The times., 1901-06-02
STRONG ON HEAVY BUYING
T, e Stock Market Assumes a Wig
Or0Is BulIish Tone.
Buoyancy in Monetary Situation
and OutlOOb-Thc Bank Statement
hIore Favorable Than Expected
Rise in United States steel.

and Outlook-Thc Bank Statement
hIore Favorable Than Expected
A Rise in United States steel.
NEW YORK. June 1.-The official as
surances Of the re-estabiishment Of har-
rnony between the great railway and
banking interests. together WIN Jne CON
viction that the new compact Will be
broader and more liberal in its terms, as
well as more far-reaching in its effects,
than the one originally outlined, caused
all of the securities markets today to
show a degree of vigor that has not been
witnessed since the most palmy days of
the recent bull market. Buying orders
from all sources were extremely heavy
and the sentiment appeared as confident
as though the financial horizon had never
been clOuded.
Evidence was not wanting of emergency
buying by short interest both here and
in Europe which for some time has been
growing very confident as to the strength
of its position. but these purchases con-
stituted only a moderate part of the i'm
mense volume of buying orders from
every quarter. The business of the com
mission houses, considering the fact OF
the limited session. made very favorable
comparison with that of any of the high
fever was at its height.
Already the foreign buying of the last
two days has bsen sufficient to divert the
attention of persons who have been dis
couraged over the alleged disappearance
of supposedly enormous international
trade balance of this country to the prac-
ticaI certainty OF the cessation OF the out
ward movement of our gold to Europe
In addition. the markets course rejected
again the bold operations of number
of bull pools In its present temper the
street appears to expect an extension OF
the community. of interest idea that is
likely to result in a number OF new cor
porate rearrangements and alliances that
had not been seriously figured upon
The statement of averages OF the as
sociated banks was in the matter of
cash more favorable than was expected,
only half OF the 100000 in gold that was
shipped during the week being rejected
in the exhibit The balance viii be shown
in next week. s bank statement, but this
will be considerably more than offset by
the heavy Government and corporate dis
bursements for interest and dividends,
which this month are computed as hlsh
as Sl6 976, ,777, compared with disbursements
in the same month last year of sSS324,6i3
It should be recognized that the none
try are exceptionally strong. During the
next sixty days there is not likely to be
any noteworthy call by the interior on
this centre for money 70 move the crops.
and in the meantime. from ali parts OF
the country, large sums are being Tor
warded - this centre. AT the beginning
OF next month the reduction of the in
ternal revenue law, authorized at the last
session nf Congress. will go into effect
and a month later the shipments OF virgin
gold from the klondihe and other aurif-
erOuS regions OF the country VIII De IL
Gross earnings in the United States for
the last three weeks OF May Show gam
of 9.6 per cent over last year ana OF zo-o
per cent over 1893 1t is also pointed out
that the increase in earnings TINS year
is relatively larger in the better paying
class of freights The greatest LLnpIoVe-
Inent is still shown by the Southwestern
lines although the Central Western.
Southern, and Pacific roads report con-
siderable gain.
light grain movement this year, show an
exceptional decrease for the time men
toned of s.S per cent In me East Ihg i
ng-continued wet weather has retarded
the distribution of goods, but in other
sections particularly the West and South,
business continues active y slgnlncant
point in the iron trade is the continued
enormous export movement in farming
machinery. The iron and steel mills are
fully employed and prices are Wen mann
tanned. although new plants have been
put into operation.
According to leading trade authorities,
the figures of foreign commerce at TINS
port indicate another large international
balance in favor OF this country for May.
The crop outlook is encouraging, not
withstauding the appearance of the dam
age reports that are always IN evidence
at this season.
The recorded transactions aggregated
926. 100 shares, as compared with safes OF
approximately 100. 900 shares for the full
business day yesterday. London prices
for Americans showed advances eX-
tending 10 two points above the closing
figures at this centre yesterday, ana IN
the local market the tone OF the specnla-
tion was rampantly bullish throughout.
although interest conyerged upon the
trunk lines and granger shares.
In The railway list the greatest activity
was displayed in the order named in L n
FgrookIyn Rapid Transit. Southern RalI-
way. Erie common, Southern Paciilc,
PENNSYLVANIA aud New York Central. Net
gains in these stocks ranged from
10 ~ points, the last in Brooklyn kappa
Transit
In the industrial department United
SSfates Steel stocks were the leaders IN
extent of dealings and net improvements
80 FAR as the active issues were concern
ed the gains in them reaching ~ per
cent IN the common, and that stock ied
the market in volume OF dealings Win
nearly 140.0Gl shares. American sugar He-
fring gained nearly point net, but deal
ings in the stock were checked Dy the an
nouncement Of a rebate in the price OF
Ariosa brand of coffee by the ArDuckle
Interests. following the cut reported IN re-