The times., 1899-06-13
THE MARKET OPENS
STEADY And STRONG
Material Advances Scored in
Nearly Every Quarter.
A Diseouraging Crop Report Fails
to Seriously Affect Grangers.
sharp Gains for New York Traction
stocks-Wide Fluctuations in
Sugar Refining Shares.

New York, June 12.-Practically the sole
addition to the outside situation in the
interval between the close OF business
on Saturday and the markets opening this
morning was the Governments crop re-
port. 1t might have been supposed, how
ever, from the course of prices this morn
ing that there had been in the mean
time number of occurrences to stimulate
speculative sentiment, for the showing
made on the crop report was in effect ig-
nored and the dealings in stocks resulted
in a number of very sharp advances. The
market showed also the same general
characteristics that marked the dealings
last week, after the apprehensions in re-
gard to the Sugar Refining dividend had
been removed through the declaration of
the full regular rate.
Commission house buying increased
largely, and this fact was reflected in the
unusually wide distribution of interest
which was apparent. London was not a
factor in any way. Little attention was
paid to the lower range of prices shown
in the early cabled advices and the deal
ings in this market for foreign account
were inconsiderable. The professional ele-
ment, with bearish proclivities in and out
OF the boardroom, were fairly free sellers
of stocks from time to time. making use
of the crop report as the explanation of
their operations, but their word was quite
ineffective against the plain increase in
the demand for securities.
Notwithstanding the discouraging show
ing made in the Government crop report,
the granger shares and the other stocks af-
fected by the agricultural outlook were all
particularly strong. There were also very
large advances in the local traction issues,
although after the opening Manhattan
Railway was unfayorably affected by the
adverse decision in the long pending litiga-
tion in regard to the tax assessments upon
the company's property. The bond market
and all the higher investment shares were
particularly strong, their tendency dis
counting the heavy interest and dividend
payments of July l. The latter may in
deed be properly regarded as the main
spring of the present movement in securi-
ties, as the disbursements of the first of
the month will undoubtedly be the heaviest
on record, and a smaller proportion of
them viii be remitted abroad than ever be-
fore. 1t is hardly necessary to say that
the money market was unruffiedly steady
Sterling exchange was easier, and further
gold shipments than the two million al
ready arranged for tomorrow's steamship
are not expected this week.
The Industrial quarter showed great ac-
tlvity, and in the main 1t was strong The
fluctuations in Sugar Refining were very
wide. Rumors of a settlement of the trade
war were again circulated with a good deal
of detail, only TO meet with prompt and
authoritative denial. American Steel and
Wire was also feverish, Its course reflect
ing the befogged state of mind on the part
of the outside" holders of the stock in
regard to the promised dividend. The day s
advices in this respect were as conflicting
as heretofore. Federal Steel, on the other
hand, was notably firm in anticipation OF
the passage of the stock into the regular
dividend paying list, and there were re-
coveries scored in international paper,
American Smelling, and Tennessee Coal
and Iron. The best prices of the day were
shaded with the course of the business ses-
sion on profit taking sales, but the market
retained very firm undertone up to the
close.