Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-06-21
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, EOn6y, Exchange Bonds, Grain,
Cotton, Provisions, Etc.

New York, June 2O-To-days advance
In price OF stocks after an early weak
ness was no more conclusive of a set
tied condition OF the speculative situa-
tlon and of the future course OF the
stock market than was yesterdays de-
cline. There was a brief and spaSmodic
period of liquidation in Federal Steel
and American Steel and Wire in the
opening deals 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
grim resistance offered by prices al the
low points warned the bears of the fu-
tilitY of an effort to break the whole
market.They. therefore, took their prof
its on the decline OF yesterday and this
morning by buying stocks at the low
level.
There was some organized buying of
the Flower group of specaltieS, not
only in support of Federal Steel. but
for the long account in Brooklyn Tran
sit, Peoples Gas and other specialties.
The action OF the wheat market
prompted some buying of the Changers
also. The continued weakness Of wheat
in face of the well defined nforma ton
of poor crops in Russia and Eastern
Europe made the conclusion unavoid-
able that supplies of American wheat
were believed to be forthcoming by
those who are best able to Judge.
Aside from this the ma rket 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 Federal Steel and
American Steel and Wire was wide.
5000 shares of the former selling at a
drop of 11a to points. and 5000 shares
of the latter showing simultaneous
transactions from IA to 1Ssc from
yesterdays closing prices. The motive,
of course, was the granting of the ju-
dicial injunction against the payment
of the Ia 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 insured The
statement OF President Gary that a
sufficient sum had already been set
aside to pay Il yearly dividend on the
preferred stock was the decisive in
fuence 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 these have re-
Gently had sharp declines their relative
ly greater advances were but natural
Operations by outsiders through COM
mission houses continued at Il mini
mum. Sugar was strong. Continental
and American Tobacco was weak and
the local traction stocks moved up
wards.
Some apprehension still exists over
the threatening situation In France
and South Africa, and the high ruling
price for money In Berlin, which is the
result of n rather unbridled specula-
ton. The advance in money in Berlin
was reflected in higher discount rates
in London and an advance in the rate
Tor sterling exchange here, which is be-
lieved to foreshadow Il further outflow
of gold. The rate of exchange on Ber-