The San Francisco call., 1899-06-21
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK June 20.-To-day's advance in
prices Of stocks after early weakness was
no more conclusive OF a settled condition of
the speculative situation and Of the future
course of the stock market than was yester-
days decline There a brief and spas
modic period Of liquidation in Federal Steel
and Wire, and the bear party took advantage
OF this 10 make drive against the whole mar
ket 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 there
lore TOOK their prohts on the decline of yes
terday and this morning by buying stocks at
the low level There was some organized buy
ing Of the Flower group of specialties, not
only In support Of Federal Steel, but for the
long account in Brooklyn Transit, Peoples Gas
and other specialties. The action OF the wheat
also. The continued weakness of wheat In the
lace Of the well defined information of poor
crops in Russia and Eastern Europe made the
conclusion unavoidable that supplies of Ameri-
can wheat We're believed to be forthcoming by
those who are best able TO Judge. Aside from
tlls the market continued very narrow and
professional and could not be said TO repre-
sent 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 at a
drop Of 1I-a3 points and 5000 shares of the LAT
ter showing simultaneous transactions from IL.
02S below last night 5 prices. The motive OF
course. was the granting OF the judicial injunc-
tion against the payment of the II. per cent
dividend which has been declared on Federal
Steel common the ground that before the
expiration OF lfle 0SCal year the prior right of
the preferred stock to its per cent dividend
could not be insured. The statement of Presi-
dent Gary that q sufficient sum had already
been set aside 10 pay a yearly dividend on
the preferred stock the decisive influence
in the rally OF both stocks The net decline
for each on the day is only about a point
Rather conspicuous strength was shown by the
Union Pacific stocks New York Central and
Pennsylvania in the late dealings but as tney
have recently had sharp declines relatively
greater advances only natural. OPERA
tiOns by outsiders through commission houses
continued at a minimum. Sugar was strong
Continental and American Tobacco was weak
and the local traction stocks moved upward
Some apprehension still exists over the threat
ening situation in France and South Africa
and the ruling price for money in Berlin which
IS the result OF a rather 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 out
flow of gold.
Railroad bonds were heavy Kansas CITY.
Pittsburg and Gulf iirsts dropped 2LS Totai
sales par value 1900 COO United Stats new
As and the new IS declined y, old As coupon and
the 5s Il in the bid price
The total sales OF stocks to-day amounted to
Wire $500. American Suvar 25 600: Anacond.
$500; Atchison preferred. 5000; BROOKLYN Tran
sit, @, 300: Burlington, L. .000 Continental To-
bacco. 45,l00: Federal Steel, As 500: do prefer
red. 3700; Louisville and Nashville 5000 Man
haitian $50; National Steel, $500; PEOPLES Gas
1880; Baltimore and Ohio. 5000; Chicago Great
Western. $500; Chicago Rock Island and Pa
c1c, 450O; Metropolitan. 400; New York Cen
trail 670G; Ontario and Western, 400: Pennsyl-
vania 4200; Tennessee Coal and Iron, 600:
Union Pacific, 1900; do preferred. 1000.