The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-06-24
PRICES ARE HIGHER
In the Stock Market, Some
Gains Being Notable.
STEEL AND WIRE DISPUTE
Money Market Is Not All That
ltMight Be.
STEEL AND WIRE DISPUTE

New York June E.-The stock market
did not extend beyond professional bounds
at any time today, but the small active
element amongst the operators were lis
posed TO cover outstanding short contracts
and as q result prices are generally higher
| on the day, in some cases notably 80.
The meeting Of the directors Of the Amer
lean Steel and Wire company to settle
the much discussed dispute as to whether
o not q 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 breathless expectancy for the
result. Much bitterness has been mani
| Tested among the contestIng elements over
this question, but the action OF the stock
when It was finally announced that no
dividend would be declared at present
shovel that the event had been thorough
~ discounted. The price closed at the
| highest OF the day. ala points above the
lowest. There was q momentary dip TO
near the lowest after the news came out.
ly moved upwards absorbing some blocks
of moderate dimensions on the way. The
action of this stock, In face OF the worst
that had been toretoll, cleared the situa-
ton and there was some sharp advances
In the closer deals. The steel and wire
news did not come out until within half
an hour OF the close. There was a period
OF practical stagnation and yielding of
prices before this question was decided.
Tie great improvement in the sentiment
on foreign stock markets was reflected at
the opening hire. notably IN the Baltimore
and Ohio stocks. and there was a good
cernaDt later for the Vanderbilt group
OF railroads.. the Changers, the Pacifics.
Continental Tobacco and a number OF
other specialties. Sugar, Tennessee Coal
and Iron American Smelling and the dis
filling group were centers OF weakness at
one time but without general effect upon
the market. Metropolitan Street Railway
IVES up Owe: points at one time and Air
Brake rose IA points. Burlington and Ohio
common gained 3 points but the advance
in. the preferred was nOr well held. Tee
gains in the railroads as a rule were very
900 in gold for export tomorrow had no
effect on the market, as the bears had
circulated rumore yesterday of u 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 sterling exchange
in New York; but the relaxation of the
political tension abroad has apparently
served to partly relieve the pressure for
gold. London bought stocks in this mar
ket today. Another unfavora5le bank
statement is expected tomorrow. as the
banks have been losing both to the in
terror and TO the sub-treaslIry. on ac-
count OF the surplus OF revenue receipts
over expenditures. Some OF the gold ex-
ports viii also figure in the return. though
none Of the $4.OOOOOO announced today will
be included. The changes in loans cannot
be foretold, though events in the stock
market would Indicate a contraction. but
this was true last week also. when the
event showed an expansion of sl5O00.OO0
The total sales Of stocks today amount
ed to 3l5, SIS shares. including: American
steel. 800: American Sugar. 5l.so0:
Brooklyn Transit, 1890; Burlington. 500:
Continental Tobacco. Is. 100; Federal Steel.
Il, 4OO; Manhattan. 500; ST. Paul. 500:
American Tobacco. $500: Baltimore and
Ohio, 400: Baltimore and Ohio preferred
400; Cincinnati, Cleveland, Chicago and
ST. Louis. $50: Metropolitan Street ran !
way. $500; New York Central. 500; !
United States Rubber. 400.
The leading stocks closed as follows: