The times. [volume] (Washington [D.C.]) 1897-1901, 1900-06-14
COVERING BY TIE SHORTS
A Slight Improvement Sho.n in
Speculative Sentiment.
The Movement Apparently Without
Cnu-e. Except Thnt the Profess
Rally-The Dealings Limited in
Volume. but Very Well Distributed.

NEW YORK, June 13.-An improvement
in speculative sentiment, which was scarce
" referable to any new developments in
the situation, was manifest in today's
stock market. The professional specula-
tors in and out of the Stock Exchange.
whose transactions now make up the bulk
OF the dealings in the stock market, appear
TO have arrived at the conclusion that a
rally in prices was due. and this opinion
seemed to be common enough at least to
lead to quite a general covering move
ment among the short interest.
II was chiefly on this account that the
mornings advances were registered. As a
matter of fact, there was no perceptible
increase in outside interest in the market,
nor were there any particular develop
ments to which the markets reversal of
tone could be attributed. The new re-
garding the condition of the spring wheat
crop was again rather conflicting and the
fluctuations in wheat were wide, although
the market for that cereal showed an I'M
DERIVING tone of great strength.
Few interesting statements of earnings
were reported, and the days engagements
of gold for export tomorrow attained
total of S, coz, GOO more than had been ex-
pected, the amount to be shipped reach
ing s3,500,000.
The disposition Of the dealings here for
foreign account and the tendencies of the
European stock markets were again IA
verable factors in the local dealings. Lon
don furnished a higher range of prices for
American stocks and foreign houses were
buyers here on balance to the extent OF
10000 shares. These circumstances con-
tributed to the firm opening, but subse-
Quent advances were mainly owing to the
change in local speculative sentiment.
As has been the case throughout the
week, the dealings, while not large in vol
ume, were very well distributed through
out the market The granger shares con-
tinued to reflect to some extent the I'M
certainty felt in regard to the outcome of
the crops, but there were substantial, adj
vances in Baltimore and Ohio, Norfolk and
Western, and New York Central The adj
vance in the latter stock attracted more
than ordinary attention on account of the
approach of the dividend periods on both
New York Central and Lake Shore.
While no change is expected Immediate
ly in the New York Central dividend an
advance in the Lake Shore rate would be
generally accepted as foreshadowing a
higher return on New York Central, mas
much as the latter holds 100000 out Of
the 81, 00O, 900 shares of Lake Shore STICK.
There were a number of substantial adj
vances scored among the industrials and
the specialties, and the local traction
stocks were also notably firm. Sugar Re-
ining was a conspicuous feature of the
industrial quarter, the stock advancing on
large transactions, which were accom-
panied by less than the usual amount Of
gossip for that instance.
There were also substantial gains in the
tobacco stocks, Tennessee Coal and Iron,
Federal Steel and American Steel aad
Wire. but the rises in these stocks ap-
peared to reflect the technical features Of
the dealings rather than any change in cir
cumstances bearing particularly upon them.