Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-06-18
Stocks We're Irregular And Weaker
in New York Today.
SELLING OF ST. PAUL THE CAUSE
Bears Also Attacked Missouri Pa
cific and Hammered II Down.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. June 1S.-The price move
ment In todays market was decidedly er-
ratio. London sent over a lower range or
prices and the morning hour was devoted
to profit taking on a large scale. Public In
terest was lacking and the professional
element worked industriously for the de-
cline.
Call money at per cent was made the
basis of a selling movement, and fears of a
gradual hardening in rates during the bal
arce of the month were expressed. The
short interest was increased during these
selling periods, but declines We're tar from
uniform.
Later in the day the market for sterling
became weak under liberal offerings OF
bills. and the rate dropped below the eN-
port point.
AS a result of this decline many of the
gold shipments intended for Thursdays
steamers were concealed Prices rallied
sympathetically on the announcement, but
this movement, like that of the morning.
was largely professional.
st. Paul and Union Pacific sold down sub
stantially because of the confusion incident
to the latest alliance ia the northwest. ana
this action unsettled prices throughout the
railroad list. There can be little doubt but
that St. Paul is to be taken over by Union
Pacific and possibly some associates. but
the details are far from complete.
The selling today was purely speculative
and indicated disappointment at the fail
ure to announce the plan at once. Activity
In AtchiSon and Rock Island was the out
come of a steady, unobtrusiye demand.
based on the belief that these properties
must come into greater prominence In the
plans for harmony now credited to the Of
ncials of the Morgan Hartman syndicate
The buying of the former was called good
and the stock advanced easily after the
first rush to take profits had subsidized.
The Southwestern Issues were neglected
and slightly lower and the buying of the
coal shares was not aggressive The en-
tire railroad list gave evidence of the want
Of leadership by large interests. The prop
critics occupying the best positions, specula-
lively, are allowed to drag.
Movements of a point or two bring about
a reverse movement, and sustained action
is evidently not contemplated for the pres
ent. Conditions are not attractive to new
business. and but little is to be expected
until a determined and aggressive demand
sets in. The industrial department is ac-
tive, and the indications are that interest
will center in such issues for the time be-
ing.
The Steel stocks We're strong under
good demand and dividend talk on Steel
common Is taking definite shape. Tennes-
See Coal and Iron is being bought by a
pool, evidently in anticipation of a manipu-
lative advance. There are no reliable in
dications that the United States Company
Will take over any outside concerns Just
now.
Runrors are numerous and varied, but
the public has been educated to await for
confirmation before being lead into ambush
by traders. As a result of this increased
discretion the tendency is to go cautiously
into the low-priced shares. United States
Steel common and American Car and
Foundry are just now attracting a fair
commission house demand. Amalgamated
Copper and the properties expected to be
absorbed are being well taken on the de-
clines.
The Traction issues reflect a steady ac-
cumulation on the way down, and a big
movement in this group is expected during
the summer The market is not likely to
suggest the need or advantage of quick
action while the money rate remains as
uncertain as 1t now u.s.