New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-06-24
BONDS.
TIE DAYS OPERATIONS IN STOCKS.

nh .o,rcity NJ good stocks available for
.o.,,,a,,ve nurnoses at the current quotation
level was reflected in the course OF Vaiues III
the stock market yesterday Efforts oy UaueiS
IN cover their short contracts resulted IN oe-
c,ded advance in every instance. and II was
found that the technical conditions were such
that stocks advanced more easily than lhey
declined. Traders who continue TO sell the
market short will be forced TO revel IN losses
rather than profits because stocks are IN the
hands OF powerful interests who evidently 90
not intend to peddle them out TO the shor's AT
ruling prices. There is no plausible reason TOT
remaining short of stocks at time Wheh inc
technical and business situations are IN laVor
OF higher market values; and the mere lac's
that the public is not engaged Ia speculation
while the important operators are not ac'iVeS
smn,oved in booming values. do not furnish an
adequate excuse for expectations Of liquidation
and lower prices Weakness that develops in
the market at this period is more superficial
than real The market is In position where
two weeks Of sagging values may be recovered
IN two days.
Improvement In the financial markets ABROAD
exerted beneficial influence upon local senti-
ment while additional gold export engagements
were without effect upon prices. In the early
of the American Steel and Wire directors on
the dividend question caused heavness in the
steel issues: but when 1t announced that
the motion for a dividend on t. common stock
had been postponed spirited rally took place
IN Steel and Wire carrying the price per cent
above its lowest figure OF the day. The granger
shares and the so-called Vanderbilt issues were
strong features throughout; also the local trac-
ton stocks. Peoples Gas and Louisville and
Nashville, and In the late dealings Sugar Re
fning. Federal Steel rallied in sympathy with
Steel and Wire, and Continental Tobacco was
marked up on buying for both accounts. United
States Rubber enjoyed a sharp upward move
ment. OF the cheaper class Of railroad stocks
st. Louis Southwestern preferred was active
and strong on buying attracted by the declara
ton Of an interest payment the company
second income bonds. The general marke
closed dull and strong
The action OF the American Steel and Wir
directors in postponing a dividend payment Oh
the common stock Is due according TO the state
ment issued by the management Of the com
I pany. TO the uncertainty said to be entertaine
by the directors regarding their legal power t
declare dividend, in view OF the litigation 4
the New-Jersey courts over the Federal SteC
dividend. This is a most peculiar and surpris
= ing excuse. and 1t finds little sympathy in Wa
Street 1t is even limited In the Street that tn
stock jobbers in American Steel and Wire ma
have instigated the attack upon Federal Stet
In order to provide reason for not paying
dividend on Steel and Wire that was oflciall
and publicly promised in advance. II certainl
will be an extremely difficult task for the man
agement of the company TO inspire confdenc
in its securities after deceiving the public 4
such a manner. and 1t is not likely that invest
ors will care 10 risk their money In the securi
ties OF a company whose management engage
so obviously and fagrantly in stock marke
manipulation. The methods adopted and fol
lowed out by the Federal Steel Company offe
refreshing contrast to those Of the America,
Steel and Wire.