Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-06-21

THE FACT NOT CONCLUSIVE, HOW.
EVER, OF SETTLED CONDITIONS.
The TOBACCO SHARES WEAK
Some Apprehension stiIi Exists over
threatening Situation I'm France
ana south Africn-Thc Produce and
Other Markets.
Other Markets.

NEW YORK, June 2o-To-day's ad-
vance in the price OF stocks, after an
early weakness. was no more conclusive
OF settled condition OF the speculative
situation and Of the future course of the
STOCK market than was yesterdays de-
cine There was brief and spasmodic
period OF liquidation in Federal Steel and
American Steel and Wire in the opening
deals. 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 re-
sistance 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 speclalties. not only
in support of Federal Steel. but for the
long account I'm Brooklyn Transit. Peo-
pies Gas, and other specialties. The ac-
ton of the wheat market prompted some
buying of the Changers also. The con-
tinucd weakness of wheat in face of the
well-defned Information of poor crops In
Russia and Eastern Europe made the
conclusion unavoidable that supplies OF
American wheat were believed to be
forthcoming by those who are best able
to Judge. From this point the market
continued very narrow. ana professionals
could not be said 10 have accomplished
anything more than the covering Of short
contracts.
STEEL AND WIRE.
The fluctuations in American steel and
Wire and Federal Steel were wide. The
motive, Of course. was the granting OF
the judicial injunction against the pay
= H.. 4 ~. Il IA 70
has been declared on Federal Steel, com
mon. on the ground that before the eX-
pratiOn Of the fiscal year the pri0r rignt
Of the preferred stocks 10 It's 8 per cent.
dividend could not be insured. The state
ment Of President Gary that a sufficient
sum had already been set aside TO pay a
yearly dividend on the preferred STOCK
was the decisive influence In the faiiy on
both stocks. The net decline Tor 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 nave recently hdu
sharp declines their relatively greater
advances were but natural. options by
outsiders through commisslOn-house- CON
tinued AT a minimum. Sugar was s'rohs'
Continental and American Tobacco were
weak. and the local Traction STOCKS
moved upwards. A.,
threatening situation in France ana
south Africa and the high ruling price
for money i'm Berlin which Is the result
of a rather unbridled speculation.
FURTHER OUTFLOW OF GOLD.
The advance in money in Berlin was
reelected in higher discount rates IN Lon
don and an advance in the rate Tor sttr-
ling exchange here. which Is DeHeVeu ~
foreshadow "A further outflow or solu'
The rate of exchange Oh BeIlll' HoM
ever eased off a fraction III Ne" WI ~
rather inCOnSiStently. .
The general weakness or goVernlleHi
bonds was unexplained. Railroad bohdS
were heavy. Kansas city. IMlsuuIs, anu
C;ulf lists dropping - Total sales
81 10000. o., ro,,ts-
United States new As and the Ss regis,
tered. declined -, do. coupons; 1he ola
&C. and The Ks Ii in the bid price.
The total sales of stocks were .3l3lgJ
shares including AtChison, preferred
9GS2: Chicago. Burlington ana QUINCY
141g5: Manhattan 9,l9j; Metropoll'ah
Street Railway. 1910; Reading nIst az.
TERED il $50: New York Central o'U3o'
Ontario and Western 1O'o; mon . AIM d,'i
. 9S5. 81. Paul. II 800; American steer anu
Wire q. $50: Federal steel. oo.'5V Broo )lN
lvn Transit. 1921: Continental iopaCCo;
- 5o5. sugar. q. $50; Tennessee Coal ana
Iron, $50. ...o,r
MONEY AND EXCHANGE.
Money on call steady at 3-4a2 IL per
cent: last loan at ?; prime mercantile
paper 3a31-4 per cent. III. o.,,ol
Sterling exchange firm, WIZ. IN, a. eS "a !,
business in bankers bills AT $toSu go
for demand and AS5 3-4pA.@ Tor Sky
davs. posted rates $iS6n$i.S1 and $4.S9'
commercial bills, A.SJH$iS Il
silver certificates. CD l-2062: par SILVER
cas-. Mexican dollars. Is IL.
Government bonds weak state Dohus