Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-06-05
Special to the Register.

Special to the Register
NEW YORK, June 4.-The London
market opened strong. but eased off
before the New York opening, Union
Pacific and the steelers being the firm
est.
The New York opening was quiet at
about Mondays close, and after a
slight advance reaction set in, led
by American Sugar, which declined
from 1852 to lat upon the announce
ment that the regular IN quarterly
dividend had been declared instead of
the per cent the street expected. The
reaction in most stocks did not extend
to more than one or two points, and
was Of short duration. The general list
fully regained the loss, and some
scored notable gains. Southern Pacific
was the leader both on the advance and
in activity, the sales reaching $4,000,
closing at 61A, a gain of 21a points.
The high price for the day was 62as, a
record mark.
AS suggested before in these dis
patches, Southern Pacific should sell
higher, and We think the top has not
yet been recorded. All the Pacific
stocks were strong, Missouri Pacific
selling to 116A, a record, st. Paul to
IAN, Rocky Island gained 51a, selling
at 1891, closing at 1boA. No Northern
Pacific was sold, which always has a
quieting effect.
All the cOalers were especially strong,
Pennsylvania making a gain of 15s, B.
& 0. held it's own, Erie first gained Is,
closing at Y, the highest of the day,
and common at 4512, the best price ever
known. Readings first sold to S01a and
the common to 1874, Chesapeake & Ohio
to 52A, Norfolk & Western to 55A,
Ontario & Western 399s, closing strong
at 393s, a net gain of 81. The Wa
bashes and Wheeling & Lake Fries were
tolerably active and strong. Wabash
common sold to 255s and the preferred
to 453s. The advance in Wheeling &
Lake Erie was even more marked than
that in Wabash common, it selling to
%, first preferred to oi1a, and second
to 35&. The advance in Wheeling &
Lake Erie is probably due to the fact
of good prospects of entering Pittsburg
as part of the Wabash system.
The New York fractions were firm
at about Mondays prices.
The steels were again under pressure,
ly small. United States preferred clos
ed at % and the common at Is under
Mondays prices. The street was in
formed during the afternoon that the
United States Steel Board would meet
on July 5th which probably means that
the July dividend will not become
available until about the middle Of that
month, and the earnings on both stocks
may not be collectable before the mid
die of August.
Among the specialties to-day General
Electric was a star performer, opening
at 240, against yesterdays close of 237,
sales being made in rapid succession at
243, 249, 2491a and $50, and this being
followed by free selling and buying
around 249 and $50 This is top notch
for this stock, and was predicted in
these columns some two months ago.
Amalgamated Copper sold to 124,
closing at 1924.
The feeling on the street to-day was
decidedly bullish, but the general mar
ket has reached such a height that re-
actions, due to heavy profit taking, must
be expected. On any decided reactions,
however, the market Is probably a good
purchase. The community of inter-
ests' idea is expanding constantly and
taking on new and more important fea-
cures day by day. 1t now extends from
the large railroad corporations to the
big steamship lines, and the great min
irg and manufacturing interests, and
promises to go on for some time to
ronle unti, the process of consolidation
has reached its utmost limit The dan
ger point lies in endeavoring to dis
count in a few weeks or months what
will require several years to work out.
but of the ultimate result there can be
no reasonable doubt.
Sales for the week:
Monday. . . s-s sno
/
Money closed at per cent
Yesterdays Prices.