Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-06-24
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange Bonds, Grain,
Cotton, Provisions, Etc.

New York, June 23.-'rhe stock mar
ket did not extend beyond professional
bounds ut any time to-day, but the
small active element amongst the ope-
rators were disposed to cover outs tand-
ing short contracts. and as Il result
prices are very generally higher on the
day, in some cases notably So The
meeting of the directors OF the Ameri
can Steel and Wire Company to settle
the much discussed dispute as to
whether or not n dividend should be
declared on the common stock was the
central event of interest. After the
directors went into session the market
waited with eager and almost breath
less expectancy for the result. Much
bitterness has been manifest amongst
the conflicting elements over this QucS-
ton, but the action of the stock. when
1t was finally announced that no divi-
dend would be declared at present
showed that the event had been thor
oughly discounted. The price closed at
the highest of the day, 2Is points above
the lowest.
There was n momentary dip to near
ehs lowest after the news came out
but offerings were small and the price
quickly moved upwards, absorbing
some blocks Of moderate dimensions on
the way. The action of this stock, in
the face of the worst that had been
1oretold, cleared the situation, and there
were some shar2 advances in the clos
ing dealings.
The steel and wire news did not come
out until within half an hour of the
close. and the earlier strength of the
market then reasserted itself. There
was period OF practical stagnation
and yielding of prices before this ques-
ton was decided The great improve
ment in the sentiment on foreign stock
markets was reflected at the opening
here, notably in the Baltimore ana
Ohio stocks. and there was a good de-
mand later for the Vanderbilt group of
railroads, the Changers, the Paciflcs,
Continental Tobacco and n number Of
other specialtes. Sugar, Tennessee Coal
ana Iron, American Smelling and the
dlstillinS group were centerS of weak
ness at one time, but without general
effect on the market. Metropolitan was
up over points at one time and Air
Brake rose IA points
baltimore and Ohio common gained 5
points, but the advance in the pre-
ferred was not well held. The gains in
the railroads as u rule were very firmly
held.
The announcement of 81 ,O0o. 900 in gold
for export Tomorrow had no effect on
the market, as the bears had circulated
rumorS yesterday OF n much larger
amount and the event had thus been
discounted. Money rates hardened In
London and there was Il recovery of q
-
change in New York; but the relaxation
OF the political tension abroad has ap-
parently served to partly relieve the
pressure for gold. London bought
stocks In this market to-day. Another
unfavorable bank statement is expected
tomorrow, as the banks have been los
Ing both to the interior and to the sub
treasury on account of the surplus of
revenue receipts over expenditures.
some or The gold exports will also
inquire In the return though none OF the
100000 announced to-day will be in
cluded. The changes in loans cannot
be foretoid although events in the
stock market would indicate a contrac-
ton. But this was true last week,
also, when the events showed an ex-
pansion of s15.00000O.
The bond market was only mode
rately active and changes were mixed.
There were heavy takings of st. Louis
and Southwestern seconds at an ad-
vance or per cent. and of Wisconsin
Central hrsts at an advance of | Der
cent. Total sales par value 81 .6S7 900
United States SIS. coupon. declined
lac. In the bid price. The total sales
of stocks were $500 shares.
New York, June 23.-Standard Oil.
4.67kG4.69