The times., 1901-06-19
TEE STOCK MARKET HEAVY
Fears of Higher Money Rates
Cause a Reaction.
Declines in ST. Paul and Missouri
fSaciGc-PeopIe's Gas an Exception
to the General Tcne-FIuctUntions
Noted in Colorado Fuel and Iron.

to the General Tcne-FIuctuntiou,' ms
Noted i'm Colorado Fuel and Iron.
NEW YORK. June 1S.-The chief eX-
PLANTATION Of the reactionary tendency Of
todays stock market was the increased
apprehension that current money market
conditions would eventuate j" ~'s~.:S
rates. In addition to thesa ~
sharp reaction in St Paul Gne ,a- weak
ness in Union Pacific played no little part
in unsettling confidence.
The course Of these two stocks natu-
rally set on foot rumors to the effect that
there had been some serious hitch in the
reported arrangement between these COM
panies. So far as could be ascertained.
there has been none. but it is likely that
Wall Street viii have to modify its no
tions as to the scope Of the transactions.
In other words, it is not believed that
there is to be an actual interchange OF
securities between the two companies. but
on the other hand the position of the st.
Paul Company in the so-called community
of interest is not likely to be disturbed.
-, The market opened irregular. but gener-
ally heavy, chiefly as noted, on account of
the apprehensions concerning the money
market and also because Of the DISPOSE
tion of London toward this market. Amer
lean stocks were shown at material de-
clines in London. and foreign houses sold
quite steadily throughout the morning.
disposing of upward of 60,o00 shares OF va
rious stocks.
Price movements after the early deal
ings were decidedly irregular. The rail-
way list for the most part was heavy. al
though a number of exceptions TO the ten
dency were noted. Rock Island was ag-
gressively strong and Minneapolis and St
Louis was firm Illinois Central. while
lacking the buoyancy it showed yesterday
was steady, and Atchison shares were In
comparatively good request. Aside from
St. Paul and Union Pacific, pressure was
most apparent in Missouri Pacific, the
selling in that instance apparently repre-
senting the familiar profit realizing.
At one time during the morning the
anthracite coal stocks showed firm tone.
throughout the day the local traction
stocks were notably strong and. indeed,
the trading at large showed rather clear
evidences of a shifting Of interest from
the railway list TO other quarters of the
market. Nothing developed in relation to
the local traction shares but both Man
haitian and Brooklyn Rapid Transit were
strong and active.
The feature among the speciaIties was
on the announcement that the Chicago
city council had last night accepted and
ratified a new contract with Peoples Gas
Company under which the latter agreed
to furnish light free to the city and TO
extend its service, instead Of paying the
city, as at present, 81 per cent of its
gross receipts. This arrangement is eX-
pected to inUre eventually greatly TO the
benefit Of the gas company, which wifi.
In addition. be hereafter free from IL
annoying measures constantly brought up
against it in the Chicago city council.
Amalgamated Copper underwent sharp
reaction from its advance scored in the
closing dealings yesterday on the general
denials that any agreement had been ar
rived at with the SO-called HeinZe inter
ests. The stock subsequently developed
a frmeT tone on the expectation that it
would receive q favorable decision today
n the litigation now pending before the
New Jersey Court OF Error and Appeals.
Elsewhere among the specialties tremen-
dous fluctuations were noted in Colorado
Fuel and Iron and the other stocks Of
the same class were neglected. The re-
mainder Of this group n owed pretty much
in line with the rest of the market.
In the Industrial quarter United States
Steel issues showed the most pronounced
strength they have displayed in a long
time. The best opinion is strongly TO the
effect that the United States Steel com
mon viii at the outset be placed on a
small but regular dividend basis.
The bulk of the DAYS borrowing of
money was effected between 35s and
per cent Lenders quite generally marked
up outstanding loans to the latter figure
Sterling exchange continued firm and ad-
ditioual exports OF gold are expected with
the course Of the week. notwithstanding
the profound ease OF money in London
and today s reduction Of p per cent in
the discount rate of the German Bank
The first Of the railway traffic returns
for The second week Of the month came
10 hand today and made very gratifying
showings.