The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-06-21
ADVANCE N STOCKS
Which Proves No More Than
Did the Previous Decline.
FRANCE AND SOUTH AFRICA
Still in the War-CIoud Bust
ness, With Some Effect.
FRANCE AND SOUTH AFRICA

New oYrk, June 2o.-Today's advances In
prices Of stocks. after an early weakness.
was no more conclusive Of a settled con-
dition of the speculative situation and Of
the future course OF the stock market
than was yesterdays decline. There was
a brief and spasmodic period Of liquida-
ton in Federal Steel and American Steel
and Wire in the opening dealings. and the
professional bear party took advantage Of
this to make a drive against the whole
| market. But the brief duration Of the
decline and the firm resistance offered by
PRICES at the low points warned the bears
| Of the futility of an effort 10 break the
whole market. They, therefore. took their
profits on the decline Of yesterday and this
morning by buying stocks at the low level.
There was some organized buying of the
Flower group of specialties, not only in
| support of Federal Steel. but for the long
account in Brooklyn Transit. Peoples Gas
and other specialties. The action Of the
wheat market prompted some buying OF
the grangers also. The continued weakness
nation OF poor crops in Russia and east
| ern Europe made the conclusion unavoid-
| able that supplies OF American wheat
were believed 10 be forthcoming by those
who are best able to judge. Aside from
this the market continued very narrow
and professional and could not be said to
present anything more than the covering
OF short contracts by yesterdays bears
The opening in both Federal Steel and
Steel and Wire was vile. 500 shares sell
Ing at drop OF IL 10 3 points and 5000
shares Of the latter showing simultaneous
transactions from IL to 2as below last
nights prices. The motive Of course was
the granting OF the judicial Injunction
against the payment of the IL per ceLt
dividend which has been declared on Fed
eral Steel common. on the ground that be-
fore the expiration OF the fiscal year the
prior right OF the preferred stock to lite
6 per cent dividend could not be insured.
The statement OF President Gary that a
sufficient sum had Slready been set aside
to pay a yearly dividend on the preferred
stock was the decisive influence in the
rally OF both stocks. The net decline for
each on the day IL only about a point
Rather conspicuous strength was shown
by the Union Pacific stocks. New York
Central and Pennsylvania In the late deal
ings. but as these have recently had sharp
declines their relatively greater advances
were but natural. Operations by outsiders
through commission houses continued at a
minimum. Sugar was strong. Continental
and American Tobacco company was weak
and the local traCti0n storks Ynovad TN
ward. Some apprehension still exists ever
the threatening situation in France and in
South Africa and the ruling price for
money In Berlin. which Is the result OF a
rather unbridled speculation. The advance
IN money in Berlin was reflected In higher
discount rates in London and an advance
in the rate for sterling exchange here,
which is believed to foreshadow a further
outflow OF gold.
The total sales OF stocks today amounted
to 3s6 5l4 shares. including: American
Steel, $500; American Sugar $500; Ana
conda 400; Atrhison preferred, 5000;
Brooklyn Transit, 2o.3DO: Burlington. 12.00o;
Continental Tobacco, 4. lO0; Federal Steel.
$500: do preferred. 3.7Oo: Louisville and
Nashville. 1900; Manhattan. 500; National
Steel, $500; Peoples Gas 300: Reading
first preferred. 1900: ST. Paul. II so: Bal
timore and Ohio. 30O0; Chicago Great
Western. 81 go; Chicago. Rock Island and
Pacific. 300: Metropolitan. 1910; New
York Central. s7O); Ontario and Western.
41oo: Pennsylvania. 400: Tennessee Coal
and Iron, 700; Union scific. $50; do pre-
ferred, 1000.