The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-06-24

FRIDAY. juno %.

usual condition OF business at this season OF the
year. Instead OF traditional midsummer dull
ness unusual activity prevails In monutactur-
ing. In wholesale and in the distributing
branches OF business. Detailed statements to
this effect from various centres are corroborat-
ed by bank clearances for the week. particu-
larly by those outside Of this city As compared
with the corresponding week OF last year. the
oearances are 40 cent. larger. and as
compared with 1892 the Increase Is Az
cent. Railway earnings for the first hall
OF the month make a better showing than In
any month this year. While the number OF
business failures is somewhat larger than last
week, the amount Of liabilities involved shows
thai business disasters are unimportant the
total being only S62s,585. and for the first
three weeks this month only S2.730.4O7.
against SB.GaS.524 last year. The outward
movement Of breadstuffs is increasing. ship
ments OF wheat and -four for the week aggre-
eating 3.746.71S bushels. against 2T90.47l
bushels last week.
The most important DEVELOPMENT in the
markets for staple products this week Is the
further advance in the prices Of iron and steel
and the bookn Of largo orders for manufac-
tured iron. particularly by European consum-
ers. The foreign trade Of the country Is upon
such a satisfactory basis that the exports OF
specie are regarded with compacency. As
sent abroad Ia not shipped in settlement
OF an adverse trade balance, but 10 at
tracted to European financial centres by the
higher money rates that prevail there as COM
pared with the ruling rates here. Exports OF
specie tomorrow will aggregate S5.OOOOOO.
making the total OF the present movement
Sl3.5OO,OOO The greater part OF the gold
shipped this week is taken from the banks
which arc amply able to supply 1t.
The stock market continues quiet yet showed
pronounced tendency to recover from the de-
cline OF tho last two days. Asa matter of fact.
the market was practically sold to a standstill
at the close of business yesterday. Speculation
in the Industrial stocks hinged very largely
upon the deliberations OF the directors Of
the American Steel and Wire Company
relative to tho payment OF dividend
upon its common stock The decision OF the
board not to declare dividend at this
time, osten siby because Of the question that
has been raised in the court relative to the
action Of the Federal Steel Company In de-
claring dividend upon its common stock. was
followed by recovery Of more than points
in Steel and Wire common. 1t was announced
that the Steel and Wire Company will at once
make an application 10 the Stock Exchange
for the listing Of its securities. which will con-
tain n statement OF earnings and a balance
sheet Directors OF the company assert that
these statements will show that 1t Is transact
ing very profitable business and Is exceed
ingly strong financially. The sharp advance
in Steel and Wire had a sympathetic effect on
the market for Federal Steel issues. The
Tobacco stocks rallied o. the publication OF an
interview with the r1t,.1ng Vice-P President Of
the Continental Company that he was influ-
enced by personal rather than business con-
siderations in Withdrawing from the active
~ ha he hna
no Intention OF establishing an opposition
plcnt. The fluctuations In Sugar Refining
were rather erratic. and resulted in net ad-
vance Of nearly two points.
The railway list was strong from the ct art
owing to the decided Improvement In the
market for American securities in London.
There were indications that as soon as Europe
receives enough gold from this side to ease
her money markets there will be revival OF
interest In home and in American securities
Confidence in railway issues was encouraged
by the strength Of New York Central and Of
the principal Granger shares OF the local
traction stocks Metropolitan Street Railway
was the most conspicuous at a net advance Of
nearly points. Baltimore and Ohio new COM
mon STOCK Central Pacific and Southern Pa
cfc followed the lead OF the London market on
comparatively light transactions st. Louis
Southwestern preferred advanced on the some
what unexpected declaration Of interest on the
income bonds Of the company. The closing
was strong at about the best prices
New York Stock EXchange-SaIes June go.
UNITED STATES AND STATE BONDS I'm 81. 0OOs>.
U IS, c. 4h
CLOSING PRICES OF UNITED STATES BONDS.
Bid. Asked. Bid. Asked.
rnSt2.r. Tn St4s.r,