The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-06-13
LARGE BUYING
IN STOCK MARKET
Powerful Interests a Factor in
the Trading.
COALERS WELL SUSTAINED
Railroad Bonds Were Dull and Slug
gish With Changes Mixed-The
Total Sales at Par Value
Amounted to $2,5oo,ooo

New York. June 12.-There was evidence
of large buying by powerful financial in
terests in a limited number of stocks and
of manipulation to advance prices in the
stock market today. Speculation other
wise was in a somewhat quiescent state.
Outside of the special cases where prices
were supported, the tone was rather
heavier.
Many of the railroads ranged downward
within the limit of point during the early
trading. There was organized buying
throughout the day of Federal Steel, which
was marked up nearly 8 points and closed
at the top. There was some sentimental
effect eKerted by this on other steel stocks
American Steel and Wire responded late in
the day on covering shorts. But none of
the gains in the group were well held out
side OF Federal Steel The Flower stocks
were all well supported and Brooklyn
Transit shared its strength with Metropoli-
tan Street Railway and Manhattan. This
group of New York traction stocks showed
the effects of realizing from time to time,
during the day and many attacks was
dragged below last nights close by it's
weight. The Changers were taken up at
one time, with st. Paul in the lead, but
did not retain all of the gain. The Coalers
were pretty well sustained, Chicago Ter
mina1 preferred, Denver and Rio Grande
issues and the newly issued Wisconsin
Central stocks rising. Sugar fuctuated up
and down during the whole day, but al
ways above Saturdays level. 1t rose at
one time points, but lost all before the
close. There was no evidence of outside
demand to assist in the market. The an
nouncement of the dividends in some roads
helped prices. No effect was apparent in
1of1lyat hifI1 inn
eddy easy. Exchange also, though it hard
ened shade continues a broad fraction
below the point where experts can figure a
profit on gold exports. 1t is in fact gen.
orally admitted that the gold movement
is due to actual buying of the gold in this
market to replenish the reserve of the
Bank of England, and probably also for
Russian purposes This is a precisely SINH
lar operation to that undertaken by the
government of the United States through
syndicate to replenish the gold in the treas
ury in the last administration.
The market for railroad bonds was dull
and sluggish and changes are mixed To-
tai sales par value, $2,5000 900. United States
3s and the SIS declined X in the bid price.
Money on call steady at 21a per cent. Last
loan 21b per cent. Prime mercantile paper,
3h@4 per cent. Sterling exchange frmer,
with actual business in bankers bills at
4.S73z64 IS for demand and 4.S5%@4.S6 for
sixty days. Posted rates, 4.S61a@4.87 and A.
SO. Commercial bills, 4.S5F+. S51A. Silver GER
tifcates, 60l5@62c. Bar silver, 6o1sc. Mexican
dollars 4S1bc.
Government bonds weak.
State bonds inactive.
Railroad bonds irregular.
Total stocks today 6OO,S3O shares, includ-
ing American Steel and Wire, At 400; Ameri-
can Steel and Wire, pfd., 3,10o; American
Sugar Sc, 200; American Sugar, pfd., $500;
Atehison pfd., 1860; B. r. t., 65.5OO; Bur-
O mn, fn1 Coz <
lean Tobacco, 5000; Federal Steel, $780,
l.. & N, 44,lOo; Manhattan $500; N. Y.
Central, 1900; Peoples Gas, $500; T. G. l.,
1900; Union Pacific, 47O0.