The times., 1901-06-06
STRENGFHAT THE CLOSING
The Stock Market Active, But
Somewhat Irregular Early.
Foreign Houses Sell southern Pa
cific. Causing II Depression That Is
Later Regained - Firmncss Main
tained Among the Railway Issues.

Foreign Houses Sell southern m
cifc, Causing II Depression That Is
Later Regaincd - Firmness Main
taiued Among the Railway Issues.
NEW YORK, June 5.-Today's market
was again very active and the tone in the
main was very firm. Great irreguarity
marked the dealings at the opening Of
business and for m greater part of the
morning but subsequently generally
steady tone developed and number Of
stocks advanced rapidly.
To a great extent the irregularity Of the
market in the early part Of the forenoon
was owing to the disappointing attitude
of London, which furnished a generally
lower range Of prices for American stocks
and which subsequently was heavy sell
er in this market The heaviest selling
for foreign account was in Southern Pa
cific and the stock was materially de-
pressed On this account at the opening
but il subsequently. upon the culnina-
tion of the foreign selling, advanced rap
idly
RUmors that Southern Pacific would
soon be established upon a regular divi-
dend paying basis continued current and
seemed TO be the main influence in the
strength it showed after the opening of
business. The most conspicuous move
ment in the railway list was in the Atchi-
son issues, the common stock advancing
with especial rapidity. The course Of
Atchison was partially accounted fo4' by
the announcement of a significant addi-
tion TO the company's board Of directors,
the street arguing from the circumstances
in question that the community of inter
est idea was likely to be extended so as
TO cover this company also.
A number of specialties among the rail-
road stocks showed decided strength. con-
spicuous examples being Chicago Ter
minal. Des Moines and Fort Dodge. the
New York, Chicago and St. Louis issues,
and Wisconsin Central. Interest shifted
somewhat from the stocks which were
the leaders in respect OF strength and ac-
tivity yesterday. and in the forenoon the
Erie issues and the other stocks in ques-
tion were somewhat reactionary, but they
subsequently shared in the general
strength that later on developed.
The price movements in Missouri Pacific
and Union Pacific were rather erratic.
Union Pacific was sharply depressed in
the early part of the day. but it subse-
quently recovered the whole of its loss.
Other notably firm features OF the railway
list than those already cited We're Rock
Island, Pennsylvania, and New York Cen
tral. The street was again disposed to
think that some significance attached TO
the simultaneous strength of Atchison
and Pennsylvania.
The local traction stocks did not partic-
ipate in the general movements in the
market. Brooklyn Rapid Transit, indeed,
broke sharply in the forenoon upon the
announcement Of the destruction Of one
of the company's power houses, but sub
sequently the stock recovered the greater
part OF its decline.
In the speciality quarter the same gen
eral tendencies that were displayed by the
railway list were noted. Pacific Mail was
a conspicuously strong feature in the
speciality quarter. Amalgamated Copper
was unfavorably affected by reports that
further annoying litigation was 10 be in
stituted against the company. Republic
Steel. Tennessee Coal and Iron, and Colo
rado Fuel and Iron were all firm.
The United States Steel issues were the
leaders among the industrial stocks,
showing especial strength and activity,
and the buying there seemed 10 be based
wholly upon the estab Enlistment of the pre-
upon regular dividend basis. Both Amer
lean Tobacco ana Continental Tobacco
advanced sharply in the early dealings in
connection with the plan for the conyer-
sion Of those stocks TO the bonds of new
company, but later on both issues were
reactionary.
Aside from the days returns Of railway
traffic and the slight movements in the
money and foreign exchange markets to-
day S situation was wanting IN any mat
tiers Of interest. Money was again eX-
tremely easy and sterling exchange was
dications that gold would be exported
with the course Of the week