The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-06-21
PAGES 8 TO 10.

and the professional bear party took adj
VahtaSe OF this TO make a drive against
we whole market. But the brief dura-
ton of the decline and the firm resist
ahee offered by prices at the low points
warned the bears Of the futillty of an ef-
loft 10 break the who.e market They
therefore, took their profits on the de-
ehne of yesterday apd this morning by
o9iNSlus stocks az the low level.
mere was some organized buying of
the tlower group of specIalties, not only
IN support OF Federal Steel. hut for the
long long account In Brooklyn Transit, Peo-
pes Gas and other specialties The ac-
uon of the wheat market prompted some
buying OF the Changers also.
Inc continued weakness OF wheat, in
race or the well-dehned Information of
poor crops in Russia and Eastern EUROPE
made the conclusion unavoidable that
supplies OF American wheat were be-
neNed 10 he forthcoming by those who
are best able to judge. Aside from this.
the market continued very narrow and
ptolesslonai and could not be said to rep
resent anything more than the covering Of
SNORT contracts by yesterdays bears.
Inc opening in both Federal Steel and
American Steel and Wire was wide, 5000
shares of the former selling az a drop Of
i2Q3 points, and 500 shares of the latter
showing simultaneous transaction from
- TO rs from. yesterdays closing prices.
ihe motive, OF course, was the granting
OF the judicial Injunction against the nav
theht OF the IA per cent. dividend which
mas been declared on Federal Steel COM
mon on the ground that before the ex-
piration of the fiscal year. the prior right
OF the preferred stock to Its 6 per cent
dividend Gould not be insured. The state
nent OF President Gary that a sufficient
sum had already been set aside to pay a
yearly dividend on the preferred stock
was decisive factor in the rally in both
stocks Che net decline for each on the
day IS only about a point.
Rather conspicuous strength was shown
by the Union Pacific stocks, New York
Central and Pennsylvania in the late
dealings, but as these have recently had
sharp declines their rela lively greater aG-
Vauces We're but natural Operations by
outsiders through commission houses
continued az minimum. Sugar was
strong, Continental and American Tobac-
moved upwards.
Some apprehension still exists over the
Africa, and the high ruling price for
money In Berlin, which is the result of
a rather unbridled speculation. The adj
vance in money in Berlin was reflected
n higher discount rates in London and
an advance In the rate for sterling ex-
change here, which Is believed to fore
shadow, a further outflow of gold. The
Iate or exchange on Berlin, however,
eased off fraction in New York, rather
lneonStstently. The general weakness OF
government bonds was unexplained.
City Phtsburg and Gulf firsts dropping
2l2 Total sales, par value, 81 ,SO0,000
United States new Is and the Ss register
ed declined V; United States new As and
the IS coupons, the old As and the SIS. 4
ln the bid price.
The total sales of stocks were s78.10o
shares including Atchson preferred, 90S2;
Metropolitan Street Railway, 1904; Read
ing first preferred, 1880; New York Cen-
lral. $685. Ontario and Western, 5000;
lean Steel and Wire, AZ, 500; Federal Steel,
1870; Brooklyn Rapid Transit. 80, 727; Con-
tinental Tobacco, $685. Sugar, 4,5sO:
Tennessee Coal and Iron. $50.