The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-06-13

MONDAY, June IL.

MONDAY, June IL.
The trading In stocks to-day was animated.
we'll distributed and the tone Of the market
was In the main strong. A material advance
in prices during the first half Of the day natu
rally caused some taking Of profits on the long
side and encouraged the professional element
TO play for the inevitable reaction. The final
recession in prices. however. was not uniform,
nor did 1t wipe out the early improvement ex-
/. cspt In few cases. notably in Manhattan Rail-
way. Consolidated Gas and Atchison preferred.
The most extensive dealings we're In Sugar
Refining and Brooklyn Rapid Transit. and as
each advanced SHARPLY In the carly dealings
both felt the effect OF the late selling move
ment. All OF tho iron and steel stocks we're
exceptionally strong. In this group Federal
Steel common was the leader at a net advance
Of ~ , cent. closing at the highest price
recoF ed for 1t. The advance in 1t Is amply
explained by the informal decision OF the
management to place the stock upon y
cent. basis when the directors meet to declare
the usual quarterly dividend upon the pre-
ferred stock the latter part Of this week.
The Street is still being treated to conflicting
reports regarding the probable action OF the
directors OF the American Steel and Wire Com
pany relative to dividend upon its common
stock. The directors meet the latter part Of
next week to declare q second quarterly divi-
dend upon the preferred stock. Judging from
tho advices some OF them are furnishing their
speculative friends. as we'll as from the fluc-
tuations In the price OF the common stock
during the last week or ten days. there must
DO wide differences OF opinion between the
managers of the company as to the dividend
policy to be adopted. The strength OF the
stock to-day can logically be construed as
foreshadowing the declaration OF a dividend
The amount, however. will probably remain In
doubt until the vote OF the directors Is cast on
June 20. or the local traction stocks Met
ropolitan Street Railway enjoyed a net advance
OF 5 points. Manhattan Railway. on the other
hand. was heavy on the tax decision adverse to
the company. q summary OF which Is printed
In another column. Denver and Rio Grande
Issues we're strong on talk that the dividend
upon the preferred stock Is likely to be in
creased.
Among the less active shares the best show
ing was made by American Smelling pre-
ferred. Brunswick. Chicago Terminal pre-
ferred. P. c.. C. and St. Louis. Standard Dis
filling common and Wisconsin Central new
preferred. The unfavorable Government crop
report published after the close OF business on
Saturday, had little effect upon the speculation
in stocks and not much in tho wheat market.
The shipment OF So. 100000 gold to Europe to-
morrow also passed unnoticed in the Stock Ex-
change. presumably because spectators are be-
ginning to realize that the moderate outflow OF
gold this summer is an ordinary transaction
which 10 not likely to disturb the domestic
money market. London was not an apprecia-
bic factor in to-day's stock market. The tone
OF the English market was firm, owing to the
absence OF any disturbance at Paris yesterday
and the entertainment OF hopeful views re-
Garding the Transvaal situation. The fort
nightly settlement on the London Stock Ex-
change begins tomorrow. and cable advices
are that it will probably disclose a compare
lively small long account In American securi-
ties.
New York Stock Exchange-sales juno 12.
UNITED STATES AND STATE BONDS I'm 81 .0o0s>
lie 8s. c.......1oeHI 5 Uss, 1s2513 oh