The times., 1901-06-25
UNCERTAIN And LIMITED
A Sagging Tendency Shown
Throughout the Stock Market.
The Effect of Last Weeks Bank
Statement Apparent in the Deal
fngs-An Advance I'm Illinois Cen
fraI-The Underlying Spirit Good


NEW YORK. June 24-Chiefy because
Of the disappointing showing made in Sat
urday's bank statement. there appeared
today to be some revival of the uneasi-
ness lest a distressing stringency might
develop in the money market between the
present time and the conclusion of the
July disbursements. Views to this effect
were, at ali events, entertained by Wall
Street at large today and they were ef-
fective in checking activity in today's
stock market and also in producing
somewhat sagging tendency in the mar
ket The money market itself furnished
no confederation of the notions regard
ing its course so generally expressed, al
though it remained quite firm, with the
bulk of the borrowing effected between
and AZ per cent. In relation to the
money market it may be noted that the
July disbursements will be this year upon
an unprecedented scale, estimates of the
amount ranging from $125, 900 to $780,
0010O0.
Furthermore, after July there will go
into effect the revision of the internal
revenue laws enacted at the last session
of Congress and this will mitigate one
of the most severe drains upon the money
market, namely, the excessive govern
gence contained information that arrange
ments for shipment to this country Of
Sc, 100000 from the Klondike had been
made and the inflow of the yellow metal
from that district Will undoubtedly be
continued uninterruptedly up to the close
of navigation. These circumstances, to
gether with the increasing receipts of
cor mercial bills for future delivery
against grain shipments, would seem to
foreshadow fairly easy monetary condi-
tons throughout the summer Sterling
exchange was fairly steady today, but
no additional engagements OF gold for ex-
port were announced.
AS noted, the tendencies were decidedly
uncertain and the dealings were in very
limited volume. Aggressive strength was
displayed in some quarters of the market,
but in the main little animation was ap-
parent. In the railway list the features of
the market were Illinois Central, New
York Central and Des Moines and Fort
Dodge, while the so-called 500 issues
were conspicuous!y strong. The advance
In Illinois Central appeared TO be based
wholly upon the idea that the stock was
selling relatively far below the ratio OF
other issues paving approximately the
Pacific were decidedly heavy an addi-
tional influence in UnSettling the re-
Inainder of the market.
sharply on the announcement of the seri- |
Gus disaster on the line of the railroad, !
but the stock recovered the greater part |
of its loss
ticular interest in the railway list, and |
little other gossip could be cited in con- |
nection with the fluctuations aside from 4
a somewhat noteworthy outburst of I
activity, at advancing prices, in New |
Jersey Central The other anthracite |
coal stocks shared in the irregular move /
ments Of the general market All of the 1
local fractions stocks were exceedingly |
active and strong. particularly Manhattan /
Railway Rumors were again current |
that the last named would be leased upon |
a guaranteed dividend basis of per cent, |
but opinions as 10 the identity Of the I
lessor varied widely While the bulk of I
opinion seemed to be that the Metropoli- /
tan street Railway would assume the (
operation Of the main company a strong |
idea prevailed that the lessor would turn
out to be the New York Central
The so-called specialties contributed
comparatively small quota TO today's
transactions. The Copper stocks were
heavy as were Colorado Fuel and Iron /
and Tennessee Coal and Iron, while Con-
solidated Gas was fairly firm. In the in
dustisal quarter there were very animated /
dealings in Sugar Refining and the United /
States Steel stocks Sugar Refining was |
heavy at the opening OF business on the I
announcement Of the general reduction in /,
the selling prices Of refined sugars, but /
the stock subsequently recovered sharp !
ly- United States Steel showed more (
strength and animation than for a long 4
time on the common expectation that dfvi- /
denos on the common stock would be be- 4
gun simultaneously with those on the (
preferred.
Aside from the statements of earnings I
submitted there was a virtual absence of I
any news Of Importance bearing upon par :
ticular stocks Notwithstanding an un- 4
certain tone Of the market an underlying I
spirit of confidence was manifest and 4
seemed to be based upon the present !
ne in
terest disbursements of July l. and the 1
forthcoming reduction in the excessive /
revenues of the Government.