The times., 1901-06-21
BRIGHTER VIEWS PREVAIL
The Market improves on the
Strength of Forecasts.
London Sends Higher Range OF
Prices for American StOcI<s-Spec-
iaIties In and Out of the Railway
List Score Pronounced Advances.


List Score Pronounced Advances
NEW YORK. June 2O.-The moderate
Improvement in stock market conditions
today was in the main, owing to more
confident notions respecting the imnedi-
ate future of the monetary situation.
More optimistic views prevailed also in
regard to the showing likely TO be made
bv the banks in their weekly statement on
Saturday, as it seemed to be commonly
believed that on account of the conclu-
sic= of some of the heavier syndicate
payments the loan account would show
such readjustment as would permit the
hanks to hold their own in respect to sur
plus reserves.
Today's figures showed that since last
Friday the banks have lost a little more
than s.. 600 in their dealings with the
Sub-Treasury. but part of this sum re-
Effected the weeks exports of gold. The
money market was fairly active today,
but the bulk Of the borrowing was again
effected be tween and ~ per cent. Ster-
ling exchange was steady with no quot
able change in rates. The routine news
Of the day was made up of the dividends
declared and the returns of railway traf-
fic submitted.
London sent in a materially higher
range Of pr5oas for American stocks and
particularly igr ST. Paul and Union Pa
cifc With the course of the morning
London houses bought upward Of $1,000
shares in this market about one-third of
their takings being in St Paul. No new
light was thrown upon the affairs OF the
last named property, and the street at
large seems TO be mystified as TO what
the real status of St Paul is. st. Paul
60
of today's market, but the price move
ments in il were very irregular.
The strena4h showing in the London
market was again largely based upon the
continued profound ease in money at
hat point Today's weekly statement of
the Bank of England showed a proportion
of reserve to liability of ST. per cent. a
fractional reduction only from last week 5
percentage.
Nearly all Of the more pronounced
movements in the market occurred among
the so-called speciaIties in and out of the
railway lisr. Notably strong features
were Chicago and Great Western, Mime
apolis and St. Louis and Iowa Central
The strength OF the Two last named was
attended by reports that Iowa Central
would be exchanged for Minneapolis and
st. Louis in the proportions of two shares
Tor one, and that the latter STOCK would
have its dividends guaranteed by the ILL
nois Central In the same general quar-
ter Of the market, substantial advances
were scored by Canada Southern, Cleye-
land, Cincinnati, Chicago and st. Louis
and the Nickel Plate issues, the movement
in question being based upon the action
upon the dividends on these stocks.
The more active railway shares showed
no movements of particular significance.
New York Central was notably strong and
Pennsylvania was fairly firm Other firm
features were the Atchison issues, Louis
coal shares. On q moderate volume of
business, the local traction stocks were
notably firm, with Ro particular gossip
attending the dealings in that quarter.
The industrial stocks, apart from the
United States Steel issues, played a very
small part in the days dealings, and the
movements in the steel stocks continued
within fractional limits The Wall Street
public is still firmly Of the opinion that
dividend viii be declared on the common
stock in July, but its convictions in this
respect are. of course, not likely to be
confirmed until after the meeting of the
board OF directors on the ID of next
month
There were exc. edingly erratic move
ments apong IT, specialties. Colorado
Fuel and iron reflected renewed pressure
and moveo within a wide range of fiuc-
tuations. Tennessee Coal and Iron and
Republic Steel were. generally speaking,
strong. with nothing that was definite in
the way of news or gossip to be cited
with regard to their course North Amer
ican continued very firm