The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-06-21

New York June 20.-Today's advance in
prices after an early weakness was no
more conclusive of a settled condition of
the speculative situation and of the fu-
ture course of the stock market than was
yesterdays decline. There was a brief
and spasmodic period of liquidation in
Federal Steel * Wire. and the bear party
took advantage of this to make drive
against the whole market. But the brief
duration of the decline and the firm re-
sistance offered by prices at the low
point warned the bears of the futility OF
an effort to break the whole market
They therefore took their profits on the
by buying stocks al the low level. There
was some organized buying of the Flower
group of specialties. not only in support
of Federal Steel, but for the long account
in Brooklyn Transit, Peoples Gas and
other specialties.
The action of the wheat market
prompted some buying of the grangers
also. The continued weakness of wheat
IN face of the well-defined 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. Aside from this the mar
ket continued very narrow and profess
sional, and trading could not be said to
represent anything more than the COW
er1nS OF short contracts by yesterday ;
bears. The opening in both Federal Steel
and Steel q Wire was wide, 5000 shares
OF the former selling at a drop of H. TO )
points and 5000 shares of the latter show
ing simultaneous transactions from IL to
29s below last nights prices. The motive.
of course. was the granting of the judicial
injunction against the payment of the IA
per cent dividend which has been declared
on Federal Steel common on the ground
that before the expiration of the fiscal
year, the prior right of the preferred
stock to its per cent dividend could not
be insured. The statement of President
Gary that a sufficient sum had already
been set aside to pay a yearly dividend on
the preferred stock was the decisive in
fluence in the rally of both stocks. The
net decline of both for the day was not
more than a point Conspicuous strength
was shown by the Union Pacific stocks,
New York Central and Pennsylvania, in
Gently had sharp declines, relatively great
er advances were only natural. Opera
tions by outsiders through commission
houses continued at a minimum. Sugar
was strong, Continental and American To-
baccO were weak, and the local traction
Stocks moved upwards. Some apprehen-
sion still exists over the threatening stu
alton in France and South Africa, and
the ruling price for money in Berlin,
which is the result of rather unbridled
speculation. The advance in money in
Berlin was reflected in higher discount
rates in London and an advance in the
rate for sterling exchange here, which Is
believed to foreshadow a further outflow
Railroad bonds were heavy. Kansas
City, PttsburE & Gulf lists dropped ~.
Total sales par value, S1.SO0,00J. United
States new Is and the new is declined p.
Old IS coupons and the IS Is in the bid
price.
The total sales of stocks today We're
3Se. Jl4 shares. including: American Steel
& Wire A.. 100: American Sugar, $500;
Anaconda. 4,600; Atchison preferred, 5000;
Brooklyn Transit g, 800; Burlington, 120G0;
Continental Tobacco. 45100; Federal Steel,
$3.50; Federal Steel preferred, 800; Louis
vile 6, Nashville, 5000: Manhattan, $500;
National Steel. $500; Peoples Gas. 5000;
Reading 1st preferred, 1860; st. Paul. H.
30: B. & O., 1900; Chicago Great West
ern, $500: Chicago. r. /. & Pacific, $500;
Metropolitan Street Railway, AGO; New
York Central. goo; Ontario * Western,
4 100: Pennsylvania 400; Tennessee Coal
& Iron, 500: Union Pacific, 400; Union
Pacific preferred 5000