The times. [volume] (Washington [D.C.]) 1897-1901, 1900-06-05
NO RALLY FROM DECLINES
Weakness in IndustrialS iffac..s the
General List.
Announcement of the Suspension
of Federal Steel Plants Has
DtsquictinC Inhucnce-Losres Scor-
cd I'm Railways and the Special
ties. Sugar Refining Excepted.

NEW YORK, June 4.-There was gen.
eral and material decline in the sock mar
ket in the forenoon dealings today without
any substantial increase in activity ap-
pearing The news over Sunday comprised
a good deal that might readily have ac-
counted for the particular weakness in the
Industrial quarter. but there was little OF
nothing which would explain such losses
as were made simultaneously In the rail-
way list
The passage by the lower House of Con-
gress OF the so-called Antitrust act
coupled with the announcement of the
shutdown of the mills OF the Federal
Steel Company at South Chicago, may rea-
sonably have accounted for what took
place in the industrial quarter. 1t is viz
tually certain. however, that the anti
trust measure cannot be enacted at this
session of Congress, and the future OF
the bill may depend somewhat upon the
political developments of the next six
months.
The announcement of the closing OF the
Federal Steel mills came as surprise to
had declared that they were not expert
encing the peculiar difficulties that led to
Mr.. John W. Gates decisive course in the
conduct of his particular enterprise. Fur
thermore, the average Spectator is not un-
naturally muddled by the simultaneous
closing down and opening up of mills in
the various lines Of the steel trade.
The dealings in Federal Steel, American
Steel and Wire, National Steel, and others
of the same general class were quite few
erish. and Tennessee Coal and Iron also
broke sharply in sympathy.
The speciality quarter was generally
weak also with sharp declines in the to-
tacco stocks, notwithstanding that reports
were current that the contemplated COM
bination Of the new independent virginia
and North Carolina companies was on the
eve of abandonment
Sugar Refining, as is something's the case,
moved contrary to the remainder of the
industrial quarter. The stock did, indeed,
break sharply at the opening, but 1t later
recovered with even greater rapidity. 1t
was announced today that the management
OF the company would consider what rate
Of dividend should be declared this quarter,
tomorrow, instead Of Wednesday, as had
been expected. This announcement caused
a rush to cover short contracts as in view
of the improvement in trade conditions,
seen in the light Of Mr.. Havemeyer's
statement after the declaration Of the
March dividend, il would seem a safe con-
clusion that the dividend will be declared
at not less than the same rate as that
ordered in March
The London market was closed today, as
were the stock exchanges at the CONT
mental centres over the Whitsuntide holi-
day. Still there was little in the news Of
the morning aside from the disturbed sit
uatiou in China, which might have been
counted upon to produce any material eff
feet upon the European security markets.
Nor were there any developments in home
conditions which would explain such ex-
teasive shrinkage as took place in the rail-
way list. Yet declines which were in ex-
cess OF one point were numerous, and dur
ing the greater part Of the day the market
showed little or no rallying power.
The anthracite coal group moved con-
trary to the general railway list, although
about the only definite reports that at
tended the movements In this quarter
were to the effect that the dividend on
Reading first preferred was likely to be
increased at the next declaration period.
Notably weak features of the railway
list were Chicago, Burlington and Quincy,
Pennsylvania, Baltimore and Ohio. and
Southern Railway preferred, although in
the last named instance there was a sharp
recovery from the lowest prices. There
was a virtual absence Of any news or even
gossip bearing upon the more extensive
movements in the railway list.