The times., 1901-06-11
UNCERTAIN And FBVBRISH
The ReactiOnary Movement Con
tinues in the Market.

Exceptions to the General Drift
Among the Railway and Industrial
Stocks-The Advances Not Retain
ed - The Crop Report Il Factor.
NEW YORK. June 10-Today's stock
market opened weak and continued very
much unsettled throughout the forenoon.
Shortly after midday a somewhat frmer
tone developed, but the trading was stiH
characterized by uncertainty and no little
actual feverishHess. The course Of prices
seemed to be. in the main, a continuation
of the reactionary movement which pre-
vailed during the last week.
Little or nothing that was new in the
way of important developments was add
ed to the situation over Sunday. For
some uuaccouutable reason the street ap-
peared to become convinced that the Gov
ernment crop report would make a very
unfavorable showing, and these eXpecta-
tions were commonly referred to in con
nection with the reactionary tendency of
the market The Government report viii
set forth the condition Of the crops as Of
the first of the month. Since that time
meteorological conditions have been, gen
orally speaking. more favorable than they
Were before In addition the reports bear
ing on the agricultural situation received
by the granger roads. the grain trade
journals and the newspaper press at large
have made an encouraging showing.
Hence it is not easy 10 see why Wall
Street should have come so wholly pos
sessed of the motion that the crop report
of the Department of Agriculture would
this afternoon make so depIorable 4 show
ing. The professional element however,
seemed TO be convinced of the strength
of their position and sold stocks with a
good deal of asgressveness throughout
the forenoon session. They did not ap-
pear to meet with any considerable
amount Of outside cooperation, and, in
fact the business of commission houses
was upon an extremely small scale.
The much lower prices for American
stocks sent in from London served TO ac-
Centuate the weakness of the market in
the earlier part OF the day, but while for
eign houses had fairly large orders in this
market on balance, their operations
amounted To very little. Some Uneaslness
was evident lest the condition of the as
sociated banks, as set forth in Saturday
statement OF averages. might lead to
more urgent demand for money and
hence to closer conditions, but todays
rate and the general circumstance Of
the money market furnished no grounds
for concern.
The extraordinary increase in loans in
Saturday bank statement has now been
sufficiently accounted for as owing to par
causes the financial requirements grow
ing out OF the payments on account OF
the subscriptions to the Union Pacific
convertible bonds and the tobacco deal
accounting fully for the large increase in
loans reported.
Apart from the agricultural outlook and
the discussion growing out Of the bank
statement there was little OF interest pre-
sented for consideration with the course /
of the day. The market showed one quite !
radical alteration from the conditions re- |
q n
spicuOus manipulation was plainly on the I
bear side of the account.
There were few exceptions TO the gen /
er9l drift OF prices at the opening OF bus |
mess, conspicuous examples being Mis- /
souri, Pacific, Texas and Pacific and the /
other Gould stocks, and Louisville and /
Nashville. In the industrial quarter Su- !
gar Refining opened strong. as did Anal |
gamated Copper among the sO-cailed spe- /
cialties- There was also notably sharp /
advance scored in Twin City Rapid Tran |
sit on reports of the entrance Of new /
interests into that property.
None Of these advances was fully re- 1
tained with the course of the morning, /
and even Missouri Pacific, which scored /
the shaTpest rise, broke over three points !
from its highest level Notably weak fea-
lures OF the railway list were Union Pa /
cific, Southern Pacific, St Paul Rock ISL /
and and the Erie issues.
Aside from the discussion regarding the /
crop situation there was nothing that /
could be cited in connection with the 1
movements in these stocks. although /
London furnished a rumor that there had .
been some hitch in the settlement of the
Northern Pacific controversy. The local {
traction stocks shared in the general
characteristics OF the remainder Of the
market
Some sharp declines were shown among
the so-called specialties. notably People
Gas and General Electric. Nothing de-
veIoped among the so-called inGustrials.
The United States Steel issues continued
heavy on large transactions, and Sugar
Refining after opening higher shared in
the uncertain price movements of the gen
eral market.