The times., 1901-06-08
FLUCTUATIONS IN STOCKS
The Market Very Erratic During
the Early Dealings.

CnfnvorabIe Crop Reports Cause
Declines in the GranGcrs-Anthra-
cite shares Active on Coal Pros
pects-Strength in the specinlties.
NEW YORK. June 1t was after mid
dav when the stock market developed
weII-defned tone. The fluctuations were
erratic. although. in comparison with the
mornings unsettled state. a fairly steady
tone appeared throughout the forenoon
The general market had a sagSing tend
ency and a number of stocks were un-
equivocally weak. Atchisons, St Paul
and Union Pacific were conspicuous eN-
amples and owing to the influential mar
ket status Of these stocks, their course
was not without some effect upon the re-
mainder of the list,
As was the case yesterday. dispatches
bearing upon the agricultural outlook
were somewhat gloomy in tenor and be
yond question played a considerable part
in shaping speculative sentiment The
Kansas State crop report for June showed
a sharp decline in the condition Of winter
wheat, a Shrinkage Of no less than IL
points from last month being noted.
Shows report upon the state of the
corn cror was likewise discoura ging, con
tanning. as it did, intimatiors that unless
the weather conditions throughout the
month of June should prove to be eNcep-
tionaIly favorable the July report would
be low enough to justify serious appTe-
hension. Further unseasonably cold
weather was reported in the spring wheat
belt, and this may have to some extent
accounted for the weakness in 81. FauL
At all events, the trading throughout me
day was largely for professional account
and for this reason likely to be lhIlu-
enced by the various reports DearlhS upon
crop conditions cited.
In contrast with the somewhat disturb
ing intelligence bearing upon the agri-
cultural situation. the official estimate OF
the production of anthracite coal for the
month of Nav was 4674,00 tons, against
n production in May Of last year OF
1850 90 tons. 1t was probably on this ac-
count that the anthracite coal stocks DIS
played a certain amount of steadlness'
although they, too. participated IN the
varying fluctuations in the general mar
Eet In view of the vastly improved con-
ditions under which anthracite coal IS
now mined and marketed this increase
OF about 20 per cent in production IS sig
niiicant in its bearing upon the earnings
OF the anthracite coal roads Apart from
the returns OF railway traffic submitted
there was nothing else in the way Of any
definite news bearing upon particular
stocks.
Notably strong features of the railway
list, however. were Baltimore and Ohio,
Louisville and Nashville, Missouri Pacific,
and Rock Island, although the fuctua-
tions in the last named were decidedly
erratic. Among the railway specialties,
Chicago and Alton, Chicago Terminal, and
Iowa Central were decidedly strong. The
local traction issues were fairly active.
and some sharp advances were scored in
that quarter which were not fully re-
tained with the course OF the business ses-
sion The strength or those Stocks was
broadly referred TO the presentation Of
the arguments in their favor yester-
day before the referee in the franchise
taxing cases.
The tobacco stocks were again the con-
spicUous features of the industrial quar-
ter and rose sharply on the official an
nouncement Of the details through which
Continental Tobacco common and Ameri-
can Tobacco common will be converted
on the ratios announced into the bonds
Of the new Consolidated Tobacco Com
pany- For the same reasons whlcn al
fected those stocks yesterday namely,
the indications that the independent steel
manufacturing companies were contem-
plating some form of mutual protective
association. the United States Steel is
sues were comparatively heavy Little
was done in Sugar Refining or in the re-
mainder of the industrial quarter. The
dealings among the so-called specialties
likewise failed TO develop features Of par
ticular interest. American Car and FOun-
dry was strong and only limited changes
appeared in the copper stocks.
London sent in a low range OF price
for American stocks, but foreign houses
traded on fairly active scale here dur
ing the forenoon. and on balance were
purchasers Of about 5000 shares Of
stocks. There seemed to be very little
OF the usual anticipatory discussion of
the probable showing of the bank state
ment tomorrow. AS was the case last
week the indications are that only a
very small cnange will be shown in sur
plus reserves. The money market con-
tinued extremely easy in all of its divis-
ions. and there were no engagements of
gold for eXTort