The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-06-24
YOND PROFESSIONAL BOUNDS
DURING THE SESSION
STEEL AND WIRE DISPUTE
1t Served to Keep the Entire Mar
ket In "a Condition bordering
Upon Lethargy-Strcngth Was
Added When the Result of n Com
ference of Directors Was Made
KnOwn-MOney Market Doubtful.

NEW YORK, June 23.-The stock mar
ket did not extend beyond professional
bounds at any time today. But the small
active element was disposed to cover
outstanding short contracts, and, as a re-
suit, prices are generally higher today,
and notably so. The meeting of the di-
rectors of the American Steel and Wire
company, to settle the dispute as to
whether or not dividend should be de-
clared on the common stock, was the
central event of interest. After the di-
rectors went into session the market
waited with eager and almost breath
less expectancy for the result. Much
bitterness has been manifested among
the contesting elements over this ques-
ton. but the action of the stock when 1t
was finally announced that no dividend
would be declared at present showed
that the event had been thoroughly dis
counted. The price closed at the highest
of the day, 21z points above the lowest.
There was momentary dip to near the
lowest after the news came out, but Of
ferings were small, and the price quickly
moved upwards, absorbing some blocks
of moderate dimensions on the way.
There were some sharp advances In the
closing deals. The Steel and Wire news
did not come out until within half an
hour of the close and the early strength
There was a period of practical stagna
ton before this news came out. The
great Improvement in sentiment on for
eign markets was reflected in the open
ing here, notably in the Baltimore &
Ohio stocks, and there was a good de-
mand later for the Vanderbilt group of
railroads, the grangers, the Pa flies,
Continental Tobacco and a number of
other specialties. Sugar Tennessee Coal
q nd fha io-
tilling group were centers of weakness
at one time. but without general effect
on the market. Metropolitan Street Rail-
way was Up over 4 points at one time,
and Air Brake rose ID points. Baltimore
& Ohio common gained three points, but
the advance in the preferred was not
we'll held The gains in the railroads, as
a rule, were very firmly held. The an
nouncement of 100000 in gold for ex-
port tomorrow had no effect on the mar
ket as the holders had circulated ru-
mors yesterday of a much larger amount,
and the event had thus been discounted.
Money rates hardened in London, and
there was a recovery Of a fraction in the
rate of sterling exchange in New York,
but the relaxation of the political tension
abroad has apparently served to partly
relieve the pressure for gold. London
bought stocks in this market today. An
pected tomorrow, as the banks have
been losing both to the interior and to the
subtreasury on account of the rush of a
surplus of revenue receipts over expendi-
lures. Some of the gold exports will also
figure in the return. though none of the
81, 600, 900 announced today will be In
cluded The changes in loans cannot be
foretold, though events in the stock mar
ket would indicate contraction. But
this was true last week also, when the
event showed an expansion of $15,000,000.
The bond market was only moderately
active and changes were mixed. There
were heavy takings of ST. Louis South
western seconds at an advance of per
cent, and of Wisconsin Central afirsts at
an advance Of 1 per cent. Total sales.
per value, $2,GS7,000. United States 80
coupons declined Is in the bid price.
STOCKS.
Furnished by Charles H F. Smith &
Co., members of the New York stock ex-
change, Pioneer Press building, who have
special wires to Chicago and New York
Closing prices are bid: