The Washington times., 1902-06-06
Canadian Pacific Nearly
Four Points Off at
the Close.
CURRENT NEWS FAVORABLE
Anthracite Coal Strike the Only Re-
tarding Circumstance Affecting Spec
ulation-Tone at the Close Heavy
Curb Dealings Light.

NEW YORK, June 5.-The dizziness of
the stock market since the beginning of
the week was broken today by a moder-
ate yet fairly effective selling movement
for which the professional element was
chiefly responsible. That element had
apparently become impatient of the con-
ditions that have prevailed for the last
two or three days, hence endeavored to
see what it couI accomplish on the
short side of the market.
This movement was encouraged by
further liquidation in Canadian Pacific,
for which Toronto and Montreal oper-
ators were chiefly responsible, and by
selling of st. Paul, Reading, Atchison,
and Union Pacific by Western operators,
who appear to have done very little in
the market of late.
London was also moderate seller of
Canadian Pacific, though it did next to
nothing in other stocks. the shares men
tionel, together with the local traction
issues, which received fair amount of
attention, sustained net losses averag-
ing fully point, and Canadian Pacific,
which was exceptionally weak, closed 3ts
per cent lower than last night
Current News Favorable.
The current news affecting values was
distinctly favorable. The railway traf-
fc returns reported today included ex-
cellent showing of gross earnings for the
last week in May. and for the month
Trustworthy advices regarding the crop
situation are unusually satisfactory.
in the monetary situation the fea-
lures are a somewhat easier market for
sterling exchange, because of a cessa-
tion of yesterdays demand to cover ma
TURTLES and falling off in the deposits
of money by the banks to retire circu-
lation. Since the beginning of the clear.
ing house week until the close of BUSH
ness last night the banks had lost to
the subtreasury s1,522, 600, which is
smaller than recent previous losses dur
ing the same period.
Expectations of an increase in the
dividend on Chicago and Northwestern
stocks were realized today by the dec
laration of an extra per cent on each
issue. This had very little effect on the
market. even for the stocks directly
concerned. the event as usual having
been discounted.
Declines Of Point.
The movement of prices was very
nearly uniform and the net results were
declines averaging about a point for all
the stocks that received much atten-
ton. Illinois Central. Delaware and
Hudson. and Great Western sustained
net losses above the average. In the in
dustrial list Amalgamated Copper was
first in respect to activity. and the trad
ing in il left il more than point lower
than yesterday.
Colorado Fuel was weak on account
of the Western selling movement. but
the United States Steel stocks closed
only shade lower than last night. Re-
ports regarding both the iron and steel
and the copper industries are extreme
ly satisfactory. The production is
large, but the demand for both metals
and for manufactures of them is brisk,
and constantly increasing.
II appears that the only circumstance
holding business in securities in check
is the strike of the anthracite coal
miners. There was an increase in the
dealings in bonds. aDc the market for
them was irregular.
Outside Dealings Light.
In the outside market the transac-
lions were unusually light. Northern
Securities sold at 1O2k11O1& at close.
City Bank rights advanced from go to
25S Havana Tobacco common. deliv-
cradle when issued, sold ct so, and Ha-
vana Commercial common at 1879. San
Francisco Railway preferred declined
e.