The daily morning journal and courier., 1901-06-08
EtmanctMl.
 HE STOCK MARK EFT.
Only a Few Points of Activity and
 Strength.

New York, June 7.-To-day's stock mar
 ket reflected very clearly the closing up of
 speculative accounts early in the week.
 There were only few points of activity
 and strength and the majority of stocks were dull and sluggish, moving irreguariy
 up and down under the varying operations | or the room traders There were some i large transactions by the brokers who have
 been credited with acting for various tinan- | clal leaders but they were so mixed OH the | long and short side as to add to the specu- 1 atlve confusion. The volume of dealings
 showed further falling off from yester- l days decreased total. The opinion pre- vailed that the closing out of accounts ear
 Her In the week was in prcpara tion for the
 sumner holiday season and promised pc riod of comparative dullness and ideness in the market. Whatever points of strength 1 were shown in the market seemed to be
 due to individual causes. Louisville was | notably strong and the buying was accom- panied by talk of an increase in the divi.
 dend rate, which was however, deprecated by insiders. Missouri Pacific and the Southwesterns moved upward, excepting the Wabashs, which were affected by real izlng. The story recurred that Missouri Pacific is to be placed on q per cent.
 dividend basis later in the month by the declaration of lump dividend and tLar
 valuable rights In addition are to be de.
 clared The movement In Baltimore and
 conference between Pennsylvania aud
 Reading officials, presumably to arrange
 measures for the benefit of Baltimore x
 Ohio. The New York public utilities were
 general affected by hopes of relief from the
 franchise tax and in addition Brooklyn
 Transit put out Il report of good net earn
 ings for April. The tobacco stocks were
 the subjects of active speculation on the
 organization of the consolidated company. The stocks were feverlsh, rcceding early on
 realizing but rallying on published asser-
 tlons of formation of all underwriting
 syndicate for the new company, which would tie up half of the proposed debenture bonds and keep them off the market. The
 continental stocks showed net gains or about. point, American Tobacco, 2?s,
 American Snuff SA and the preferred 2S. There were besides many usually neglected stocks which advanced from 1 to points without any news to explain the move ment. Net changes as rule are not sig slfcant, the sluggish fluctuations not talk Ing prices far from last nights level, al though the extreme range from high to low ran from 1 to points in the active stocks market, but the call loan rate ran up to 4ls per cent. in the late dealings. On Mon day the fourth and last installment of SlO,' 00O,000 Is due on subscriptions of Union will begin next week also for the payment of several dividends due the week after, notably that on Standard oil. The indica- tions are that the cash changes to be shown by to-morrows bank statement will be less than half million dollars, with probably a gain for the banks. The tirmness of the sterling exchange market both here and in Paris In view of the reduction of the Bank ! of England rate and the easy discounts In | London attract considerable attention. Re- [ mittances on account of the next install | neIt on British consul subscriptions, which | falls due on June IS. is a factor at botl | ceEters.
 Paris seemed to be transferring large ] amounts of capital for investment In the , I.ondon market. New York Is making pre- | pGration to meet the Juna 20 dividend anl | interes; obligations in London London was large seller of stocks here to day. | IEG exchange market was thus held lrm | at what was the gold export point for the last outward movement but no gold was engaged for export.
 The bond market was quiet and irregular. Total sales, par value, $2,6S5, ,oQ0.
 United States bonds were all unchanged | on the last call.