Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-06-21
Mexican dollars 49,
government bonds weak.

Government D0nQS weak.
State bonds inactive.
Railroad bonds heavy.
Stocks-To-day's advance in price OF
stocks after an early weakness was no
more conclusive of settled condition
of the speculative situation and OF the
future course of the stock market than
was yesterdays decline. There was a
brief and spasmodic period of liquida-
ton in Federal Steel and American
Steel & Wire in the opening dealings,
and the professional bear party took
advantage of this to make a drive
against the whole market. But the
brief duration of the decline and the
firm resistance offered by prices at the
tility of an effort to break the whole
market. They therefore took their
profits in decline of yesterday and this
morning by breaking stocks at the low
level. There was some organized buy
ing of the Flower group of specialties,
not only in support of Federal Steel,
but for the long account in Brooklyn
Transit, Peoples Gas and other spec
ialties. The action of the wheat mar
ket prompted some buying of the
Changers also. The continued weak
ness of wheat in face Of the well de-
fined information Of poor crops in Rus
STA and Eastern Europe made the con-
clusion unavoidable that supplies of
American wheat were believed to be
forthcoming by those who are best
able to judge. Aside from this, the
market continued very narrow and
professionals could not be said TO rep
resent anything more than the cover
ing Of short contracts by yesterdays
bears. The opening in both Federal
Steel and Steel & Wire was wide, 5000
shares of the former selling at drop
of ~ to points, and 5000 shares of
the latter showing simultaneous trans
actions from Ia to 25s below last
nights's prices. The motive of course
was the granting of the judicial injfnc
ton against the payment of the IA per
cent dividend which has been declared
on Federal Steel common, on the
ground that before the expiration of the
fiscal year the prior sight of the pre-
ferred stock to its per cent dividend
could not be insured. The statement
of President Gary that sufficient sum
had already been set aside to pay
yearly dividend on the preferred stock
was the decisive influence in the rally
of both stoks. The net decline for eaih
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 recent
ly had sharp declines their relatively
greater advances were but natural.
Operations by outsiders through COM
mission houses continued at a mini
mum. Sugar was strong, Continental
and American Tobacco were weak and
the local traction stocks moved up
wards. Some apprehension still exists
over the threatening situation in
France and in South Africa, and the
high ruling price for money in Berlin,
which Is the result of rather unbrid
led speculation. The advance in mon
ey in Berlin was reflected in higher
discount rates in London and an ad-
vance in the rate for sterling exchange
here, which is believed for foreshadow
= further outflow of gold. The rate of
exchange on Berlin, however, eased off
a fraction in New York, rather incon-
sistently. The general weakness of
government bonds was unexplained.
Railroad bonds were heavy, Kansas
City, Pittsburg & Gulf first dropping
21a. Total sales par value 81 ,S00,0OO
United States new As and the IS reg
istered declined 1a; do. coupon, the old
As and the IS u in the bid price.
The total sales of stocks to-day were
SS6,514 shares. Quotations closed bid:
Atchison .......-............... 1lis