Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-06-17
London Selling Unsettled
Stocks in Opening.
HARDENED LATER ON
BUYING OF THE coALERs AGAIN
A FEATURE.
Encouraging Crop Reports Caused the
Changers to Be Sought by
the Spectators.
Special Dispatch to The Evening Star.

Special Dispatch TO The Evening Star
NEW YORK June 1.-THE stock market
opened dull and irregular. under profess
sional transactions. Further selling by
London was responsible for considerable
uncertainty on the part CT the room. the
whole market hestating pending some con-
ciusion as To the markets capacity for alb
sorbing these sales. Toward the end Of the
first hour the pressure to sell was less pro-
noanced and prices had not been materially
influenced. The western element, conse-
quently. resumed activity in ITS special
ties with good results.
The buying Of Reading was the most con-
spcGous operation Of the day, local COM
mission houses with western connections
doing most Of the buying. The common
stock gained per cent from its low Iev,l
of the opening hour. and was taken Ia
round amounts. Some covering Of short
sales attended the advance but for the
most part the movement was based upon
the belief that recent buying was for con
troll. Strike news was regarded not ONLY
IN Reading, but in the market generally
Ii Is thought that the operators will he able
10 run the mines for protracted period,
and that eventually they will win the con-
test
Accepting this view. the larger traders
admit that the coal companies are losing
heavily, but are playing for such a stake
as to insure benefits substantially I'm excess
of any injury now dreaded provided the>-
win in the long run. The struggle has mar
rowed down to a test OF endurance SYM
pathetic strikes are feared i'm certain quar-
ters, but the publication OF new methods
OF attack or defense by either party Is re-
garded merely as an effort at intinida ton
statements are made that the strike, Is a
success on the one side and that il is lbs
ing ground on the other, but neither side
VIII submit hgures In support OF the claims
both siueS Wish themselves out Of II. but
edch mas too much faith in its position 10
make the first concession. The strike Is re-
Sarded as the one menace to a revival of
confidence in the security markets: yet the
cod4 STOCKS nave suffered no material de-
clnes Reading selling today within - of I
per cent of its record price for the wear
crop news us really more important than
the labor trouble. and thus far is encour-
aging Atchison will probably make a rec
ora lor earnings during the present year
carefully compiled estimates promising net
earnings IN the neighborhood Of 10 per cent
on the common stock
Missouri Pacific is making sa,;sr.c,or,,
progress IN earnings. but prominent ON
cial was quoted today as announcing no
increase IN the present dividend before the
end OF the year. Union Pacific is doing
Well, but an increased dividend in this case
means wholesale conversion of the present
per cent bonds into stock ST Paa,l A. AT
tracing attention because OF q fair Mos
pect Tor an Increased disbursement IL its
crops are good. Great North preferred
was again one Of the strong features of the
market no explanation beyond current
earnings being Offered. An increase in the
volume OF commission late IN the day was
ascllbed to an investment demand for high
grade stocks.
Sugar sold down on Washington news
which resulted in the uncoverng of sav-
eral good-sized stop orders. At the de-
cline there was a fair demand The steel
issues were irregular and there was a gem
eral disposition to direct all new bushes.
toward the railroad group.