The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-06-05
STOCKS AND BONDS
The Market Quiet, Though spotty
Gains Were Scored.

New York, June 4.-The upward course
of prices received a check to-day. After
the strong opening in continuation of yes
terday's strength the whole market, with
very few exceptions, turned weak.
There was a pretty general rally in the
afternoon under the leadership of a few
strong stocks, but before the close there
were some ragged breaks in prices again
and the closing was irregular and unset
tied with only few stocks near the top
level.
The acute weakness of Sugar was a de-
termining influence in the early dealings.
Yesterdays rumors of an increase in the
dividend on this stock were pretty gem
orally discredited this morning, and there
was besides an explicit denial of a state
ment put out yesterday that litigation
with the company's principal competitor
had been settled. The principal selling
had been effected before the actual an
nouncement of the unchanged dividend
and there was some recovery later In the
day in sympathy with the general
strength of the market The stocks ex-
treme decline was 6X.
The fact that the other coalers did not
respond to the early strength of Ontario
and Western on the report of it's purchase
of the old Delaware and Hudson canal, in
spite of reassuring statements that the
transaction was with the full knowledge
and approval of the Erie Railroad Com
pany. was considered rather ominous.
Reports of drought in the Southwest
gave rise to the cross speculation usual
at this period of the year to bull wheat
and to bear the grain-carrying railroads
The effects of this were particularly
manifest in st. Paul and the Southwest
ems. The decline in Union Pacific reach
ed 81 and in st. Paul 2s Current re-
ports of a failing of in new orders re-
ceived in the iron trade, although actual
consumption is reported to be still run
ming close to production, awakened rem
iniscences OF last years collapse in the
steel securities. There was besides very
heavy selling by professional operators
and London Joined In the selling and
reversing its position of yesterday. The
identity of the sellers was the subject of
rather anxious SUI mise. The announce
ment OF the sugar dividend relieved the
market of a disturbing element and its
recovery set in from that time.
The markets principal movements later
turned on the various stories OF wide
reaching adjustments In the railroad
world. Allegations that the Missouri Pa
cihc was to be accorded an influential
interest I'm Southern Pacific in return for
relinquishing to the Pennsylvania the
Wabash and Lake Erie properties, and
that Union Pacific was to have a voice
in Atchison affairs were factors In the
buying. Pennsylvania rose an extreme 3
points, Southern Pacific ~ and the
Wheeling and Lake Erie stocks to 4
points. Rock Island rose an extreme 61k.
The movement seemed to be based on the
belief in belated admission of the COM
pany TO a share in the advantages OF the
Northern Pacific settlement. The rise in
Ontario and Western on it's canal acqui-
sitlon reached AZ. General Electric ad-
vaDced - points on reports Of heavy
earnings. The Fries 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 exchange to
the gold export point
The bond market was irregular In SYM