The age-herald., 1901-06-05
SHORTS MET WITH \ SHARP REVERSE They Were Uneasy at the Close
 Fearing Rise Today MARKET STEADY AND FIRM A Bear Scare Sent Futures Up From to il Points-The Government
 Report Worst Ever Issued
 This Time of Year.
MARKET STEADY AND FIRM

New York, June 1.-The upward course of prices received decided check today After the strong opening in continuation of yesterdays strength the whole mar ket with few exceptions turned weak There was pretty generally rally In the afternoon under the leadership of a few strong stocks but before the close there were some ragged breaks in prices again ana the closing was decidedly irregular and unsettled with only a few stocks near the top level. The acute weakness of Sugar was a determining influence in the early dealings. Yesterdays rumors of an increase in the dividend on this stock were pretty generally discredited this morning. and there was besides an ex- plicit denial of a statement put out yes- terday that litigation with the company's principal competitor had been settled The principal selling had been effected before the actual announcement of the un- changed dividend and there was some re- covery later in the day in sympathy with the strength of the market. The stock s extreme decline was 65s. The fact that the other Coalers did not respond to the purchase of the old Delaware and Huds . canal in spite of reassuring statements that the transaction was with the full knowledge and approval of the Erie Rail road Company, was considered rather oHinous. Reports of drought in the southwest gave rice to the cross specula- tion unusual at this period of the year to bull wheat and to bear the grain carrying railroads.
 Tho effects of this were manifest in St. Paul and the Southwesterns. The de- olines in Union Pacific reached 3A and in St. Paul 27s. Reports of falling off in new orders of iron trade has had some general influence There was besides very heavy selling by professional operators to take profits on yesterdays rise, Lon don joining in the selling and reversing It's position of yesterday. The identity of the sellers was the subject of rather anx- ious surmise. The announcement of the Sugar dividend relieved the market of a disturbing element and its recovery set in from that time. The market precipi- tated movements later turned on the stocks of wide-reaching adjustment in the railroad world. Allegations that the Missouri Pacific was to be accorded an influential interest in Southern Pacific in return for relinquishing to the Pennsylva- ia 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 ex- treme points, Southern Pacific and the Wheeling and Lake Erie stocks to 4 points. Rock Island rose an extreme 61a. 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 western on it's canal acquisition reached 4h. General Electric advanced 13 points on reports of heavy earnings. United States Express rose 5, Des Moines and Forst Dodge 3A, Brooklyn Union Gas 31k and Peoria and Western B. The Fries were again heavily bought just before the close. Last prices were invariable be- low the best, the final reaction reaching point or over in some of the important stocks.
 The money market was not an influence in. trading as rates continued easy in spite of a late recovery on sterling ex- change to the gold export point.
 The bond market was irregular in sym pathy with stocks. Total sales. par value, $3 2S5, ,000 United States refunding Rs advanced 4 per cent on the last call.
 Money on Call.
 New York;, June 4.-Money on cali steady at 3ls per cent. Last loan 3@319 per cent. Prime mercantile paper $40 E 41a per cent Sterling silver exchange easier, then firmer, with actual business in bankers bills at $4.SS1s0l4. .SSA for de- mand and s4S5A for sixty days. Posted rates $4.S51s@4.S6 and $4.Ss. Commercial T bills $4S4A664S4 S4%. Silver certificates nominally active at 6Oc Barsilver 59Ac. Mexican dollars, 4Sc.
 r Government bonds strong; State bonds weak; railroad bonds irregular.
 New York Stock Market.
 By Private Wire to Murphy Co.