand for iron
| in all of its processes OF development is
| unabated and wholly without precedent.
and it is by no means confined to this
| country. which. however. is the largest
producer and is deriving the greatest bene-
| fit.
In all other circumstances also the coun-
| trys trade appears prosperous to degree
| wherein comparisons with any preceding
| periods furnish dazzling conclusions. These
| circumstances, as affecting the values of
securities. appear in their final form in the
returns OF railway traffic. which continue
| exceedingly gratifying. and beyond doubt
| the complete returns for the closing fiscal
| year will be the most noteworthy of any in
| the history of American railway manage
ment.
Aside from the uncertain agricultural sit
| uation the general financial outlook is
| fairly clear and encouraging. With stock
market prices at their present level it
would be folly to expect such rise as has
| taken place in the past two years to repeat
itself There is however, nothing in the
| immediate outlook likely to improve the
stability of the stock market. What is
wanted to carry securities from the inse-
curity of speculation to the stability of in
vestments is dividends. and dividends will
| be the keynote of the market for some
| months to come.