The Birmingham age-herald., 1902-06-24
STOCKS DOMINATED BY SMALL TRADERS Industrial Department Weak Under Foreign Pressure BONDS MODERATE INACTIVE The Only Trace of Large Speculative Operations Was In the Gould
 Group, Led by Wabash
 and Reading Issues.
BONDS MOOERAT TELYACTIVE

New York June 2s.-The dominating in nuence of the small professional operator was manifest in tho tendency of prices of railroad stocks to react to previous level. The only trace of large speculative operations was in the Gould group, led by Wabash and in Reading. The indus trial department was weak with the ex- ception of one or two unimportaut stocks and was under pressure of what looked like foreign liquidation. The buying of Wabash was unexplained by any news development It came from the same sources as have been active for some timo past in this group of stocks and repre- ssrts the effort to realize on the improve ment in the properties through recent ex- tensions and new acquisitions. The news of the day included a eport of an appeal to a higher court of the city of Pitts burg's case against the entrance into Pittsburg by Wabash, and an authorized statement of the project of a new rail road from Denver to Salt Lake City, to connect with a proposed railroad to Los Angeles. This project Is avowedly intend ed as competitive to the western exten-
 
 large buying of the various Gould stocks was not checked in any degree by this news. St. Louis Southwestern preferred, which has usually moved in company with the Gould stocks, was decidedly re- actionary. This was the more conspicuous in view of the further rise of points in Chicago and Eastern Illinois. supposed to be set aside :or absorption in the interest of St. Louis Southwestern. Manhattan shared ir .he strength of the Gould stocks in tho early dealings. and impart- ed some sympathetic strength to the other local fractions.
 The one-half point rise In Reading was apparently designed as an answer to the address to the public by the President to the United Mine Workers. Most of this gain was lost in the reaction. Most of the industrials especially Colorado :. fuel, was a conspicuous sufferer on ac- count of the supposed dispute among in- siders as to the continuance of divi- dends upon the stock. The recent heavy tone of Amalgamated copper also gave way to positive weakness in view of the continuing decline in the price of cop per and the unprecedented production. supporting orders seemed to be with drawn in United States Steel and that stock suffered a net loss of nearly a point. It Is the general conviction in Wall Street that the proposed plan for conversion of preferred stocks into 5 per cent bonds will be blocked by the courts thus leaving no offset to the increase of fixed charges on the $50,000,000 new bond Issue. There seems to be a fear that the payment of dividends on the common stock is thus threatened. The reports of mine labor troubles, while not directly affecting any special stocks have a some what depressing effect on sentiment and several reports of voluntary increases in inot nf ho,y ,,.,I,,r effect, were taken as pointing to the pre- vailing discontent of labor with the pres ent rate of payments Saturdays un- satisfactory bank statement was borne In mind today and probably helped to repress speculation. The closing was easy at the considerable reaction in rail- road stocks A number of the less ac- tive railroads show large losses.
 The bond market was moderately &C., tive and irregular. Total sales, par value s2,5S0,000. United States new 4s declined A per cent on the last call.