Evening star., 1901-06-20
Stocks We're Sold in New York on
London Quotations
THE MARKET LACKS LEADERSHIP
More Interest Expected When ].
P. Morgan Returns
GENERAL MARKET REPORTS


Special Dispatch TO The Evening Star
NEW YORK, June 2O.-The trading In
today's stock market was light and in the
main professional. London sent over a
higher range Of prices. extending to per
cent In the cases Of St. Paul and Union
Pacific, but the local market was not equal
to sustaining the improved level. Commits
sion houses had no significant business
outside OF few specialties. and traders
sold the general list on every advance The
failure to utilize the st. Paul deal as an
inspiration for the whole list continues to
operate as a disappointment and the mar
ket is again forced back into the doldrums.
Lack Of incentive is the most conspicuous
feature of the situation
The money market seems destined to con-
tinue firm over the July disbursement
period. and this fact causes some concern
TO those committed to higher prices Money
should be coming In from the interior at
TINS season to assist in the preparations for
the July payments. but instead the weekly
bank statement is likely to show a loss
in cash. A decrease in loans is the only
way OF overcoming such LOSSES and the
present dullness OF the market contributes
to this end. BY tiring out present holders
and discouraging new undertakings the
loan account should be kept from under
going any significant changes.
The larger interests are idle and the
street has no one to follow. Mr. Morgan is
expected to return early next month, and
some activity should follow as a result OF
the numerous schemes which have been
forced to await his return. Erie stocks are
especially interested, as are all the coal
roads. Meanwhile an advance of one or
two points or decline of an equal amount
will bring about an opposite movement
There are none of the elements to a SUBJ
stantfal movement in either direction in
evidence.
Todays trading centered In a few stocks
which were bought on peculiar theories
Chicago and Great Western was active and
higher because of the belief that its exist
ence as an independent line was a menace
TO the stability of rates in the northwest
The road was officially declared to have
been sought for prior to the London meet
ing, and the time has now come for pro-
viding against the possibility of ANNOYANCE
to the big syndicate enterprise in its terri
tory.
Wisconsin Central must be bought I'D IL
another road is to be had. both neither
being the attitude of shareholders Both
consequently, have a fair prospect of being
included
Minneapolis and St Louis and ST. louis
ana san francisco We're strong at top
prices. Iowa Central issues Were all higher
the common stock selling UP 3 per cent un-
der good demand which set In Immediate
ly after the opening.
1t will be seen from the stocks named
that the strength of the market was repre-
sented by comparatively unknown specu-
lative properties, while the better-known
shares were irregular or heavy
The Steel stocks and all the active in
dustrials showed moderate outside de-
mand, but the movements were not pro-
nounced. Colorado Fuel was erratic and
an attempt to advance Tennessee Coal was
short lived The older industrials were in
clined to dullness and reflected no special
demand.
The closing was quite In character with
the days mixed dealings and was wholly
professional. The best opinion favors buy
ing on the declines, but thereis little argu-
ment even in favor of that.