Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-06-24
STOCKS ARE HIGHER.
THEY DO NOT, HOWEVER, GO BE-
You'd PROFESSIONAL BOUNDS.
NO STEEL DIVIDEND At PRESENT.
GOOD Demand for Continental To-
nacco and Other specinIties-An-
ho"hcement of Gold Exports Has
NO Enect-The Produce Markets.

NEW YORK, June 23.-The stock mar
het ala not go beyond professional bounds
'V-uay' but the small, active element
among the operators was disposed TO
ooNer outstanding short contracts, and as
result prices are very generally higher
On the day, in some cases notably so.
Inc meeting of the directors OF the
American Steel and Wire Company. TO
settle The much-discussed dispute as to
whether or not dividend should be de-
CARED on the common stock, was the CEN
tral event of interest. After the directors
vent into session the market waited with
eager and almost breathless expectancy
for the decision. Much bitterness has been
manifested among the conflicting ele-
ments over this question, but the action
when IT was finally announced that no
dividend would be declared at present
showed that the event had been thorough
" discounted. The price closed at the
highest Of the day-24 points above the
lowest. There was a momentary dip 10
near the lowest after the news came out,
but offerings were small, and the price
quickly moved upwards, absorbing some
blOcks OF moderate dimensions on the
way.
The action Of this stock. in face OF the
worst that had been fOretold, cleared The
situation, and thete were some sharp ad-
yances in the closing deals. The steel
and wire news did not come out unul
within half an hour OF the close, ana the
earlier strength of the market then re-
asserted Itself. There was period OF
practical stagnation and yielding of prices
before this question was decided.
The great Improvement in the sentl-
mtnt on foreign stock markets was re-
fiected At the opening here, notably in the
Baltimore and ohio stocks, and there was
a good demand later for the NanderDllt
group Of railroads. the Gfangers, the
Pacfics Continental Tobacco Company,
and a number of other specialties Sugar,
Tennessee Coal and Iron. American
Smelling, and the Distilling group were
centres OF weakness az one time, Dut
without general effect on the market.
METROPOLITAN Street Railway was up over
4 points at one time, and Air Brake rose
IA points. Baltimore and Ohio common
gained 3 points. but the advance In the
preferred was not well held. The gains
i'm the railroads, as a rule, were very
firmly neld.
GOLD EXPORTS TO-DAY.
The announcement or 100000 IN gold
for export tomorrow had no erect Oh
the market as the bears had circulated
rlmors Yesterday OF much larger
amount. and the event had thus been dis
counted Money rates hardened In Lon
don. and there was recovery OF trac-
New York, but the relaxation OF the poll
tical tension abroad has apparently served
to partly relieve the pressure for gold.
London bought stocks In this market to-
day.
is expected tomorrow. as the banks have
been losing both TO the interior and TO
the Sub-Treasury on account OF the sur
plus Of revenue receipts over eApehui-
lures Some of the gold exports will also
thDnph
100000 announced to-day Will be includ-
Ell The changes in loans cannot be fore
told. although events in the stock mar
kct would indicate a contraction. BUT
this was true last week also, Whch tue
statement showed an expansion OF Sl0'-
.O0.C0o.
The bond market was only moderately ac-
tive, and changes were mixed. Ihere were
heavy takings Of ST. Louis and southwest
,.n Ola at an advance Of per cent, ana OF
Wisconsin Central lists at an advance
Of 1 per cent. Total sales, par value.
r .Sg7 90. United states 3s, coupon, de-
clined y in the bid price.
The total sales OF stocks were SSo'ooV
natl Chicago and st. Louis: $50 Man
haitian Elevated: $3.50 St. PAUL lao
American Steel and Wire; I5D American
Tobacco: 1870 Federal Steel; 1920 Brook
lyn Rapid Transit, 264S5 Continental To-
bacco; IS 800 Sugar; 1850 Tennessee Coal
and Iron: 500 Rubber.
MONEY AND EXCHANGE.
Money on call. steady at 2Q2 IL per
cent. last loan at 2 IA per cent: prime
mercantile paper, 3a3 "a per cent.
Sterling exchange firm. with actual bus
mess in bankers bills at S4SSd$4sS ii
for demand, and 1915 3-fnSiS6 for sixty
DAYS. posted rates. Si83 l-2A$i.G and 81 50;
commercial bills. sass Il
silver certificates, CO 1-2Q62c. Bar silver,
ca l-2c. Mexican dollars, IS l-2c.
Government bonds, easier. State bonds,
inactive. Railroad bonds irregular.