Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-05-14
FINANCE AND TRADE
-,
Short Covering Produced Some Ac-
tivity in Stock Market IT, @.'
MISSOURI PACIFIC'S GOOD EARNINGS
Tobacco and Sugar Advanced
Slightly in Prices.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK, May 14.-Opening prices
were about at Saturdays closing parity
and the morning hour was given over to
professional selling and sluggish Hauida-
ton London did little in either account.
but continental demand for the Pacific
shares was reported.
The market was in the same narrow rut
as 1T was last week, and commission houses
were inclined to expect further concessions.
The lack of real business, however, was
overcome by the covering of short con-
tracts and prices rallied, In some Instances
more than a full point
Missouri Pacific's report for the first
quarter of the year, showing an increase
OF $6oO,oOO over the corresponding period
one year ago. was utilized to good purpose
by the clique in those shares.
Reports Of early dividends on the stock
at the rate OF per cent. accompanied with
statement that the property was earning
ID per cent, served to advance the price for
time. Later In the day local officials de-
MED the statements to the extent that the
source from which they came was said to
be lacking In authority to commit the iirec-
tory to such a policy Whatever may be
the outcome OF the movement in this stock
the pool has succeeded in attracting atten-
ton or an unusual character to the prop
erty.
In dull and naturally reactionary mar
ket the interest in this stock has been kept
up by the experienced handling of its mar
ket movement.
Northern Pacific issues showed strength.
but Union Pacific was too dull at a frac-
tional rally to give any indication of their
probable direction.
The Changers were in better demand at
advancing prices. the buying representing
no, l,,x-f
cases lacking a previous sale Is for the
most part intended for a quick turn of mod
est proportions. There Is not that degree
OF confidence behind the demand which in
snap because the room realizes very thor
oughly that strong box holdings have
reached very generous proportions leaving
FEWER shares in the street for borrowing
purposes.
In the Industrial department there was
some suggestion Of a rally, American To-
bacco and Sugar being advanced moderate
iy at the expense of the short interest. The
steel stocks We're not a factor and cannot
be forced upon the public without some
new speculative incentive. At the moment
1t appears probable that important CONSOLE
dations will be talked of In this connection
such an announcement would produce ac-
ivlty In the stock markets. but it could
scarcely appeal to investors, in view of the
disasters which have already attended over
capitalization.
Further gold shipments are predicted dur
ing the week, but no amount is named 1t
was demonstrated last week that a consid-
cradle outflow was possible without injury
TO the local banks. This assurance OF easy
money goes long way toward relieving
the outward gold movement of its usual
Tears Inc trading during the last hour
was dull and less steady than at midday.
Ihe market lacks the ability to continue
long in one direction. The movement which
eliminates by running into dullness almost
,hFaFlaoiy attracts an opposite movement
In the interest of activity If not of values.