Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-06-07
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange, Bonds, Grain,
Cotton, Provisions, Etc.

New York, June Cuisines was on
change to warrant any very well de-
fined conclusion as to the general tenn
per Of speculation or adjust reflection
OF business and financial conditions.
But there was a very notable harden
ing of values in railroad securities
which was followed up as the day pro-
crossed by rise in prices which en-
braced pretty much all railroad stocks
dealt in. This strength started in
Louisville, which was very confident
~ bought for London account. The
bidding up of the price in the stock
in the course OF executing buying or
ders impaired strength to the whole
railroad group, Southern Railway pre-
ferred and Norfolk and Western pre-
ferred being the first to respond. and
the Changers, Pacifics. Southwesterns
and even some of the trunk lines follow
ed this lead. Pennsylvania and Pitts
burg, c. c. and st. Louis rose from 11a
60 5A, the latter stock, however, losing
ell but liz of the advance. The motive
assigned by the buyers was the posi-
bility that more liberal policy to-
ward stockholders and less insistence
upon reinvestment of resources in
equipment might follow the change in
administration made necessary by
President Thompsons death. But the
trading for the most part was pro-
foundly apathetic and there were min
ntes at time when no tape came from
the ticker The attention of profess
sional traders was all centered on SUI
gar and utterly crratic movements OF
mis- stock disclosed the entire uncer-
tainty regarding tomorrow dividend
action. Advocates of the regular div
idend and of a reduction seemed equal
ly confident and equally numerous, so
that the stock dipped freely below last
nights level and rebounded far above
II. The extreme range was Az points,
and the close was at a net gain of 12t
and within II Of the top.
An incident of the trading to-day was
some large wagers on the one hand that
to-morrow's Sugar dividend declara-
lion would be at the regular rate and
oifers on the other hand TO sell the
dividend on large amounts of stock for
less than the regular rate. The same
oistrustful attitude is maintained to-
wards the iron and steel stocks not
withstanding semi official ntimation
as TO the rate Of coming dividend dec
larations and informal assurances that
current earnings are far i'm excess of
the proposed dividend disbursement.
Even the preferred stocks of indus
trials, however regular may have been
thelr dividend records continue far be-
~" ehe prices on ordinary dividend
paying railroad stocks which make the
same returns on money invested. This
distrust of industrlals seems To no tho
most important element in the present
uuilhess and heaviness of the market.
a further small shipment of gold to-
uay was as wholly without influence in
me stock market as we'll as in the for
elgn exchange market, as those that
nave preceded it from the same insti-
-fntf F.,x
the outflow is the result Of spncial CON.
ditions and not of the general exchange
situation. *
me bond market was duh and gener-
any nrm, though there were a few
81 sa,e a,nndg spots Total sales par value.
United States old As registered and
81" T, advanced Il in the bid price.
shares. WHY -'-'ooo