The times., 1901-06-16
VERY FIRM At The CLOSE
The Bank Statement Followed by
General Strength.

a sharp Rise Scored in st. PHuI-Un-
ion Pacific Rallies After Decline
Colorado Fuel and Iron Con-
tinues to Advnnce-The Stntemcut.
NEW YORK. June I5.-In all directions
the developments affecting stock values
this week have been favorable. First
among them was the Government crop
report, which did not fulfl pessimistic
expectations, and which has been supple
meuted by exceedingly satisfactory ad-
vices from practically all of the more i'm
portant agricultural sections of the coun-
try.
Reports regarding the iron trade are
conflicting, and many of them are unQues-
tionably biased by the individual posi-
tions and interests of those making them.
A good deal Of attention has been paid
to the shading of prices for pig iron and
for the cruder products of iron. 1t ap-
pears. however, that the recession in
prices resulted largely from the desire
and the expectation cf consumers to OBJ
tain their supplies at low figures.
The recession that has already taken
place has. according to a despatch from
Pfttsburg brought the United States Steel
and, although the production OF pig iron
for May was phcuomenaIly large, it would
not be surprising If other large consumers
soon followed the example of the largest
interest in the industry. The demand for
manufactured products is, according TO
all accounts. fairly brisk. and very heavy
deliveries are being made upon old con-
tracts which show very satisfactory pro
fits.
The public will probably be influenced in
its judgment regarding the condition and
prospects of the iron industry by the ac-
tion OF the managers Of the United States
Steel Corporation regarding dividend
on its common stock at the next monthly
meeting. which, under the bylaws of the
corporation. will be held on July > The
first quarterly dividend at the rate OF
per cent will then. beyond peradventure,
be declared on the preferred stock. The
best Information obtainable, both regard
ing the earnings Of the company and the
attitude OF its managers, indicates that a
quarterly dividend at the rate OF per
cent Will be declared upon the common
stock at the same time.
Other noteworthy developments are the
decision Of the Maryland courts IN favor
of common stockholders OF Baltimore and
Ohio to the effect that the dividends upon
the preferred stock are limited TO per
cent, favorable decisions in the Anal
gamated Copper litigation, the success of
the plan virtually consolidating the Amer
ican and the Continental Tobacco Com
panies and their auxiliary concerns in a
single corporation. and finally. the ap-
parently rapid progress toward the estab-
lishment of a permanent alliance between
the Union Pacific and the St Paul Rail
way systems
common this morning TO 1915 on large
transactions would certainly nave not
taken place had there not been a sub
stantial basis for current reports that ne
gotiations along the lines indicated above
are progressing satisfactorily. At the
close Of the week the public received the
unusually favorable exhibit OF the for
eisn trade Of the United States for May.
It shows an excess Of exports over i'm
ports Of nearly Sd. 800. which is an in
crease. as compared with the same month
Of last year, of Si,0o0,00J. simultaneously
with this showing the domestic trade re
ports tell Of greater business activity ow-
ing 10 more seasonable weather, which
has Increased confidence regarding the
crops, and also stimulated the demand for
summer goods Of all descriptions.
EaTk c:eariuEs Tor the week are 10 per
cent less than for the previous week. but
o. per cent larger than for the correspond
ing week Of last year. Railway traffic re
turns continue TO fulfill the most san
gnine expectations Of investors and of
conservative dealers in railway secur-
ities.
The noteworthy development abroad
this week was the further reduction IN
Its minimum rate CT discount by the Bank
Of England TO 3 Pcr cent. This has stlmu-
Tted a more cheerful feeling abroad and
also enabled foreign dealers and specu-
latcrs 10 increase their ventures in Aneri- /
can securities
The weekly statement of averages Of
the associated banks made. so far as the
loans We're concerned, a more favorable
The large corporation transaction such as
the financing Of the Consolidated Tobacco
Company, the refunding OF the St. Louis
and San FraGcisco bonded debt, payment
for Pennsylvania Railroad new stock, and
she winding up of the Union Pacific con-
vertible bonds syndicate are now over.
and unless transactions of similar mag
nitude are undertaken in the near future
there should be q readjustment OF bank
accommodations and of various accounts
that VIII modify the large totals shown
in the loan and the deposit items OF the
banks. The loss Of Sl540.5G0 in lawful
money was q surprise in view Of the fact
that all of the estimates of the known
movements OF cash this week indicated
that the banks had gained small
amount.
The net result leaves the surplus at
&.1S2 .099. which. though not large, does
not presage special activity in the money
market. During the next week or ten
days money Is likely to come to this
centre from the interior for heavy in
terest and dividend payments which num-
erous corporations have TO make here on
July !.
Prior TO the publication of the bank
statement the stock market was decidedly
irregular, but with strength predominant
ing. After the publication of the stock
the tone became uniformly strong. The
heaviest trading was in ST Paul at a net
gain Of 6lz points. Union Pacific, after an
early sharp decline. scored a net gain of
more than q point. Other exceptionally
strong features in the railway list were
St Paul preferred, Chicago and North
western, Metropolitan, Reading issues,
Southern Pacific, and, among the less ac-
tive stocks, Kanawha and Michigan and
Pere Marquette common.
In the industrials Colorado Fuel was
the prominent feature at a further net
advance of nearly six points. Tennessee
Coal and Iron. Union Bag and Paper is
sues, Glucose Sugar Refining, and Peo-
pies Gas enjoyed net gains Of a point or
more.
New York stock Exchange.
June -.