Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-06-05
Bears Make Successful Raid on
Prices of Stocks.
SUGAR LEADS TIE DECLINE
The Whole Industrial List Sold Off
in Sympathy
GENERAL MARKET REPORTS
peciai Dispatch to The Evening star.

Special Dispatch to The Evening star
NEW YORK, June 5.-Today's stock mar
ket reflected the presence 81 two contend
ing factions. the depressing party having
the better of the aggressiveness. and con-
sequently the better results London's re-
turn TO business was not attended by any
special interest in the American depart
ment. yesterdays tumult at Paris having
a tendency TO depress prices in all Eu-
ropean markets
Later in the day. after our own market
had recovered, foreign houses were buyers
OF a Few stocks. First prices, or those re-
corded during the first hour. were In many
instances the best Tor the day.
The steel stocks and American Smear
were advanced during the opening hour.
and gave momeutary evidences of a moder-
ate inside demand. At the higher prices
however. selling soon became pronounced.
and sharp concession followed Sugar de-
clined GIG per cent from its highest point,
and offers TO sell the next dividend AZ aI5
per cent gave rise to rumors OF reduced
rate at Wednesdays meeting. Opinion va
ries as TO the probable rate TO be declared
but the believers in the declaration of the
usual II per cent rate are the more uuruer-
Gus.
There is one factor. however. 10 be con-
sidered in this particular. namely, the trust
investigation, which Is now In progress
Inc president OF this company has be,n
summoned to appear a witness before
The commission, and he may wish to plead
poverty for his corporation by reference To
forced change in the dividend rate. This
program was suggested once before bur
large stock interest refused to allow such
action. according to the gossip OF the street
at that time.
The stock is vulnerable from some cause.
and the dividend may or may not he the
explanation. After the meeting on We'd
nesday something definite may be had on
this point.
The weakness In today's market may be
attributed almost wholly to the bear stIc-
cess in Sugar. The industrial list was sym
pathetic to the extent Of l and > per cent
declines, while in Consolidated Gas more
time
The one stock which developed resistance
to attack and which was given excellent
support by inside interests was Tennessee
Coal and Iron
The stock sold higher throughout the day
than either Steel and Wire or Federal
Steel, in spite of the fact that the last
named stocks are to begin dividends next
month and Tennessee Coal stopped them I'm
1887
The railroad list was steady and in a few
cases some demand for the better class Of
investment Issues was noticeable. The buy
ing was conservative and based mostly on
the prospect Of a better investment de-
mand after the July disbursements
The entire market Is kept In a condition
OF feverishness by the easy manipulation
OF the industrial stocks There h. little
really positive news 10 influence them and
while commission houses have persuaded
themselves that there Is nothing to fear in
the main situation. they are fully aware
that much may be made OF triies when
traders are given the present length Of
tether.