Evening star., 1898-06-20
Stocks Opened Weak, but Soon Be-
covered Today.
fHE WHOLE LIST WAS ACTIVE
Good News From Seat of Wa.
Expected Soon.
GENERAL MARKET REPORTS


Special Dispatch 10 The Evening Star.
NEW YORK, June 20.-The tendency OF
the early trading this morning was in the
direction of lower prices. but beyond a lack
of interest on the part of the larger trad
erS there was no incentive 10 the move-
ment.
an absence OF pressure to sell long stock
and lack of confidence I'm the wisdom Of
shcrt selling attracted a moderate demand
from traders later in the day. which rs-
suited in a substantial rally.
Sharp declines in Peoples Gas and Brook
lyn Rapid Transit during the opening hour
unsettled the entire market and forced
sympathetic decline in all departments.
The selling of the first named was credited
to prominent representative Of Chicago
interests, while the buying was for the ao-
| count Of an equally prominent local inter-
| est. The stock rallied under the persisten.
buying, and for time ruled steady at
net advance, a fair-sized short interest
contributing to the movement.
American Sugar and Tobacco shared con-
spicuously in the opening depression but
| rallied easily later in the day. The indus
trlal department monopolized the active
trading, as il did the latter half of last
week, and the manipulation for the most
part seemed to favor Improvement
metropolitan Traction was forced into
some prominence during the aft ernoon ON
the theory that the directors would sane.
ton an increased capitalization. the present
shareholders being given the new stock at
| par This argument did not appeal to
many, however. as something very similar
had been previously used to help the price
ana lacking the subsequent action neces-
sary to maintain the new level. The trans
action is at least in contempla ton, but the
street had been led to believe that this
matter was held in abeyance pending a ces-
sation of hosti!ities with Spain The de-
creasing confidence in the brevity of the
war now seems likely to advance the en-
terprise, but per cent advance is scarce
Iy equal to the responsibility of discouuting
such an undertaking.
Some buying by brokers usually employed
to conduct the speculative campaigns of a
rev OF the present leaders gave rise 10 n
belief in a recovery from the reaction of
the last few days Traders bought the en-
tire list around delivery hour, and forced
prices up to the best level for the day The
buying was about evenly divided between
lne covering OF short sales and cautious
| accumulation in anticipation of a rally
lie hesitancy noticed throughout the day
was entirely natural, owing to the fact
that the week is regarded as likely TO ne
productive OF important events in CttDa
The new government loan is having a
restrictive tendency on the volume of bus
lnesS, as 1t is generally believed that the
new bonds VIII have a speculative as well
as an investment value. Foreign houses as
Well as those In domestic financial centers
report an abundance of money so that dear
money is still an improba bility. Some posi-
tive incentive to Improvement may be de-
manded as a condition precedent to a new
upward movement, but the accumulation
of negative material may force a recovery
at any moment.