Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-06-24
Prices Of Stocks Generally
Lower Today.
C0ALERS WERE FIRM
ANOTHER SHARP BREAK IN
AMALGAMATED COPPER.
Later in the Day There Was Some
Recovery in the Railroad
List.



NEW YORK. June 24.-In the early Lon
don stock market, while speculation was
practically at a stsndstill owing to the hol-
! iday sentiment there. American railway
shares were a shade higher than our clos
Ing figures of yesterday. Later on. how
ever. on the official announcement OF the
indefinite postponement of the coronation
ceremonies, great uneasiness was felt re-
gardng the outcome OF the kings Illness
which led TO some liquidation in the Amerl-
can department and a decline Of from one
fourth to one and one-fourth per cent took
place.
In the local stock market some uneasiness
was discernible over the unfavorable news
from London, initial prices in almost every
instance showing declines Of from five
elghths to one per cent in the active list.
with the possible exception of Penusylvaui.,
which opened at about yesterdays closing
figure.
Reading common stock was only a shad,
lower in the early trading. and although
an EFFORT was made to break the price he
low bS, round lots of this specialfy being
taken at n fraction above that figure
up to the noon hour the efforts to deprcss
TINS stock were fruitless.
Naturally enough the Internationally list
eu stocks were the ones to show the most
uecllne IN the first transactions ST PAU
losing i per cent. Atchison common q,
Union Pacitic IS and Atchison preferred =.
the general run of quotations however
showed loss Of a to - per cent London
was an immediate seller Of stocks in this
market. but the amounts did not prove to
be large. as was generally expected ana
foreign houses thought that th. effect OF
the announcement of the serious condition
of the king would tend to stop all business
rather than to inspire much liquidation.
This view Of the case may have helped
to steady prices some soon after the first
selling movement was over. as there vera
recoveries very soon OF per cent in Can
adam Pacific. II per cent I'm Missouri Pa
cific. "a In Wabash issues and the same re-
coyery In Texas and Pacific-as a group,
in fact-the Gould stocks were conspicu-
ouSly strong.
In the Industrial group Colorado Fuel and
Iron and Ama!gamated Copper were ex-
ceptionally weak. the former selling down
to SlAs as against 3ois at the close yester-
day. while the latter. after opening of -
at GA. quickly lost Il. per cent more on a
continuation OF the selling movement.
which has been going on for several days
in this stock. From this low level there
was some covering by inside shorts. which
rallied the price to a little above 63.
a year ago this stock was selling at 100.
and the insiders appeared to he the biggest
kind OF bulls on it: today. with the price
more than cut I'm two. strange to saw the
insiders appear to be the only bears and
this, too when ii is known that copper is
being used up faster than il is being pro-
duced, that the price of the metal is bet
ter now than II was six or eight months
ago and in the face of much larger eX-
ports than for several years. Under the
newly amended bylaws the directors OF
this company should meet the third Thurs
day of July to act on the dividend, and one
of the bear reasons now given for depress-
ing the stock is that at that time the diyI-
dend will Toe passed.
The steel stocks acted little heavy with
declines of from 8. to *
The local traction shares Were neglected
and fractionally lower. In the early after
noon trading London was said To have been
a buyer, and this, together with the con
tinued manipulation of the Wabash issues
and other Gould stocks. encouraged the
traders to do a little buying Of the general
list and gave the M a little stronger appear
ance, but commission house business was
la licking.
Reading issues seemed to receive the best
support during the day and the buying
said to be for the inside interest.
In the Vanderbilt group there was said
to be steady realizing, particularly IN New
York Central.
afternoon trading was said to be due to tho
belief that parliament, after the postpone
ment of the coronation, would be in 20
humor to consider the question of subsidies
to transatlantic combinations or railroads
In the late aft ernoon speculation the mar
ket continued to show rather a firm under
tone, with good recoyeries I'm Reading ana
most of the active stocks from opening
prices. but there was very little business of
even professional kind to the trading.
The indefinite postponement of decision OF
action of state OF Minnesota against the
Northern Securities Company was inter
preted favorably.