The times. [volume] (Richmond, Va.) 1890-1903, 1900-06-06
PRICES TOOK A
DOWNWARD TURN
In Spite of svmtoms of Strength
Shown BY Market.
The PRESSURE TO SELL HEAVY
And the Demand Was Not Grca,
Enough TO Absorb the Offerings at
the -advancc-Bonds Dull
and Sluggish,

NEW YORK. June 5.-The stock mar
ket showed symptoms of strength at vari-
Gus times to-day, but the pressure to sell
at the advance proved too much for the
limited demand to absorb, and the latter
part OF the day was given over to de-
suitory downward movement, which car
ried prices below last nights level, eX-
cept for few stocks
The strength of a few shares was. in
TACT, the principal sustaining influence of
the market at all times The support CT
THIS character came from AtchiSon pre-
1erreds which began to move upward
early in the day in anticipation Of the
dividend announcement. The declaration
OF Per cent for the semi-annual pc
rod had been accurately forccasted, and
Ihe advance stock came to Il Standstill
when the dividend was announced. After
hanging siuggisllly for a time the ad-
vance was resumed on the giving out of
the directors estimates of the net earn
ings Tor the fiscal year, showing hand
some surplus over the fun > per cent.
dividend requirement for the preferred
stock. Atchison preferred upon rose to
Isas, which is on level with the high
record price made two months ago
a number Of other railroad stocks
whose prospects of dividends or increased
dividends have been much exploited. but
not yet realized, showed the greatest
sympathy with Atchison. Baltimore and
Ohio, Union Pacific and Missouri Pacific
Were the principal instances.
The response elsewhere was moderate.
Owing 10 the heavy outlay for betterment
after the reorganization of the AtchiSon
system. that railroad is able TO show
large reductions at this time in operating
expenses, and is almost alone among the
railroads of the country in that respect.
The other incident OF the day to attract
most attention was the Sugar dividend,
which was maintained at the same rate
of l1a per cent as the last. The move
inent OF this stock showed that the recent
buying has been based upon accurate
foreknowlege of this dresult. The selling
TO secure speculative prGltS met so SilSht
demand that the price fell away weakly
and had a decidedly depressing effect on
the market
Aside from the sympathetic influence of
these movements the market was dull
and apathetic throughout There was q
general slight advance at the opening on
expectation of favorable effect ON the
foreign market from the occupation of
Pretoria This expectation proved delu-
sive and the markets at London, Paris
and Berlin all turned heavy at The close.
Rejoicing over the news was offered as
an explanation of London's failure to
spend time in buying stocks, and the Ber-
lin market was affected by weakness OF
iron mining shares. Adviccs from Paris
admit a feeling of apprehension over the
unsatisfactory conditions in China and
The International complications that may
follow the end of the Boer war Fears
of decentralization in freight rates We're
one of the causes of the relapse in prices
here. The close was dull and heavy
There was a large demand Tor western
New York and Pennsylvania general
mortgage q but the maximum advance
was not maintained. Otherwise the bond
market was dull and sluggish Total
sales par value. $1,3Io 600. United States
bonds were unchanged in bid quotations
The total sales OF stocks to-day were
800 shares
MONEY. AND EXCHANGE.-AIoney on
cali steady at 12sGt2 per cent: last loan
at Ia. per cent; prime mercantile paper,
, .IlSI4 per cent. Sterling exchange firm,
with actual business in bankers bills at
skS1k for demand and at S4-S4l9 for sixty
davs; posted rates. $4.S5i2 and S4.SSl2;
rnrn,r,erciaI bills 81 S3laIG4 S;t1i silver GER