The Washington times., 1902-06-17
Moderate Net Advances
Despite ReactionTo-
ward Close.
DEALINGS STILL NARROW
St. Paul and Missouri Pacific Leaders
in Respect to Activity-Steel Issues
Depressed by Unexpected Decision in
New Jersey.

NEW YORK, June 16.-The predom-
mating influence in today's stock mar
ket was unquestionably the condition OF
the staple crops. particularly in the corn
belt The speculative contingent and its
following bought stocks on a moderate
scale, and as offerings were moderate,
stocks like St Paul and Missouri Pacific
that led the list in activity advanced
sharply, and, Notwithstanding a reaction
in prices in the late dealings, closed
higher than Saturday.
Less active issues of roads operating
in the great agricultural districts of the
West that received more attention than
usual and scored noteworthy net gains
were Chicago and Northwestern issues.
Great Northern preferred, Iowa Central
preferred. Minneapolis and st. Louis,
Des Moines and Fort Dodge. and st.
Louis and San Francisco common.
London sold some of the stocks men
toned. as the market there was unset
tied by the indisposition of the King,
but its sales did not affect prices un
favorably, except in the cases of Union
and Southern Pacific.
Reading Common Advances.
There was a revival of interest in
Canadian Pacific. that resulted in a frac-
tional net advance. Of the anthracite
stocks Reading common was the only
one that received noteworthy attention.
1t was strong throughout and closed
fractionally higher. Although the total
transactions were somewhat larger than
at any time for more than week past.
the industrial list was comparatively
neglected. In consequence prices for
this group of stocks suffered a little.
The United States Steel issues were
depressed by the unexpected decision of
the vice chancellor of New Jersey in
making permanent the preliminary in
junction restraining the corporation
from converting a portion of its pre-
ferred stock into bonds. An appeal has
been taken from this decision and will
be argued before the court OF errors
within the next two or three weeks.
The action of the New Jersey court is
described as unexpected because the
United States Circuit Court sitting in
this State recently declined to grant an
Injunction that was asked for on sub
stantially the same grounds as those pre-
sented TO the New Jersey State courts.
Copper and Sugar Light.
The trading in Amalgamated Copper
and in Sugar Refining was very light, but
American Car and Foundry common was
in fair demand, and so were American
Smelling issues. There was a marked i'm
provement in the dealings of bonds dis
tributed among securities likely to be in
better demand during the next two weeks
because of the heavy July l disburse-
ments for dividends and interest
In the outside market Northern Secur-
tiles was unusually active, advancing TO
10ias. Other noteworthy dealings were
in San Francisco Railway subscriptions
at 1924 G102% City Bank Rights at 267G
2T2; General Carriage Trust receipts at
1896, and in the copper stocks, Greene
Consolidated. Montreal and Boston, Ten
nessee and Union Copper. Dominion Sc
curities made further recovery to 1914.
Money Market Firmer.
The developments in the monetary sit
uation were a firmer market for sterling
exchange and a slight gain in cash from
the banks by the subtreasury in the last
two business days. In some quarters i'm
portance was attached to the continued
falling off in exports shown by the for
eign trade statements for May and for
the even months ending May 81.
In view of the prospects that this coun-
try will produce this year a larger crop
of corn than the average, that the yield
of other breadstuffs will be large, and
that the production of cotton bids fair
to be above the Average, the falling off in
exports during the last crop year may
reasonably be regarded as a fluctuation
rather than a tendency.
In the late trading the stock market
showed a little irregularity, owing to
profit-taking caused by its narrowness.
The closing. however, was in the main
very steady. and the average Of final
prices was a little higher than at the
close of business on Saturday.