The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-06-20
SPECULATION SEEMS TO BE AT A
STANDSTILL AWAITING FUTURE
EVENTS
LITTLE BUSINESS Is DONE
steel and Wire Showed Weakness
From the Opening, and Dropped
by Steady Stages Without Show
of suppOrt-Buying Demand In a
Few Lines Prevented Declines In
All Hitherto Strong Securities.

NEW YORK, June 19.-Speculation in
stocks had evidently reached a sort of
equatorial line and is hopelessly becalmed
in the gold runs, with not enough head
way to indicate In which direction it's
course shall be finally shaped. Dealings
today continued profoundedly dull, and
outside of few movements of a few spe-
cial stocks, which were Influenced by in
dividual causes, today's events were in
consequential. AS is only natural In a
market where the buying demand Is prac-
tically nil, the drift of prices was down
ward, allowing a small body of offerings
to weigh on the market. There was in
addition the sympathetic effects of an
active liquidation, coupled with bear
pressure, in Steel and Wire The net
results for the day are losses in almost
all cases, and in quite few cases they
amounted to a point or over. Steel and
Wire showed weakness from the open
4ng, and dropped by successive stages
without any determined support being
manifest to a level Of nearly 81 per share
below the prices of Saturday. The con-
clusion and uncertainty as to the declara-
ton of dividend at the coming meeting,
due to conflicting utterances of those
connected without the property, show
ing the existence of a dispute amongst
the directors themselves, are responsible
for this weakness. Heavy lines of this
stock were taken on by operators on the
confident assumption that a dividend
was to be declared. Federal Steel and
other stocks of companies in the steel
trade dropped in sympathy.
A buying demand for Tennessee Coal,
which spread to Colorado Fuel had a
large effect in checking the decline in
the whole group, and effecting a partial
rally, except in Federal Steel which clos
ed at a net decline of over points. The
temporary strength displayed by Sugar
also served as sustaining influence.
The early drop in the wheat market stiff
fened the grangers for a while. but they
yielded again. The prevailing depression
in foreign exchanges was an influence,
and the bears sold traction stocks on
the theory that Western street railway
strikes might spread. The Baltimore &
Ohio stocks were rather conspicuously
weak, with no further explanation appar-
ent than the decrease In net earnings
compared with last year.
1t is evident that the public operators
in stocks are waiting for the future
course of events in the country's bust
ness and industry to become more clearly
defined. Although the buying demand Is
at a, standstill, present holders show no
disposition TO sell at present prices. There
was some short selling evident today,
but the borrowing demand of the stocks
is so small as to preclude the idea that
large short interest exists. The bears
are apparently disinclined to operate as
are the buyers. The consequence is the
almost stagnant waiting market
Prices of railroad bonds tended to fall,
and business in them was almost as quiet
as in stocks. Total sales, par values,
81. 99G,000 United States IS coupons de-
clined Il in the bid price.
- STOCKS
Furnished by Charles H. E. Smith &
Co, members of the New York stock ex-
change, Pioneer Press building, who have
special wires to Chicago and New York.
Closing prices are bid: