The age-herald., 1899-06-24
PROFESSIONALS IN
 STOCK MARKET Small Active Element Disposed to Cover Short Contracts. PRACTICABLE STARVATION
At One Time-London Was a Buyer-An- other Unfavorable Bank Statement Expected Today-United States
 Threes, Coupon, Declined.

New York, June 23.-The stock market did not extend beyond professional bounds at any time today, but the small active ele- ment amongst the operators were disposed to cover outstanding short contracts and as a result prices were generally higher on the day in some cases, notably the meeting of tho directors of the American Steel and Wire company to settle the much discussed dispute as to whether or not dividend should be declared on the com mon stock, was the central event of the interest
 After the directors went into session the market waited with eager and almost breathless expectancy for the result. Much bitterness has been manifested among the contesting elements over this question, but the action of the stock when it was finally announced that no dividend would be de- clared at present showed that the event had been thoroughly discounted. The price closed at the highest of the day, 2h points above the lowest. There was a monetary dip to near the lowest after the news came out, but offerings were small and prices quickly moved upwards, absorbing some blocks of moderate dimensions on the way.
 
 worst that has been foretold cleared the situation and there was some sharp ad- vances in the closing deals. The Steel and Wire News did not come out until with in half an hour of the close and the ear Hest strength of the market then reasserted itself There was a period of practical stagnation and yielding of prices before this question was decided The great inn provement in the sentiment on foreign stock markets was reflected at the opening hour, notably in the Baltimore and Ohio stock, and there was good demand later for the Vanderbilt group of railroads, the Changers and Pacifcs, Continental To- baeco and a number of other specialties.
 Sugar, Tennessee Coal and Iron Ameri- can Smelling and the distilling group were centers of weakness at one time, but with out general effect upon the market. Metro politan Street Railway was up over points at one time and Air Brake rose If points. Baltimore and Ohio common gained & points, but the advance in the preferred was not well held The gains in the rail- roads, as rule, were very firmly held. The announcemnt of $40OOOOO in gold for export tomorrow had no effect on the mar ket, as the bears had circulated rumors yesterday of a much larger amount and the event had thus been discounted Money rates hardened in London and there was a recovery of a fraction in the rate of
 
 reaction of the political tension abroad has apparently served to partly relieve the pressure for gold.
 London bought stocks in this market to- day. Another unfavora ble bank statement is expected tomorrow as the banks have been losing both to the interior and the sub-treasury on account of the surplus of revenue receipts over expenditures Some of the gold exports will also figure in the return, though none of the $40O0,0G0 an- nounced today will be included. The changes in loans can not be foretold, though events in the stock would indicate a contract But this was true last week when the events showed Nan expansion of $15, 900 900.
 The bond market was only moderately active and changes were mixed. There were heavy takings of St. Louis and South western seconds at an advance of per cent. and of Wisconsin Central frsts at an adVance-of l per cent. Total sales par bid. 2637,0
 U. s. Ss coupon declined 1a in the bid price.
 New York, June 29--Total sales of stocks today amounted to 315 4S0 shares including: American Steel, 46, 100; American Sugar 51,- 500; Brooklyn Transit, 1520O; Burlington 3,2OO Continental Tobacco 26 TOO; Federal Steel, 12 43O; Manhattan, 5,600; St. Paul, S,7OO American Tobacco, $500; Metropolitan, 5,9OO Tennessee Coal and Iron, 1SO0O.
 New York, June 23.-Money on call steady at 202h per cent; last loan, 2A.
 Prime mercantile paper 36I3A.
 Sterling exchange firm with actual busi- ness in bankers' bills, at $4SS6i.SSA for de- mand, and $4.ScY@4S6 for sixty days.
 Posted rates, $4.SG1k@4.S7 and $4S9
 Commercial bills, S4.S5A.
 Silver certificates, COZ; bar silver, 601z; Mexican dollars, 4S%.
 Government bonds, easy; state bonds, in- active; railroad bonds, irregular