Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-06-27
Two Unfavorable Develop
ments in Stock Market.
PASSING OF DIVIDENDS
BY COLORADO FUEL AND AMERI-
CAN ICE COMPANY.
The Changers, Headed by st. Paul,
Made Fractional Gains - Salts
factory Monetary Conditions.


Special Dispatch TO The Evening Star.
NEW YORK, June 27.-There were two
unfavorable developments affecting the
speculative sentiment this morning. One
was the passing of the dividend on the COM
mon stock Of the Colorado Fuel and Iron
Company at the directors meeting in Dem
Yer yesterday. and the other was the sim
liar action taken by the directors OF the
American Ice Company in regard to its
dividend on the preferred stock of that cor
poration. 1t was not surprising therefore.
to see some weakness displayed in the two
securities above named In the initial deal
ings, nor was It unnatural to note some ir-
Irregularities in the prices for other stocks
that come under the head OF lndustrials
and slightly lower level for the general
list under the circumstances.
Colorado Fuel and Iron opened off 3 per
cent from yesterdays closing prices. the low
figures being Sc, from which point it rail-
lied on the covering of shorts to s1i2, but
quickly receded again to 81 after the re-
quirements of the bears had been satisfied.
The decline in American Ice preferred
stock was not so great, its loss being -
per cent. showing that the action of the
directors in deferring the dividend had been
pretty well discounted by the insiders.
The copper stocks, after holding fairly
well at the opening, soon showed tenden-
cy toward heaviness. Anaconda losing l per
cent and Amalgamated Copper a fraction
over l per cent
After the first half hour of trading how
ever, the railroad list broke away from the
industrials, and there was a resumption of
the buying in St. Paul, evidently with the
determination to lift the market through
its influence and in this endeavor the west
ern operators were moderately successful,
st. Paul gaining full point, while there
pnn rail- In At,li
Union Pacific and Missouri Pacific, the lat
ter being bought by Standard Oh brokers
Des Moines and Fort Dodge issues Were
also stronger on rumors that Rock Island
had bought the property from the present
control.
Western Union acted little heavy again
this morning, the price recedng "a per cent,
but little later on gained nearly all of its
loss.
In the early afternoon after a long in
terval Of dizziness. in which the market was
entirely neglected, there was renewed buy
Ing In the grangers, accompanied by frac-
tional Improvements and a covering move
ment in Colorado Fuel and Iron. which car
ried the price OF that stock up over three
points from the early low figures. Mis-
souri, Pacific was quite heavily traded in
during this rally, and the price Of the
stock reached the highest of the present
bull movement. although it was thought
there was some profit taking BY the bull
pool at the higher level.
The coal stocks were inactive but firm
and the only news In regard to the strike
situation was a report to the effect that
President Mitchell will be given full dis
cretionary power on the general strike
question. This report. however, was dis
puted. particularly in western Pennsylva-
MIA. Operators, on the other hand, claim
that they are receiving numerous applica-
lions for work from the striking miners.
The United States Steel issues We're not
active. but showed a firmer tone. both the
common and preferred stocks being frac-
tionally higher.
Illinois Central became quite active in
the afternoon trading. and the price of the
stock gained over per cent on what ap-
peared to be good buying
Colorado Fuel and Iron reacted again in
the late trading, losing more than half of
Its strong rally. 1t was said in fairly we'll
informed quarters that dividends will be
resumed in October next.
Sugar fiuctuated rather widely, which
was taken to indicate that insiders had
picked up most Of the floating stock
The feature of the monetary situation
this week is an extremely heavy movement
of money from the interior in favor OF
New York, the banks figuring on a net
gain Of "a. T12 100 from the country Their
loss to the subtreasury will amount to
about 81 .9O4 900 which will leave an appar-
ent net gain for the banks of s. sos 100 In
the statement tomorrow there is also likely
to be a correction of last weeks figures
which represented the banks less fayorably
in the matter of cash than the actual con-
dHions warranted.
Government bonds were unchanged: rail-
road bonds active and firm.