The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-06-07
RAILROADS WORK Up
This Being About the Only
Stock Market Feature.
BUSINESS is VERY LIGHT
Additional Gold Shipment is
Entirely Ignored.

New York, June s-Business was On
far too small Ia scale on the stock ex-
change today to warrant any very we'll
defined conclusion as to the general tenn
per Of speculation or just reelection CT
business and financial conditions. Rut
there was a very notable hardening of
values in railroad securities, which was
followed up as the day progress ;ei = a
rise in prices which embraced pretty much
every railroad stock dealt in. This
strength started in Louisville which was
very confidently bought for L)1lon &C
count. The bidding up of the price n this
stock nthe course OF executive buying
orders impaired strength 10 me whole
group. Southern Railway preferred and
Norfolk and Western preferred being the
fist to respond and the Changers. Ia
Gifts, Southwesterns and even some IF the
trunk lines following this lead. PennsyI-
vania and Pittsburg. Chicago, Cincinnati
and st. Louis rose from 1ls TO 81 per cent,
the latter stock. however, losing all out
115 per cent OF the advance. The motive
assigned by the buyers was the possibility
that a more liberia, policy toward stock
holders. and less tnsistance upon reinveSt-
ment of resources in equipment might fol-
low the change in administration made
necessary by President Thomson's death.
But the trading for the most part was
profoundly apathetic and there were min
utes at a time when no tape came from
the ticker. The attention Of professional
traders was all conferred on Sugar ard
utterly erratic movements of this stock
disclosed the entire uncertainty regarding
the dividend action. Advocates of the
regular dividend and of a reduction
seemed equally confident and equally nu-
merous so that the stock dipped deeply
below last nights level and rebounded far
above it, The extreme range was 494
points and the close was at a net gam II
~ and within a half of the top. An IN
cident of trading today was some large
wagers on the one hand that tomorrow's
Sugar dividend declaration would be at tire
regular rate and offers o nthe other hand
to sell the dividends on large aounts of
stocks for less than the regular rate. The
same distrustful attitude Is maintained to-
ward the iron and steel stocks. notwth-
standing semi-official intimation as 10 the
rate OF coming dividend declarations and
informal assurances that current earnings
are far in excess Of the proposed dividend
disbursement Even the preferred stocks
of industrials. however regular may have
been their dividend records. continue far
below the prices of ordinary dividends
paying railroad stocks which make the
sum returns on money invested. This dis
trust of industrials seems to be the most
important element in the present dullness
and heaviness of the market. A further
small shipment of gold today was as
wholly without influence in the stock mar
ket. as we'll as in the foreign exchange
market. as those that have preceded ii
from the same institution. The conviction
is general that the outflow Is the result
Of special conditions and no longer an ex-
change situation.
The total sales Of stocks today amounted
to 292. SIS shares including: American
Steel and Wire. 25 900; American Steel and
Wire preferred $500; American Sugar, 46,-
500: American Tobacco. 5000; Anaconda,
3400; Atchison preferred, 200; Brooklyn
Transit, 21.200; Chicago. Burlington and
Quincy. 1000; Chicago Great Western. T.
coo; Consolidated Gas. 500; Continental
Tobacco. $500; Federal Steel. 1900 do
preferred. 3.4a0; Louisville and Nashville
10. 400: Manhattan. 1000; Metropolitan
Street Railway. 360l; Norfolk and W"st-
ern. 800: do preferred, 5000; Northern Ia
cifc. 500; Pennsylvania, 800. Peoples
Gas. 400: Rock Island. 200; ST. Paul
$500; Southern Railway. 3o01; Southern
Railway preferred. 500; Tennessee Coal
and Iron. 500; Union Pacific. 500: do
preferred 1900; Wabash preferred, AGO;
Western Union. 800