The times., 1901-06-07


While London Turns seller Here
The IndustrfaIS Fairly Active.
NEW YORK. June 6.-Throughout tie
forenoon session in the stock market the
tone of the dealings was irregular aLd,
generally speaking. decidedly heavy. a
number Of stocks showed a sagginE tend
ency. A few particular stocks seemed to
he selected as objects of bullish manipu-
lation and were run up rapidly, only to
settle down subsequently with the re-
nlainder Of the market
II was not very easy to assign specific
causes other than technical ones. for the
general or particular movements in
prices At the opening Of business some
encourag cement was derived from the
strength of tine London market, which
responded at once to the reduction in the
official discount figures of the Bank of
England. American stocks participated,
however. only to limited extent in the
strength Of the other quarters of the
London market, and upon the opening o.
business mere foreign houses became sell
ers of the internationally listed stocks.
the total sales on this account footing up
some 10000 shares.
Inasmuch as the professional element
would follow up the higher prices sent
from that quarter by extensive purchases
here the disposition of the dealings for
foreign account was decidedly disappoint-
ing. In addition to the last named cir
cumstance, Chicago sent in gloomy ac-
counts of the weather conditions prevail
ing in the Western States, the familiar
hot winds being reported from Kansas
along with heavy snow in North Dakota.
1t ought to be added, in connection with
these reports, that no such intelligence
was comprised in the dispatches to the
more reliable grain trade journals. whose
information in this regard was indeed
altogether gratifying. Todays more or
less artificial crop scare, however, may
serve as a reminder Of what may be ex-
pected during the ensuing three months.
Yesterdays apprehenSionS respecting
the technical position of Rock Island
stock iii the market disappeared today,
albeit the movements in the stock We're
decidedly erratic Aside from the mat
Iers already cited little could be found to
account for the various swings in prices
which developed in the course Of the day.
The market al large developed q some
what hrmer tone shortly after midday,
but the trading was still characterized
by great uncertainty and some feverish-
No material alteration in either the
---e--
peared. The dealings showed material
contraction IN speculative interest, but
the bond market, on the other hand. was
again comparatively active and decidedly
firm, gratifying circumstance of itself
he nrmest features Of the railway list
were the Atchison issues, Denver and Rio
Grande. Missouri Pacific. Louisville and
Nashville. ana Pennsylvania
II might be said that the days trading
was governed more by street rumurs and !
technical trading circumstances than by
n1 uuFg -, y,F-.E
TIE Erie issues. Texas and Pacific the 4
Wabash securities. and other recently l
conspicuous leaders in the market were /
all reactiOnaTy on a reduced volume OF /
business. The local traction issues re |
ceived a fair amount of attention but !
nothing Of particular interest transpired !
IN the dealings in that quarter Brooklyn !
Rapid Transit and Manhattan were com /
paratively heavy, while Metropolitan
Street Railway was firm.
Today's meeting Of the stockholders of !
the Amalgamated Copper Company lent
some interest TO the dealings in Amalga-
mated Copper and Anaconda Mining but f.
both stocks followed the irregular ten
dencles which prevailed in the remainder !
of the market. Pacific Mail and General /
Electric were again strong features /
among the sO-called specialties.
The dealings in the Industrial quarter |
were fairly active and well diversified. |
American Tobacco and Continental To-
bacco were the strongest stocks in that /
department Of the market, the advance IN I
both instances being in connection with /
the reported conversion into the bonds (
of the newly organized company. the pur- (
pose Of which IS evidently TO control the
tobacco business Of the whole country,
and, il might be said, of the world
The United States Steel stocks were !
active. but moved within narrow limits
The dealings in them seemed TO reflect
some uneasiness lest recent negotiations
apparently designed TO acquire the control
Of the now independent steel companies
might foreshadow the organization of d
powerful opposition concern.