The evening times., 1899-06-03
STRONG and Active
STOCK OPENINGS
Notable Advances in Some of
the Industrials.
Loca! Traction Shares Join in the
Improvement.
Indications of n General Bull Move
ment-A Buying Element Needed
for Conservative Tones.

New York, June 3.-The stock market
opened exceedingly active and strong. The
idustrial quarter particularly showed an
urgent demand for both accounts. Ameri-
can Steel and Iron and Federal Steel COM
onssshares both scored notable advances,
based upon the dividends expected to be
declared in about two weeks.
Sugar Refining was only fairly steady
at the opening. and the dealings in that
quarter were unfavorably affected by the
misgivings as to the rate of dividend The
other industrials. including Tobacco. Pa
per, National Steel, and Tennessee Coal
and Iron, were also notably strong and
active. The granger shares all showed
substantial advances in the early dealings
with very heavy dealings in st. Paul and
Burlington. New York Central was in de-
mand at advancing prices, also was
Pennsylvania. Northern Pacific common
was a rather weak feature of the railway
list. Other strong features Of the market
were the anthracite coal shares, c., c.. c.
and St. L., and Peoples Gas.
All the local traction shares advanced
smartly at the opening, Metropolitan street
Gas also recovered sharply. The rapidity
of the early rise induced profit realizing
sales, under which recessions were COM
mon in the first hour. The market closed
quiet with a good undertone apparent.
The London market was closed today
owing TO the holiday in England.
The financial outlook in the Evening
Sun" reads as follows: wall Streets
dropping spirits and weakened energies
were much revived and substantially
strengthened by yesterdays sharp and
general recovery in prices. After its usu-
al fashion, the Street is now proclaiming
the renewal of the bull movement which
Flower shares eliminated in the main in
January and for the industrials and spe-
cialties some sixty days later.
Whether Wall Streets hopes will be
realized remains TO he seen. Sentiment is
a powerful factor in speculative affairs and
the advocates of and believers in highsr
lange of prices still outnumbsr the dis
senters by 10 TO /. The trouble is that the
advocates of rise are for ost part
already committed in that dir ION to the
extent of their means. and they can do
very little to assist in the movement they
desire to see come about. Regarded from
u purely technical point of view. what the
market now wants Is power SeH-
timent, while composed and depressed. has
still a bullish bias, and even the various
misfortunes and the dropping markets of
the past six weeks have not sufficsd 10 de-
stroy the hopes of a revival of the good
times when prices advanced day by day
and week by week, and when by almost
common consent the top had ben re-
moved from calculations OF the markets
course.
1T has been a good thing for Wall Street
and the country that saner notions OF prs-
sible market movements have been ac-
quired this spring, even if the lesson has
been a costly and a painful one. The re-
actions in the railway list since January
and in the industrial quarter since April
have been of substantial proportions. The
markets protracted decline has taught
spectators that even bull movements are
mortal and limited. and that there is such
a thing the markets getting dangerous
ly ahead of its base of supplies.
THE halt has also served to direct atten-
ticn toward other features of outlook that
were getting overlooked or forgotten in
the wild clamor for stocks in the early
patr of the year. Now that spectators have
had look at the other side of the shield
they may realize that there are two sides
to the stock market argument as there are
to all other questions. The result should
be a safer and more discriminating mar
ket.''