The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1899-06-21
Ftm1uctal.
The Stock Market.

The Stock Market.
New York, June 2O.-To-d days advance
In prices of stocks after the early weak
ness was no more conclusive of a set
tied condition of the speculative situa-
ton and of the future course of the
stock market than was yesterdays de-
cline There was a brief and spasmodlc
period of liquidation in Federal Steel,
and American Steel and Wire in the
opening dealings and the professional
bear party took advantage of this to
make drive against the whole market.
But the brief duration of the decline
and the firm resistance 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 decline of yesterday
and this morning by buying stocks at
the low level. There was some organic
ed buying of the Flower group of spec
ialties, not only in support of Federal
Steel but for the long account in Brook
Ign 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 fact of the well defined in
eastern Europe made the conclusion I'M
avoidable that supplies of American
wheat We're believed to be Forthcoming
by those who are best able to judge
Aside from this the market continued
very 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
Eo1n o,,I Hoo
wide 5000 shares of the former selling
at drop of IL to points, and 5000
shares of the latter showing simulta-
neous transactions from IL to 3ss be-
low last nights prices. The motive, of
course, was the granting Of the injunc-
tion against the payment of the IN per
cent. dividend which has been declared
on Federal Steel common on the grounds
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 Pres
ident Gary that a sufficient sum had al
ready been set aside to pay yearly
dividend on the preferred stock was the
decisive influence in the rally of both
stocks. The next decline for each on
the day Is only about point. Other
conspicuous strength was shown by the
Union Pacific stocks, New York Cen
trail and Pennsylvania in the late deal
ings, but as these have recently had
sharp declines their relatively greater
advances were but natural. Operations
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 appre-
henson still exists over the threatening
situation in France and in South Afri-
ca, and the high ruling rate for money
unbridled speculation. The advance in
money in Berlin was reflected in higher
discount rates in London and an ad- |
vance in the rate for sterling exchange |
here, which is believed to foreshadow a |
further outflow Of gold. The rate of ex-
change on Berlin, however, eased off |
fraction in New York rather inconsst-
emily. The general weakness of govern
ment bonds was unchanged.
Railroad bonds We're heavy, Kansas |
City, Pittsburg and Gulf lists dropped |
21a Total sales par value $1,S01, 900.
United States new As and the IS regis |
tered declined Y; the coupon, the old As |
and the 5s Il in the bid price
Closing Prices.
Following are the closing prices reported |
by Prince II Whiteiy. Bankers and Brokers. |
81 Broadway, New York. aud 10 Center ST.,
New Haven. Bid. Asked. |