Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-06-19
Features of Operations on the New
York Stock Exchange.
PROFESSIONALS SECURE A RALLY
Rumors About the Pacifics' Aid in
the Program.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, June l9.-The covering OF
short contracts which forced a rally at the
close OF yesterdays stock market performed
q similar service this morning London sent
over a higher range of prices for the Pacific
STOCKS and some of the buying by foreign
houses was called good Commission houses
saw little change in the character OF the
business the demand coming from the
short interest and not from the lona, ac-
count. The rally was regarded as the nat
ural outcome of oversold professional
market helped along by the sentimental in
nuence OF the political convention. The adj
NaEce IN some instances extended to about
= per cent from yesterdays lowest point
Inc recovery In prices was used as an in
centive to the revival of rumors which have
Oh late been lost to sight.
Union Pacific, for example was said to
De forming closer connection with Illinois
central. and would shortly abrogate its
yes with other roads. Hitherto this rumor
mas included Burlington in the new aiii-
aRce. but the short interest In the latter
being uncovered to a considerable extent
prevents favorable gossip. Northern Pa
clhc shorts were frightened by the rumor
that dividend Of per cent might be de-
ciared later In the season. so as to give
shareholders the amount originally ex-
pected. This attempt to make the 1 per
cent rate appear to be quarterly payment
was tried last week, but the officials have
refused to confirm the view.
10 what extent the immediate needs Of
the Short interest have been supplied is not
tuily known, but the selling at the higher
prices seemed to increase in confidence.
Politics were commented upon to some ex-
tent, but the street Is not fully prepared to
make the coming campaign the real back
ground of the market. When the nearer
forces are exhausted 1t will be time enough
to go into the national issues as the daily
excuses for fluctuations.
The gold movement Is worthy Of careful
attention, and so Is the present loan ac-
count of the local banks. The figures show
loans at record proportions, and in times
OF market inaction and decrease in the
commercial needs for money The ease
with which the market is oversold and the
scarcity of floating stocks would seem to
indicate that corporations and syndicates
and manufacturers. In the dull midsum-
mer season this condition may invite I'M
usual attention, and il politics should cause
any material shifting Of loans, confusion
and depression would be ineyitabla
The Chinese difficulty is too vague to be
inteillgently applied to domestic concerns
but should 1t prove serious later on the
money markets of Europe would force a
sympathetic move on this side.
Railroad earnings reported today were
mostly favorable and give little evidence of
the falling on in business. The Industrial
STOCKS are Irregular. the strength of Sugar
and the older issues being generally COM
mented upon. few of the Steel stocks
show support as the result of an opinion in
some circles that they are earning more
money, even in the present demoralized
condition Of the trade. to give them more
value than would appear In current prices