The daily morning journal and courier., 1899-06-07
Etmuuclul.
The stock Mark ct,

New York, June 6.--Business was on
 by far too small scale on the stock
 exchange to warrant very well defined
 conclusions as to the general temper of
 speculation of just reflection of bus
 mess and financial conditions But there was a very notable hardening l of values in railroad securities which
 was followed up, as the day progressed by a rise in prices which embraced pret-
 ty much every railroad stock dealt in.
 This strength started in Louisville,
 which was very confidently bought for
 London account The bidding up of
 the prices in this stock in the course of
 executing buying orders, imparted strength of the whole railroad group, Southern Railway preferred and
 Norfolk and Western preferred, being
 the first to respond and the grangers,
 Pacitics, Southwesterns and even some
 of the trunk lines following this lead.
 Pennsylvania and Pittsburg, C., c. and St. Louis rose from 11a to 51a the latter, however, losing all but 17a of the ad- vance. The motive assigned for the buyers was the possibility that more
 liberal policy toward stockholders and less insistence upon reinvestment of re- sources in equipment might follow the
 change in administration made neces-
 sary by President Thomson's death.
 But the trading for the most part was profoundly apathetic and there were
 minutes at a time when no tape came from the ticket. The attention of pro- fess1onal traders was all centered on Sugar and the utterly cratic movement
 of tbfc eft 6icn1nceH tho aTtjra certainty regarding to-morrow's divi- dend action. Advocates of the regular dividend and of reduction seemed equally confident and equally numerous so that the stock dipped deeply below last nights level and rebounded far above 1t. The extreme range was AZ points, and the close was at a net gain of 1% and within + of the top. The eccentricites of this stock are typical of the industrial class and go far to ex- plain the distrust aroused by specula- tive activity in them. Notwithstanding the regularity of dividends on this stock for over four years past, the general public is utterly in the dark as to what resources the company has in hand for the conduct of the current trade war or for the maintenance of dividends. An incident of the trading to-day was large wagers on the one hand that to- morroW's dividend declaration would be at the regular rate and offers on the other hand to sell the dividend on large amounts of stock for less than the reg ular rate. Some distrustful attitude is maintained towards the iron and steel stocks, notwithstanding seni-official in- timations as to the rate of coming divi- dend declarations and informal assur- ances that current earnings are far in excess of the proposed dividend dis bursement. Even the preferred stock of industrials, however regular may have been their dividend records, continue far below the prices of ordinary divi- railroad stocks. which make the same returns on money in vested This distrust of industrials in the present dulness and heaviness of the market. A further small ship ment of gold to-day was as wholly without influence in the stock market as well as in the foreign exchange market as those that have preceded it from the same institution The convic- ton is general that the outflow is the result of special conditions and not of l the general exchange situa tion.
 re bond market was dull and gener- l ally firm though there were few yield | ing spots. Total sales par value s2,210,- | O00 United States old Is registered | and the 5s advanced 1s in the bid price, |
 NEU FORK STOCK MdEhhi.