The times., 1899-06-21
STOCKS UNSETTLED
BY FEDERAL STEEL
An Injunction Restraining
Dividend Payment.
The Action DiSturbs the Entire In
dustrial Quarter.
Standard Issues and GrnnEcrs Firm
itnn-The Market Closes Dull.

New York, June 20.-A sharp break in
the industrial quarter served to unsettle
the general stock market at the opening
of business, but in a subsequent recovery
the market in the main disclosed firmer
tone than it has had in some time. The
practical decentralization in the industrial
stocks was due to the issue of an injunc-
tion by New Jersey court restraining the
payment of the dividend declared on Fri
day last on Federal Steel common. Specu-
lation by injunction was method formerly
in great vogue. but it has not in recent
years been extensively practiced. The an
nouncement of this stroke of high finance
coming at time when confidence in the
industrial shares was already shaken by
the jockeying in regard to the dividend in
American Steel and Wire. served to un-
settle sentiment thoroughly and there was
heavy liquidation in Federal Steel, Ameri-
can Steel and Wire, and Continental To-
bacco. Subsequently the President of the
Federal Steel Company issued a statement
in regard to the dividend provisions of
the company's charter which seemed to
set at rest any question as to the legality
of the dividend on the common stock, and
which allayed the apprehensions evident
at the opening of business. The dividend
ment upon the question of making perma-
nent the temporary injunction issued last
night will be made on July 3. officers of
the company were confident that the in
junction would be dissolved when the facts
in the case are laid before the court
Apart from this episode in the Industrial
quarters the markets main characteristic
was the strength of the standard issues,
including New York Central and Penn
wise firm on the continuation of favorable
weather in the corn and spring wheat sec
tions and the Pacific shares showed greater
strength than for a number of days.
Tennessee Coal and Iron was also notably
firm after being sharply depressed at the
opening of business. In addition to the
expectations that the companys monthly
statements will from this time forward
show heavy increases in earnings, the stock
advanced on reports that measures were
on foot looking to an arrangement with
the preferred shareholders in regard to the
accumulated dividends on the stock
There were no particular explanations of
some of the more pronounced movements
in the market, including a noteworthy ad
vance in Metropolitan Street Railway. The
other local traction shares were, however,
also firm with fairly active trading in
Manhattan Railway and Brooklyn Rapid
Transit.
The London stock market was reported
fiat under the depressing influence of the
critical situation in South Africa. Consols
declined further, and American stocks
were shown at common. though limited
declines. The actual dealings in this mar
ket for foreign account were, however, of
small proportion. There was little real
news with the course of the day. The
money market was exceedingly easy and
gave no evidences of being deranged by
the preparations for the July disburse-
ments. Trading was not particularly active
after the opening excitement, but it was
better distributed than it was yesterday
and there was an Improvement in the busi-
ness of commission houses.
The market closed dull and steady.