Evening star., 1901-06-12
Stocks Lapsed Into Dizziness After
/ Strong Opening.
PUBLIC NOT IN TEE MARKET
j. Pierpont Morgan's Return May
EnIiven the Situation.
GENERAL MARKET REPORTS
Specisi Dispatch TO The Evening Star.

Specisi Dispatch to The Evening Star.
NEW YORK, June 12.-The men and the
corporations who have the capacity for
making big stock market movements have
no inclination in that direction, IL records
such as that OF today are to be accept ed
Dullness followed hard upon fluctuations
of point or more. In most instances. and
commission houses reported small orders
outside of the specialties.
Stocks were opened at advances but the
new level failed to attract new business
Concessions followed and then duliness
Some event of more than ordinary i'm
portance must transpire as a condition
precedent to activity. Mr.. Morgan's re-
turn might bring out numerous matters
which would inject life into the market
and force more general interest on the
part of the public.
Erie issues are expected to be among the
first to feel the effect of any attempt on
the part of the Morgan office to force an
advance.
The street is filled with rumers of higher
prices for Erie common and an early div
idend on the preferred
The Southwestern deal is almost sure of
being disclosed. the conversion of Missouri
Pacif1c per cent bonds into the stock OF
that company indicating early develop
ments. meeting of the directors espe-
cially called for next Monday is likely to
De attended with interesting Developments.
on the basis of ~ for 1 is disappointing
as for was relied upon by recent buyers
Inc stock Is well taken on the declines.
however, and some advantage not as vet
disclosed seems likely to accrue to patient
holders.
Pennsylvania opened at an advance of
about 1 per cent under the influence of the
company's purchase Of the PENNSYLVANIA
Steel Company's plant. This method OF
securing exemption from high rates. should
the combined companies seek to press their
advantage. Is generally regarded as being
Tor the best interests Of the property
The stock was bought In round amounts
one order for 10000 shares being a feature
of the early dealings.
Rock Island opened at an advance of 2z
per cent. but sold on later upon the decla-
ration Of the usual dividend. The granger
roads were steady, but without any special
demand.
Manhattan advanced over per cent un-
der what seemed to be good buying for iu-
side account. The room helped this move
ment and seemed to believe in the stories
of a possible change In management and
the certainty of increased earnings.
American Car and Foundry was ad-
vanced under a good demand by the same
interests who have been noted in previous
purchases. Republic Steel issues were
higher under improved demand, and
the Lead shares advances because of the
Standard OIL interest in them. and the Lin
seed issues, Colorado Fuel was advanced
10 per cent under an inside demand. which
encountered but little stock. A manipula-
tive advance In this property has been
predicted for several weeks and seems to
have been undertaken aggressiveiy today.
United States Steel issues were not fea-
lures of the market, and the effort seemed
to be to keep them steady and somewhat In
the background.
The dullness became pronounced during
the last hour, but prices held well in spite
of the usual profit taking. Outside of the
specialties there appears to be no chance
for either pronounced or sustained move
ment. Sentiment Is far from being pesst-
mistic, but 1t Is decidedly favorable to a
waiting and uninteresting market.