The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-06-21
DEALINGS, HOWEVER, WE'RE AS
SLOW AS EVER, AND CONFI-
DENCE WAS LACKING
STEEL SUFFERED
Injunction Restraining the Com
pany From Paying Dividends on
the Common Stock Had Its Effect
Upon the Securtties-DeaIin
Were Small and Decidedly Pro-
fessional in Nearly All Stocks.


NEW YORK, June 20.-Today's advance
In prices of stocks, after an early weak
ness, was no more conclusive of set
tled condition of a speculative situation,
ana or the future course of the stock
market than was yesterdays decline
There was a brief and spasmodic period
of liquidation in Federal Steel and Ameri-
can Steel and Wire in the opening deal
ings, but professional bear party took adj
vantage of this to make drive against
the whole market. But the brief dura-
ton of the decline, and the firm resist
ance offered by prices &C the low points,
warned the bears of the futility of an
effort to break the whole market. They,
+ therefore, took their profits on the de-
cline of yesterday and this morning, by
buying stocks at 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 &C
count in Brooklyn Transit, Peoples Gas
and other specialties. The action Of the
wheat market promised some buying of
grangers also. The continued weakness
In face of the information Of poor crops
in Russia, made the conclusion unavoid-
able that supplies of American wheat
were believed to be Forthcoming by those
best able to judge. Aside from this the
market was narrow and professional, and
could not be said to represent anything
more than the covering of short contracts
by yesterdays bears.
The opening in both Federal Steel and
Steel and Wire was wide 5000 shares
of the former selling a drop of ~ to- 3
points and 1000 shares of the latter show
ing simultaneous transactions from IA
to to 24 below last nights price. The
motive of course was the granting of
the judicial injunction against the pay
ment of the IL per cent dividend which
has been declared on Federal Steel COM
mon, on the ground that before the ex-
piration Of the fiscal year, the prior right
of the preferred stock to its 6 per cent
dividend, could not be assured. The
statement of President Gary that a suff1-
eient sum had already been set aside
to pay yearly dividend on the preferred
stock, was the decisive facter for the
rally in both stocks. The net decline for
the day Is only about per cent. Strength
was shown by Union Pacific, New York
Central and Pennsylvania, In the late
dealings, but as these have had sharp
declines. their relatively greater advance
was but natuaral. Operations by outsid-
ers through commission houses continued
at a minimum. Sugar was strong, Con-
tinental and American Tobacco was weak,
and the local traction stocks moved up
wards.
Some apprehension still exists over the
threatening situation In France and In
South Africa, and the ruling prices for
money in Berlin, which is the result of
rather unbridled speculation. The ad-
vance in money in Berlin was reflected
in higher discount rates in London, and
an advance In the rate for sterling ex-
change here, which is believed to fore
shadow a further outflow of gold. The
rate Of exchange on Berlin, however,
eased off a fraction in New York, rather
inconsistency. The general weakness
of government bonds was unexplained.
Railroad bonds were heavy, Kansas
City, Pittsburg & Gulf firsts dropped z1sc.
Total sales. par value, 8, 5000, 900. United
States new As and the ss registered de-
lined 1c; United States new 4s and the
9s coupon, the old as and the 5s a In the
bid price.
STOCKS
Furnished by Charles II, F. 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: