The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-06-24
THE MARKET ELSEWHERE.

New York, June 23.-The stock mar
ket did not extend beyond professional
bounds at any time today, but the small
active element amongst the operators
were disposed to cover outstanding
short contracts, and as a result, prices
are very generally higher on the day,
in some cases notably So. The meet
ing of the directors of the American
Steel and Wire Company to settle the
much discussed dispute as to whether
or not a dividend should be declared
on the common stock, was the central
event of interest.
After the directors went into session
the market waited with eager and al
most breathless expectancy for the re-
suit Much bitterness has been mani
Tested amongst the conflicting elements
over this question, but the action of the
stock when it was finally announced
that no dividend would be delivered at
present, showed that the event had
been thoroughly discounted. The price
closed at the highest of the day-212
points above the lowest.
There was a momentary dip to near
the lowest after the news came out,
but offerings were small and the price
quickly moved upwards, absorbing
some blocks of moderate dimensions on
the way up. The action of this stock
y
told, cleared the situation. and there
were some sharp advances in the clos
ing dealings.
The Steel and Wire news did not
come out until within half an hour of
the close, and the earlier strength of
the market then reasserted itself.
There was a period of practical stag
nation and yielding OF prices before
this question was decided. The great
improvement in the sentiment on for
eign stock markets was reflected at the
opening here, notably in the Baltimore
and Ohio stocks, and there was a good
demand later for the Vanderbilt group
of railroads, the grangers, the Pacifics,
Continental Tobacco and number of
other specialties. Sugar, Tennessee Coal
and Iron, American Smelling and the
Distilling group were centres of weak
ness at one time but without general
effect on the market. Air Brake rose
IA points. Baltimore and Ohio common
gained points, but the advance in the
preferred was not well held. The gains
in the railroads, as a rule, were very
firmly held.
The announcement of $4,000, 900 gold
for export tomorrow had no effect on
the market, as the bears had circulated
rumors yesterday of a much larger
amount, and the event has thus been
discounted. Money rates hardened in
London and there was recovery OF
fraction in the rate of sterling exchange
in New York, but the relaxation of the
political tension abroad has apparently
served to partly relieve the pressure for
gold. London bought stocks in this mar
ket today. Another unfavOrable bank
statement is expected tomorrow, as the
banks have been losing both to the in
terror and to the ub-treasury, on ac-
count of the surplus of revenue receipts
over expenditures.
Some of the gold exports will also
figure in the return. though none of the
S4000,000 announced today will be in
Guided. The changes in loans cannot be
foretOld, though events in the stock
market would indicate a contraction
But this was true last week also when
the event showed an expansion of S15,-
600, 600 Total sales par value 81, 637.00
The bond market was only moderately
active and changes were mixed. There
were heavy takings of St. Louis, South
western DDS at an advance Of 3 per cent
and of Wisconsin Central first at an
advance of l per cent. United States SIS,
coupon declined Is in the bid price.