Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-06-05
THE MARKET TURNED UEK,
AFTER A STRONG OPENING IN CON-
TTNUATION OF MONDAYS
STRENGTH.
GENERAL AFTERNOON RALLY
CAME UNDER STRONG LEADERSHIP
But TOWARD THE CLOSE RAG
GED EDGES SHOWED.
(By Associated Press. /,

course of prices received a decided
check to-day. After the strong open
ing in continuation of yesterdays
strength, the whole market with very
few exceptions turned weak. There
was pretty general rally in the after
noon under the leadership of a few
strong stocks, but before the close
there were some ragged breaks in
prices again and the closing was decid-
eddy irregular and unsettled with only
a few stocKs near the top level. The
acute weakness Of Sugar was a deter
mining influence in the early dealings.
Yesterdays rumors of an increase in
the dividend on this stock were pretty
generally discredited tLls morning and
there was besides an explicit denial Of
statement put out yesterday that liti-
cation with the company's principal
competitor had been settled. The prin-
cipal selling had been effected before
the actual announcement of the I'M
changed dividend and there was some
recovery later in the day in sympathy
with the general strength of the mar
ket. The stocks extreme decline was
65s. The fact that the other coalers
did not respond to the early strength
of Ontario & Western on the report Of
its purchase of the old Delaware e
Hudson canal in spite of reassuring
statements that the transaction was
with the full knowledge and approval
of the Erie Railway Company, was con-
sidered rather ominous. Reports of
drought in the southwest gave rise to
the cross speculation usual at this per-
iod of the year to bull wheat and to
bear the grain carrying railroads. The
effects OF this were particularly mani
fest in St Paul and the Southwesterns.
The decline in Union Pacific reached
3A and in st. Paul rs. Current re-
ports of falling off in new orders re-
ceived in the iron trade, although &C
tual consumption is reported to be still
running close to production, awakened
"reminiscences of last years collapse in
the steel securities. There was besides
very heavy selling by the professional
operators to take profits on yesterdays
rise, London joining in the selling and
reversing its position of yesterday The
identity of the sellers was the subject
of rather anxious surmise The an
nouncement of the sugar dividend re-
lieved the market of disturbing ele-
ment and its recovery set in from that
time. The markets principal move
ments later turned on the various stor-
les of wide reaching adjustments in the
railroad world. Allegations that the
Missouri Pacific was to be accorded an
influential interest in southern Pacific
in return for relinquishing to the Penn
sylvania the Wabash and Lake Erie
properties and that Union Pacific was
to have voice in Atchison affairs were
factors in the buying. Pennsylvania
rose an extreme 8 points; Southern Pa
cific Az and the Wheeling & Lake Erie
stocks 2 to points. Rock Island rose
an extreme 61a points. The movement
seemed to be based on the belief in a
belated admission of the company to a
share in the advantages of the North
ern Pacific settlement. he rise in
Ontario & Western on its canal acqui-
SltloHs fedcneQ 4Hs. General Electric
advanced IS points on reports of heavy
earnings United States Express rose
5, Des Moines & Fort Dodge ga, Brook
lyn Union Gas 3A and Peoria & East
ern 3. The Eries were again heavily
bought just before the close. Last
prices were invariably below the best,
the final reaction reaching a point or
over in some of the important stocks.
The money market was not an influence
in the trading as rates continued easy
in spite of late recovery in sterling
exchange to the gold export points.
The bond market was irregular in
sympathy with stocks. Total sales par
value $3,2S5, COO.
United States refunding Is advanced
a per cent on the last call.