The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-06-21

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 to 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 Tran
sit, Peoples Gas and other Specialties
The action of the wheat market prompt
ed some buying of the Changers also.
The continued weakness of wheat in
face OF the well defined information OF
poor crops in Russia and Eastern
Elrone made the conclusion unavoida bic
that supplies of American wheat were
believed to be forthcoming by those
who are best able to judge.
Aside from this the market continued
very narrow, and professionals could not
be said to represent anything more than
the covering of short contracts by YES
terday's bears.
The opening in both Federal Steel and
American Steel and Wire was wide. D
600 shares OF the former selling at a
drop of ~ to ) points. and 5000 shares
of the latter showing simultaneous trans
action from / TO 13s from yesterdays
closing price The motive. of course.
was the granting of the judicial injunc-
ton against the payment of the IL per
cent dividend which has been declared
on Federal Steel common, on the ground
1,nt Iaf hp Of f1s,
year. the prior right Of the preferred
stock to its per cent dividend could
not be insured. The statement of Presi-
dent Gary that sufficient sum had
already 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 is only about 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 relatively
greater advances We're but natural. OPP
eratiOns by outsiders through commits
sion houses continued at a minimum
Sugar was strong. Continental ana
American Tobacco was weak and the
local traction stocks moved upwards.
Some apprehension still exists over
the threatening situation in France and
South Africa. and the high ruling price
for money i'm Berlin. which is the re-
suit of a rather lInbridled speculation
The advance in money in Berlin was re-
fiected in higher discount rates in Lon
don and an advance in the rate for
sterling exchange here. which is believed
to forasiadow a further outflow of
gold. The rate of exchange on Berlin.
however. eased off fraction in New
York. rather Inconsistency. The gene
raj weakness of Government bonds was
Railroads bonds were heavy, Kan
sas City, Pittsburg and Gulf firsts
dropping 21a. Total sales (par valued
81 .S0C000.
United States new As and the 3's.
registered. declined y; do coupons. the
old As and the IS Il in the bid price.
The total sales of stocks We're 1913, 100
shares, including: Atchison preferred.
9.0S2: Burlington. II. 1915: Metropolitan.
1904: Reading first preferred, 1850:
New York Central. 604J: Ontario and
Western. 5000: Union Pacific. 9.3S5:
1t. PAM. 11,360: American Steel and
Wire. 1850; Federal Steel. $40:
Brooklyn ransit. 1927: Continental
Tobacco. 1885: Sugar. 24,J30: Tennes-
see Coal and Iron, $50.