The evening times. [volume] (Washington, D.C.) 1895-1902, 1900-06-05

There was tumble in the stock Mar
ket this morning, quite unexpected. and
most disappointing, as TIE outsiders gen
orally were Oh Jle IOES side OF TIE market.
News Of the shutting down OF mills OF tne
Federal SLecf Company, at Chicago. made
the Steel stocks weak and was a dampet
on the entire market London had hOlI-
day and gave nc support The public did
not send in buying orders sufficient TO buoy
the market. az It had been hoped they
might do. The bsars took advantage Of tao
opening apathy and sold stocks heavily FOR
the short account. Apparently this teiis
the entire story Prices did not tumble
far and there was support at the lower lev
81 by the pools and by investors re-
cOyery is mere TO be expected than . fur
Their decline and careful market people
hold to the opinion that an upward move
ment before long is likely.
There was some anxiety among profess
SIGNALS as TO the outcome OF the meeting
Of the Sugar Trust people. as II was real
lied that the general market was likely 10
be affected by the action taken. One
statement was that the meeting would
take place today and another that We'd
nesday is the meeting day. dividend at
the rate of per cent is generally ex-
pected or in other words. a continuance
of the rate established. Even although
the trust is now in a position to make
money rapidly, 1t is probably out of the
question that there will be any advance.
And on the other hand a further reduction
at this ne would be hard to explain to
the stockholders e,I.5 to Wall Street. The
war in the trade is settled, temporarily if
not finally. Sugar looks TO be a better
purchase. as far as intrinsic value is con-
cerned, than for some time past. The
stock sold off a trifle this morning and
then recovered to lis, with rather good
support evident.
The Street heard the story of the shut
ting down of important mills at Chicago,
and the consequent enforced idleness of
5000 men, with a mixture of feeling. I'm
doubtedly the first tendency of holders OF
Federal Steel and Steel and Wire seeuri-
ties was to sell out. and the first tendency
Of the bears to go short of the stocks.
People familiar with trade conditions how
ever, are not cast down as much as would
seem reasonable. They know that the
worst has been reached in the trade. and
that all changes now viii be for the better
The export of iron and steel at present
prices will be enormous. The home de-
mand at the lower level viii also revive
rapidly Buy the steel securities on these
declines, the insiders say.
The grangers and Pacific securities wen
OF badly in the first hour. The bears tool
advantage of the absence of London sup
port and made an attack on these groups
and the other intern ,ional secuTitie,
which have been particularly strong 70
several days. Burlington sold above 10
Oh Saturday. and within ten minutes 0
the opening this morning it had declines
20 below 1870. ST. Paul sold below lis ant
Rock Island below l0S. Northern Pacific
common, went of to below 81, and Atchisor
preferred, declined nearly point.
As usual the declines in these group
were accompanied by denials of all tn
good things that have been said recently
Doubts as to the 4 per cent dividend OF
Northern Pacific. common. were espresso
and people supposed TO be close TO tn
inside of the Atchison affairs were quote
IS having predicted that the Street wouI
oe disappointed" at the dividend to b
declared by that company. Careful enqui
~ shows no reason for this pessimism /
either case
The coalers were fairly strong. both tn
anthracite ana the bituminous coalers.