The daily morning journal and courier., 1899-06-22
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 The Stock Market.


 New York, June 2L-Transactions in | stocks were of paltry proportions, but
 this did not preclude some pretty wide
 movements of prices., In fact the ieth- argy of the speculation left the market | vulnerable at any spot where genuine | liquida ton was thrown upon it. Such of the tobacco stocks. American Tobac- co suffered most severely, the extreme decline being 3-S. Continental Tobacco dropped an extreme 5 points and the preferred 8. Very Heavy blocks of all three stocks running from 1000 to 5000 shares changed hands in the course of the decline or the hesitating rebound. The break in these stocks was due to the rumors, which have been persistent for several days, of dissensions in the direc- tory. of likelihood of q division of re- sources and possibly destructive con- ence of the last few days in the steel stocks. to-day's events added largely to the sentiment of disfavor held towards large number of industrial stocks. The steel stocks themselves were pretty firm on account of the official assurance that the money for the preferred divi- dend on Federal Steel had been set aside before the declaration of the dlvi- dend on the common, and also because of a prevalenut belief that Steel and Wire was soon to be entered in the regu- lar listed department of the stock ex- change. which would necessitate a de- tailed statement of finances and earn ings The weakness of these industrialS comes with growing perception that more combinations, when attained by the payment of excessively high prices for constituent companies and over capi- talization as based or earning power, is not a source of strength but of weakness. The necessity of paying returns on over-issues of cap ital leaves combination vulnerable to competition by new corners lees highly capitalized The announcement of great combination of the existing spir- it's and distilling companies was accom- panied by a rather striking fall in the stocks of the constituent companies, American Spirits dropping over two points, the preferred 1h and the Stand ard Distilling preferred a point not withetanding the alluring assurance that the new combination involves a de- crease of the capitalization outstanding for the constituent companies. Balti- more and Ohio stocks dropped off and 25s respectively for the common and preferred on the continued large de- crease in earnings shown by the returns There was a rather notable advance in the Morgan group at one time, includ- ing Cleveland, Cincinnati, Chicago and St. Louis, Chicago, Indianapolis and ! Louisville preferred, Hooking Valley | preferred and Chesapeake and Ohio. | This was followed by an upward move- | ment in the Vanderblts, incuding North western, St. Paul, Omaha, the New | York, Chicago and St. Louis stocks and | New York Central. These gains were | rot well held. Pittsburg, C. C., and St. l Louis dipped 4h points on very small | dealings. There was no other movement of special importance. American Car stocks and American Smelling preferred l showed good gains. The general mark ct was semi-stagnant, but as a rule showed small losses.
 Dealings in bonds were small but I prices were well held Total sales par value $1, 1,795, 900.
 United States old 4s registered declin- ed F and the new As and the 5s A in the bid price.