The times., 1899-06-23
DROPPING PRICES IN
THE STOCK MARKET
Effect of the Rumored Heavy
Export of Gold.
The Probable Amount as Fixed by
Conservative Estimates.
No Importance Attached to the Out
flow of the Metni-Conditions in
the Foreign Exchanges.

New York, June 22.-From the super
hcial indications in the foreign exchange
market it appeared that at least three
banking houses would be shippers OF gold
by Saturdays steamships Conservative
estimates fixed the probable amount to
be exported at from 81 600. 600 to IS ,OO0.-
600. but these estimates may be exceeded
In the actual transfers of the metal. 1t
is by no means probable however, that the
predictions made in speculative stock ex-
change circles, that Saturdays export
would amount to 10000, 600, will be full
filled. Still they served as a superficial
explanation of the dropping prices in the
stock market. 1t is doubtful whether there
was any actual serious liquidation on this
account alone, but as there was nothing
else in the days situation TO which the
course of prices could be definitely referred
the circumstance in question was alleged
as the cause of the markets weakness.
In serious financial discussion il is al
most needless to say no Importance was
attached to the outflow of the metal as 1t
has been recognized for long time past
that the changing conditions in the for
eign exchanges would necessitate the eX-
port of gold this summer, and, on the 9TH
er hand, that the state of the country's
finances deprived the business of the bane-
ful aspects that exports of gold had in
former years.
Continued favoring weather in the corn
and spring wheat sections, some encour-
aging railway returns, and easy money
market conditions made up the actual out
side situation. These circumstances con-
tained nothing to induce liquidation by
the holders of approved securities, and in
deed there was no pronounced pressure in
that quarter of the market such declines
as appeared being plainly in sympathy with
the course of certain Of the industrial
stocks and the specialties. There was
nothing that was new bearing on or ac-
counting for the pressure in the latter
quarter, yet Sugar Refining, Federal Steel,
the American Spirits shares, and Brooklyn
Rapid Transit all reflected pressure, while
the so-called dividend uncertainties"
were effectively employed in the instance
OF American Steel and Wire. 1t was a
matter Of congratulation that the play in
the latter stock cannot be conducted on
the present lines for more than one day
longer, although as a matter of fact the
question of dividend upon American Steel
and Wire may be classed among the least
of the uncertainties
Foreign houses were not active in todays
market. the balance OF operations on that
account being inconsiderable, as noted.
The standard railway issues were compar-
atively firm throughout the day, and in the
early dealings New York Central, North
western, Omaha, and the other Vanderbilt
issues were notably strong. The bond
market was dull and somewhat heavy
Rather singularly. houses making a spe-
cialty of investment securities report fall
ing away in demand, notwithstanding the
usual enquiry ahead of the heavy July dis
bursements Trading throughout the day
was in light volume and in the final deal
ings the market was fairly stagnant. The
close was quiet and feaiureless.