The daily morning journal and courier., 1901-06-05
Et,ranctal.
THE STOCK MARKET
Upward Course of Prices R Recetves De-
 cided Check.

Upward Course of Prices Receives De-
 cided Check.
 New York, June 1.-The upward
 course of prices received q decided
 check to-day After the strong open ing in continuation of yesterdays s strength the whole market, with a very few exceptions, turned weak. There
 was a pretty general rally in the after noon under the leadership of a few
 strong stocks. but before the close there
 were some ragged breaks in prices again and the closing was decidedly irregular and unsettled, with only a
 few stocks near the top level The
 acute weakness of Sugar was a deter
 mining 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 explicit denial of sta atement put out yesterday that litigation with the company's principal competitor had been settled. The prn- cipal selling had been effected before the actual announcement of the un- changed dividend and there was some recovery later in the day in sympathy with the general strength of the mar ket. The stocks extreme decline was 69a.
 The fact that the other coalers did not respond to the early strength of Ontario and Western, on the report of its purchase of the old Delaware and Hudson Canal, in spite of reassuring statements that the transaction was With the full knowledge and approval of the Erie Railroad company, was con- sldered rather ominous.
 Reports of drought in the southwest gave rise to the cross speculation usual at this period of the year to bull wheat and bear the grain carrying railroads. The effects of this were particularly manifest in St. Paul and the South westerns. The decline in Union Pacific reached PA and in St. Paul 2as Cur rent reports of falling off in new or ders received in the iron trade, although actual consumption is reported to be still running close to production, awak- ened "reminiscences of last years col lapse in the steel securities There was, besides, very heavy selling by pro fessionaI operators to take profits on yesterdays rise, London joining in the selling and reversing its position of yes terday. The identity of the sellers was the subject of rather anxious surmise. The announcement of the Sugar divi- dend relieved the market of a disturb ing element, and it's recovery set ln from that time.
 The markets principal movements | later turned on the various stories or wide-reaching adjustments in the rail- road world. Allegations that the Mis- souri Pacific was to be accorded an in | auential interest in Southern Pacific in | return for reinquishing to the Penn sylvania the Wabash and Lake Erie and that Union Pacific was .o have a voice in Atchison affairs, were factors in the buying. Pennsylvania -ose an extreme points, Southern Pa fife 4% and the Wheeling and Lake [, Erie stocks ? to points. Rock Island 'ose an extreme 6h.
 The movement seemed to be based ,n the belief in a belated admission of he company to share in the advan- ages of the Northern Pacific settle nent. The rise in Ontario and West m on it's canal acquisition reached AS. ieneral Electric advanced 1S points on eports of heavy earnings. United 'tates Express advanced 5 Des Moines nd Fort Dodge 3A, Brooklyn Union : las 31s and Peoria and Eastern 5. The Tries were again heavily bought just efore the close Last prices were in- ariably below the best, the final reac- 1 lon reaching a point or over in some or he important stocks.
 The money market was not an inf1u- nee in the trading, as rates continued asy in spite of late recovery in ster- ng exchange to the gold export points. - The bond market was irregular in with stocks. Total sales par alue $3,2S5,000.
 United States refunding twos advance l A per cent. on the last call.
 SEW YORK STOCK MARKET. pcning, Highest, Lowest Quotations a the New York Stock Exchange, reported Q yi,t n pNl,n nntaR