The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-06-21
THE MARKET ELSEWHERE.

New York, June 2O.-Today's ed
vance in prices of stocks after the ear
ly weakness was no more conclusive
of a settled condition of the specula-
tive situation and of the future course
of the market than was yesterdays
closing There was a brief and spas
modic period of liquidation in Federal
Steel and American Steel and Wire IN
the opening dealings and the profess
sional bear party took advantage OF
this to make drive against the who lie
market, but the brief duration of the
decline and the firm resistance offer
ed by prices at the low point warned
the bears of the futility of an effort to
break the whole market.
They therefore took their profits on
the decline of yesterday and this morn
ing by buying stocks at a low level.
There was some organized buying of
the Flower group of specialties not only
in support of Federal Steel but the long
account in Brooklyn Transit, Peoples
Gas and other specialties. The action
of the wheat market prompted some
buying of the grangers also.
The continued weakness of wheat in
face of the well defined information of
poor crops in Russia and eastern Eu-
rope made the conclusion unavoidable
that supplies of wheat were believed to
be forthcoming by those who are best
able to Judge. Aside from this the
market continued very narrow and pro-
fessionaI and could not be said to re-
present anything more than the fos-
tering of short contracts by yesterday S
bears.
The opening in both Federal Steel
and Steel and Wire was wide, 5000
shares of the former selling at q drop
OF l 1-2, to points and 5000 shares OF
the latter showing simultaneous trans
actions from IN to 35s below last
nights price. The motive of course
was the granting of the iujunc-
ton against the payment OF
the ia per cent. dividend
which has been declared on Feredal
Steel common, on the ground that he
fore the expiration of the year the
prior right of the preferred stock TO
its s per cent dividend could not pc
assured The statement of President
Gary that a sufficient sum had already
been set aside to pay yearly diVldel.d
on the preferred stock was the decls-
i've influence in the rally of both STOCKS.
The net decline for the day is only
about point. Rather conspicuous
strength was shown by the Union Pa
cif1c stocks. New York Central ana
Pennsylvania in the late dealings but
as these have recently had sharp de-
cline their really greater advances
were but natural. Operations oytoUt-
siders through commission houses con-
tinued at a minimum. Sugar was
strong, Continental and American TO
bacco were weak and the local trac-
ton stocks made upwards. Some ap-
prehension still exists over the threat
ening situation in France and in south
Africa and the high ruling rate Tor
money in Berlin which is the result or
a rather unbridled speculation. Inc
advance in money in Berlin was He-
Elected in higher discount rates in Lon
don and an advance in the rate Tor
sterling exchange here which is pelieN.
ed TO foreshadow a further outflow or
gold, The rate of exchange on Berlin,
however. eased off fraction IN M"
York rather inconsistently. The gen
eral weakness of government bonds is
unexplained. Railroad bonds were
heavy. K. c. and Pittsburg AMI CUR
dropping one half. Total sales, par va
Inc ri sol .0O0 United States new IS
and the IS registered declined n 90
coupon. the old As and the 5s "A IN the
bid price.