Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-06-05
Selling by Western Inter
ests Sends Stocks Down..
ON CHANGERS
BEARS MAKE THEIR PRESENCE
FELT IN MARKET.
Margin Operators More Pessimistic-
ern-Lower Level for Coalers.
pecial DISPATCH to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, June 5.-Selling by western
interests and the growing belief that pres
ent conditions favored lower market be-
fore higher one resulted in an increased
volume of business and lower level OF
prices this morning. The selling was mixed
In character. but represented liquidation
as well renewed selling for the short
account.
The news of the day was not adverse, at
least not more so than for a week past.
but the technical condition of the market
was considered to 1avor declines as the
only means of attracting business.
A weak account was uncovered as the re-
suit Of the selling. and margin operators
became more pessimstic in the presence of
half point decline than at any time during
the last two weeks of unfavorable develop
ments. The western operators were free
sellers. and nearly all Of the speculative
favorites sold off from " to IL per cent
The selling of st. Paul had been a feature
for several days, and the fact that it was
continued today led to a general selling Of
the Granger roads
The one development Of Importance was
the declaration of an extra dividend of l
per cent on both classes of Northwestern
stock. but this announcement failed to
stimulate the general market. AS re-
Election OF railroad prosperity and the
wisdom OF conservative management the
announcement Is encouraging. Early In
the day there was some good buying OF
PENNSYLVANIA by reimbursement interests,
but conditions even in this case were re-
garded as justifying caution.
The support in the coal stocks was less
effective than on previous days, and all of
the active issues, particularly Readings.
sold down in sympathy with the market.
1t is significant that these stocks, while
,n1 vxyifh he 1oh
show quite much resistance as any of
their neighbors. Unconfirmed rumors of
certain strike in the soft coal fields helped
to increase the general mistrust Of the
situation.
Realizing sales in Canadian Pacific forced
further sharp decline in price, but the
street was disposed to regard this setback
as being an Incident to an overdone ad-
vance. In. nhe Traction stocks the recent
buyers were credited with selling to take
profits owing to their failure to arouse
public interest in the effort to advance
prices. -
The steel stocks were distinctly heavy
under selling Of scattered holdings due to
the somewhat confused condition Of senti-
ment respecting these issues. There was
some evidence Off two factions in American
sugar. trade .inte being credited with
willingness to buy on a scale down.
Copper news was mixed in character, but
Boston houses sold Amalgamated on the
theory that disqualification might be nee
essary in order to bring that company into
a proper relation to existing conditions
The Industrial list as a whole sold off mod
erately. sope of the higher priced issues
such as Westinghouse, making substantial
declines Money was in good supply around
per cent, Ibut the demand was light
Money is not easy to the extent indicated
by the loaning rate and any unusual de-
mand would force sharp advance Con-
sidering the low bank reserves. the July
disbursements. crop needs and the money
borrowed in, Europe, the summer market
will have to restrict it's demands upon the
banks or work injury to prices.