The times., 1901-06-18
ADVANCES MADE IN STEEL
Shares of the Independent Com
panies Rise Sharply.

The Announcement of Missouri
Pacific Dividend-St. Paul Con
tinues Active-A Heavy Gold ship
ment DiScouraEes Speculation.
NEW YORK June 1.-THE chief Incl
dents Of the day in the stock market were
the declaration of the first dividend sine
1891 on Missouri Pacific stock. togethoi
with the issue OF valuable rights to th
stock holders Of the company in conn
ton with an increase in the company
capitalization. further sharp advanc,
in St Paul and Union Pacific on the repe-
tition Of the assertions current last weeF
that St Paul stock would be retired il
exchange for double the amount of Union
Pacific bonds and an exceedingly SHARP
advance in the shares of the iron anc
steel producing companies not at the pres
ent time included in the United States
Steel Corporation.
Exports of gold by tomorrow's steam
ship amounting to 100000, were an
nounced, and the unexpected large ship
ment put something of quietus upon
what promised, at the opening of bust
ness, to develop into quite fervid specu-
lation. The market at large opened ac-
tive and buoyant in sympathy with the
pronounced strength of St. Paul and
Union Pacific. Noteworthy simultaneous
advances were in Rock Island, Pennsyl-
vania and Louisville and Nashville. With
the course of the morning the rapid ad-
vance in these stocks induced proi1t-
realizing sales, under which recesslohs
were common, but a very StronS unutT-
tone was nevertheless retained through
out the course of the business session.
other aggressively strong features de-
veloped later on in the day, the Atchlson
issues advancing very rapidly, as did IL
linois Central. The strength of the last
named seemed tC be based on the belief
that il would benefit fully from what ap-
pears to be a virtual Encouragement of the
status Of the railway systems Of the coun-
try. The anthracite coal shares renewed
the strength they displayed toward the
close of last week on the expectations
that another advance would be ordered IN
the selling price for their product two
weeks hence. The local traction group
was neglected TO remarkable extent in
view Of the general tendency Of the mar
ket. although Il fair demand was appar-
ent for Metropolitan Street Railway.
In the industrial quarter, the United
States Steel stocks, while actively dealt
in, showed small and uncertain changes
in prices. Sugar Refining had an uncer-
tain tendency also. a further rise in
American Cotton oil was not readily sus-
ceptible Of explanation. Among the spec
ialtieS. the noted rise in the iron and steel
producing stocks of the independent COM
psn4es was the feature. The advances Ia
Colorado Fuel and Iron and Tenness
Coal and Iron were fairly sensational
Nfnle the Repubhc Steel stocks and SloSS-
Sheffield issues were also decidedly firm.
As was to be expected the advance in
these stocks was attended by the circula-
tiOn of rumors of possible absorption
by the United States Steel Corporation.
but the representations in question We're
not fully credited. At the same time, the
singuiarly strong position occupied by
the Colorado Fuel and Iron Company in
the steel rail trade of the West is being
recognized.
Nothing really definite was ascertained
in relation to the Union PGcifc-St. Paul
negotiations, but it is authoritativeIy
stated that they remain in statu quo.
Chiefly because of the unexpected heavy
shipments Of gold and the disclosure of
the position OF the banks in the figures
Of Saturdays statement there was in
creased demand for call and time ac-
commodation.
The days returns of railway traffic
about made up the remainder OF the de-
yelopments of interest.