The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-06-22
THE MARKET ELSEWHERE.

New York, June transactions in
stocks were of paltry proportions, but
this did not preclude some side move
ments of prices. In fact the lethargy
Of the speculation left the market vul-
nerable at any spot where liquidation
was thrown upon it. Such liquidation
was undoubtedly made in all the To-
baccO stocks American Tobacco suf-
fered most severely, the extreme de-
cline being Sss Continental Tobacco
dropped an extreme of five points, ana
the preferred three. Very heavy blocks
Of all three stocks running from 1000 20
5000 shares changed hands in the course
Of the decline 0r the hesitating rebound.
The break in these stocks was due
to the rumors which have been persist
ent for several days of dissensions in
the directory of likelihood of a divis
ion of resources and possibly destruc-
tive competition. Coming on top of the
experience of the last few days in the
Steel stocks, today's events added large
ly to the sentiment of dsfavOr held to-
wards a large number of industrial
stocks.
The Steel stocks themselves were
pretty firm on account of the official as
surance that the money for the pre-
ferred dividend on Federal Steel had
been set aside before the declaration of
the dividend and also because of a pre-
valent belief that Steel & Wire was
soon to be entered in the regular list
of the exchange which would necesst-
tate detailed statement of finances
and earnings. The weakness of these III
dustrials comes with a growing per-
cepti0n that more combinations when
attained by the payment of excessively
high prices for constituent companies
and over capitalization as based on
earning power is not source OF
strength but of weakness. The neces-
sity of paying returns on over issues OF
capital leaves a combination vulnerable
to competition by new Corners less high
" capitalized.
The announcement of a great cOmbin~
alton of the existing spirit and distilllpg
companies was accompanied by rather
striking fall In the stocks of the con-
stituent companies. American Spirits
dropping over points, the preferred Il
and Standard Distilling preferred a
point, Notwithstanding the alluring as
surance that the new combination in
wolves a decrease of the capitalization
outstanding for the constituent COM
panies.
Baltimore & Ohio stocks dropped off
and 25s respectively for the common
and preferred, and continued large de-
returns.
There was a rather notable advance
in the Morgan group at one time, in
Guiding Cleveland, Cincinnati, Chicago
& st. Louis, Chicago, Indianapolis u
Louisville preferred, Hooking Valley
preferred, and Chesapeake & Ohio. This
was followed by an upward movement
in the Vanderbilts, including North
western, st. Paul &, Omaha, the New
York, Chicago & st. Louis stocks and
New York Central. These gains were
not we'll held. Pittsburg, C. c. & St
Louis dipped AZ points on very small
dealings. There was no other movement
of special Importance. American Smelt-
ing preferred showed good gains. The
general market was semi-stagnant but
as a rule showed small losses. Dealings
in bonds were small, but prices were
well held. Total sales, par value, I,795,-
OOO United States old As, registered. de-
clined II, and the new As and the 5s,
4 in the bid price.