Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-06-20
STOCKS BECALMED.
THEY ARE LIKE A sHIr IN THE
DOLDRUMs.
The DEALINGS PROFOUNDLY DULL,
Traction shares Sold on Theory
Tint Western street HALLWAY
strikes May sprend-Thc Produce
and Other Markets.

NEW YORK. June l9-speculatIon in
stocks has evidently reached sort of
equatorial line, and is hopelessly becalm-
ed in the doldrums, with not enough head
way 10 indicate in which direction its
course shall be finally shaped. Dealings
to-day continued profoundly dull. and out
side Of movements of "a few special stocks.
which were Influenced by individual
causes. the days events were incOnse-
quental. AS is only natural in a market
In which the buying demand IS practically
nil. the drift of prices was downward,
even with n very small body of offerings
10 weigh on the market. There was in
addition the sympathetic effects OF liqui-
dation, coupled with bear pressure in
Steel and Wire. The net results for the
day are losses in almost all cases. and In
quite a large number OF cases these
amount to az much as point or over.
Steel and Wire showed it's weakness
from the opening, and dropped by sue
cessive stages without any determined
support being manifested TO a level nearly
81 per share below the price OF Saturday
The confusion and uncertainty as to the
declaration of dividend at the coming
meeting, due TO the conflicting utteranceS
Of those connected with the property,
showing the existence of dispute
amongst the directors themselves, are re-
sponsibe for this weakness. Heavy lines
OF this stock were taken on by operators
on the confident assumption that II dvi-
dend Is 10 be declared. Federal Steel and
other stocks of companies in the steel
trade dropped in sympathy A buying
demand for Tennessee Coal and Iron,
which spread to Colorado Fuel and Iron.
had a large influence in checking the de-
cline in the whole group. and Affecting
partial recovery. except in Federal steel,
which sold a. the lowest on the last sale
at net decline of over two points. The
temporary strength displayed by sugar
also served as n sustaining Influence. The
early drop in the wheat market suHened
the Changers for awhile, but they yielded
again.
THE STREET RAILWAY STRIKES.
The prevailing depression on foreign ex
changes was an influence. and the bears
sold Traction stocks on the theory Ihat
western street railroad strikes might
spread The Baltimore and ohio stocks
were rather conspicuously weak, with no
further explanation apparent than the
decrease in net earnings compared with
last year. II Is evident that the pubic
and operators in stocks are waiting for
the future course of events in the coun-
try's business and industry TO become
more clearly defined. Although the buy
ing demand Is at standstlll, present
holders show no disposition TO sell at pres
evident to-day. but the borrowing demand
for stocks is so small as to preclude the
idea that large short interest exists. The
bears are apparently as disinclined 10
operate as are the buyers. The conse-
quence Is the almost Stagnant waiting
market.
The prices Of railroad bonds tended TO
fall but business in them was almost as
quiet as that in stocks. Total sales par
value. 81 1915 900. United States %s. coupon
declined il. and the old IS, coupon, al
Vanced Ia in the bid price.
The total sales Of stocks to-day were
$40 800 shares. including i0550 Atchison;
preferred: 1l.S75 Chicago, Burlington and
Ouincv. $50 Reading. preferred: hlJ
Northern Pacific; 5000 Union Pacific; 10
75O St. Paul: $3.50 American steel ana
Wire: 34192 Federal Steel; 6gS0 90. pre-
ferred, 6 80 Peoples Gas; @,0S brooklyn
Ranid Transit: 5000 Continental Tobacco:
q. 80 Sugar; $3.50 Tennessee Coal ana
MONEY AND EXCHANGE.
Money on call steady at 2p2 IL per
cent: last loan at 2; prime mercantile
paper. 3G33-4 per cent.
Sterling exchange firm. with actual busl-
mss i'm bankers bills at A.S41AsS Tor
demand and SiS5 3-4H$iS6 for sixty days.
nosted rates. "a Sc 1-2Q$lS7 and d.@; com
mercial bills. $iS5UAS' l. -, ILL.,.
Silver certificates. bl l-zHDzi pdr shNe''
60 3-S; Mexican dollars ~ IL. CO..
Government bonds irregular state
bonds inactive; railroad bonds easier.