The times., 1899-06-28
THE STOCK MARKET Firm
Active Speculative Interest in Sc
eurities of High Grade.
The IndustriaIs Participate i'm the
Days Rise-The Granger shares
Affected by the Favorable Crop
Conditions - Dividends Declared
on Vanderbilt Railway Earnings.

New York, June 27.-Today's stock mar
| ket was again active and firm, and 1t was
more generally strong than it was yester-
| day. The industrial stocks and the other
fancy issues participated to some extent
in the days rise, but active speculative
interest was still chiefly expressed in the
securities OF the higher grade. The lead
\ ers of the market in respect of the in
| fluence they exercised on the remainder
of the list were New York Central and
the granger shares. In regard to the first
named, yesterdays rumofs respecting the
lease of the Boston and Albany were not
/ denied, neither were they confirmed ex-
| cept by the movements in the stock mar
ket The usual dividends were declared
upon Lake Shore, Michigan Central, and
Canada Southern stocks, which settles any
| uncertainty that may have been felt in re-
gard to the Vanderbilt dividends" at
least for this period. The days news COM
! prised some additional encouraging state
ments of railway earnings, including those
of the Vanderbilt lines and the Northern
| Pacific Company. From the showing made
! by the latter it appears that in the eleven
completed months of the fiscal year the
! company has earned over per cent on its
/ MISUNDERSTANDING
! traordinary outlays in recent months for
| operating expenses.
The particular strength that appeared sin
! the cases noted seemed to be wholly due
| to considerations of the value of these
stocks from an investment point of view,
though naturally the Vanderbilt stocks
/ were strengthened by the mistaken be-
| lief in the eventual bringing of all the lines
! with Vanderbilt affiliations under the con-
I fhn NnrlY
Manhattan Railway was strong on the an
| nouncement made today of the substantial
progress making toward the electric equip
ment of the elevated lines. The official
announcement of the president ought to
! set at rest any further question as to the
| kind of motive power to be utilized
| by this company. The strength of the
| granger shares was perhaps in part due
to the favorable crop conditions set forth
in the Governments weekly summary of
tho agricultural situation. The money
market was firm. but not in any sense
| close, and the pressure of bankers bills
| in the foreign exchange market foreshad-
owed additional shipments of gold later
in the week. The Treasury's detailed
statement of the country's foreign trade
| in May shows increases In all the items
of export except in agricultural products
which fell away in value S23, 900 600. The
chief gain in exports was in manufactured
/ products which increased nearly $780,
600, or about Is per cent over May 1898.
London houses continued large buyers
On balance in this market, taking upward
of $4,000 shares of various stocks. The
| dealings in the market reflected fair
amount of commission business, a natural
| feature of rising market, but the bulk
of the trading seemed to be for profession
al and manipulative account. In the in
dustrial quarter the trading was less act
i've and the price movements more lin
tied than in the standard stocks. Federal
Steel opened substantially higher on the
removal of the injunction against the div
idend, but in the subsequent dealings the
stock, and the other industrials. with the
exception of Sugar Refining, received scant
attention. Manhattan and Brooklyn Rapid
| Transit furnished the bulk of the deal
ings in the local transportation stocks.
| The movements In Brooklyn Rapid Transit
were erratic, but the stock finally par
ticipated in the markets advance. 1t was
again officially stated that there was no
serious friction with the employees of the
company. Barring occasional fractional re-
cessions, the market advanced rather
steadily up to the close of business.