The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-06-21

TUESDAY, Juno 20.

FINANCIAL AND COMMERCIAL
TUESDAY. Juno 20.
The iron.and steel stocks were again promi-
nent features In the speculation on the Stock
Exchange, owing chiefly to the efforts OF a
small holder OF Federal Steel preferred TO en-
jotn the payment OF the dividend recently de-
olared upon the common stock. The fact that
the litigious stockhod holds only twenty
Hvo shares OF the preferred stock. which
he acquired. or. rather. had transferred
70 his name only ten days before begin
ming his action. gives the transaction strong
appearance OF stock obbinG. This view OF tho
case ia strengthened by tho statement OF facts
regartfing the rights Of the company and OF Its
action In declaring the dividend upon the
common stock made by President Gerry. and
which IS printed further on in this column.
II appesus from that statement that the man
apement has acted within the charter rights OF
the company. and that the interests OF the
preferred shareholders have been fully pro-
tected by the action Of the directors whom they
declared the dividend upon the common stock.
The speculative com uaInity was not advised
OF these facts when business was resumed on
the Stock Exchange this morning. and there
was therefore a good deal Of liquidation In
Federal Steel common which was accelerated
by manifest efforts to depress the price This
mark ct for American Steel and Wire common.
Just as the break In that stock Influenced
to an extent tho trading in Federal steel
yests rday. Both stocks sold at the low
est prices recorded for them for some
time. American Steel ard Wire declining to 52
and Federal Steel to 5Sta. The preferred stocks
Of both companies were comparatively neglect
ed and did not suffer materially The extreme
decline was shorthved. and tho recovery that
took place and was maintained during the re-
mainder of the day left each OF them only IL
cent lower than yesterday.
The only weak spot that the advocates OF
lower prices disclosed was in Continental To-
bacco common. A sharp attack was made upon
that stock In connection with the publication
of vague and unsettling reports Of disagree
ments in the management and OF possible
new competition in the tobacco manufaotur-
ing industry. At recovery OF -, cent
from the lowest price Continental To-
bacco closed at net decline OF an
points. The remainder OF the list devel-
oped a good deal OF strength. Sugar Refining.
Brooklyn Rapid Transit and Metropolitan
Street Railway enjoyed material net advances.
and on light transactions the Granger group.
Manhattan Railway and Union Pacific pre-
ferred closed nearly = point higher. The mar
ket for railway stocks was influenced favorably
by more Cheerful! reports regarding the grow
ing crops and conditions affecting them in the
principal producing sections.
This circumstance together with the unusu-
ally large amount OF last years wheat and corn
that is coming forward. depressed the market
for staple cereals This In turn encouraged
buying Of railway shares. for 1t was argued
that IL crop prospects are as bad as they have
been represented in many private advices re-
cefved In Wall street during the last few weeks.
farmers would be reluctant to part with the
surplus they have brought forward from last
year. The point was also made that although
this years crops may be short the yield.
together with the large amount OF old
grain brought forward from last year.
will give the country handsome ex-
portable surplus 1t Is also worth noting
that the outward movement Of breadstuffs
this year will not be obstructed as 1t has been
at various times during the last twenty years
by efforts Of spectators to corner the wheat
market. Young Mr.. Letters failure to control
the wheat market was SO disastrous that it
will probably deter other spectators from fol-
lowing in his wake for some time to como
The closing OF the stock market was quiet.
but in the main very steady.
New York Stock Exchange-salss juno 20.
UNITED STATES AND STATE BONDS I'm 81. 000sl.
10 g 8s o....... ll0US4 A. 1eo7.ll1