The times., 1901-06-05

Before the CIose-Interest in the
stock Market Wei Diversified.
NEW YORK. June 4.-Generally speak
ing. today's stock market tendencies were
more Irregular than they have been at any
time during the last week. The market
opened strong and active, and showing
excellent distribution of interest. 1t was
apparent almost Immediately. however
that profit realizing sales were being con-
Quoted in enormous volume, as indeed
was the case yesterday.
In consequence, the forenoon market
showed T number Of extensive reactions
stocks of the character Of St. Paul and
Union Pacific declining with particular
rapidity Nothing whatever in the way Of
news or even gossip engaged attention
upon the opening Of business. The Lon
don stock market showed declines for
American stocks. and for the first time
in week or more foreign houses sold
fairly heavily in this market
In the absence of any new developments
the disposition of the dealings here for
foreign account seemed to give the cue to
the local trading, and after the opening,
profit realizing sales appeared in eXcep-
tionaliy heavy volume Close observers
of the dealings reported, as has been the
real liquidation, and described the sell
ing of stocks as almost entirely Of a
purely professional character
The advance in the market since the
middle of last week has been particularly
rapid and extensive; so much so, indeed,
that it is by no means unnatural that the
days profit taking should have been in
duced. The days routine developments
were again confined TO such matters as
railway traffic returns and the rates for
sterling exchange and money. The first
named were all gratifying showings, the
money market continued extremely easy,
and sterling exchange was firm. 1t did
not appear, however, that the prospects of
gold exports with the course of the week
cut any especial figure in the days deal
lngs.
Notwithstanding the irregularity Of the
market interest was well diversi-
fed, and with the course of the day a
generally strong tone developed. Sugar
Refining was notably prominent in the in
dustrial quarter and the particularly
sharp break which appeared early was
not without effect in inducing selling in
the rest Of the market.
IN the industrial quarter reactionary
tendency was general, but the dealings
were not in large volume aside from the
United States Steel stocks. The securi-
OF the general market. The so-called spe-
cialties likewise moved in line with the
railway list and the industrial stocks. The
heaviest dealings We're in Amalgamated
Copper and Consolidated Gas which
shared in the early irregul3rity of the
market and The subsequent improvement.
General Electric was, however, eXcep-
tionally strong throughout the course of
the business session.
In the railway list notably strong fea-
lures were the anthracite coal stocks. par
ticularly Chesaueake and Ohio Norfolk
Erie issues. Both ST Paul and Union Pa
ciflc also recovered pldly from the de-
clines they showed in the forenoon The
particular strength showing in Ontario
and Western was doubtless owing to this
mornings intelligence respecting the ac-
QUESTION of a portion OF the bed Of the old
Delaware and Hudson Canal, but rumOrs
were current also that the New York
Central Company was acquiring extensive
interests in the property.
Southern Pacific advanced on reports
that dividend was likely to be declared
on the stock, a somewhat reasonable
probability in view OF the obligations in
CURED by the Union Pacific Company
through its purchase of nearly one-half
Of the outstanding issue. II was also
munity Of interest likely to be establish
ed among the railroads west Of the Mis-
sissippi River. the Missouri Pacific Com
panY would probably appear as a sub
erantial factor in the Southern Pacific af-
fairs. and in fact that the Union Pacific
interests in The company would be limit
ed to the Central Pacific branch.
A number Of the less active railway Is
sues were strong throughout the business
session. conspicuous examples being Chi
and the New York, Chicago and st. Louis
issues