Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-05-29
Stocks Rally Under the Influence of
Short Covering.
SUGAR LED TIE IMPROVEMENT
Burlington and Other Railroad
Shares Also Advanced.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star,

Special Dispatch to The Evening Star.
NEW YORK. May 29.-The covering OF
short contracts and moderate speculative
buying by traders gave a strong undertone
to today's market. but failed to improve
the volume of business. The dullness has
failed thus far to inspire material liquida-
ton, and traders are inclined to the opin-
ion that rally is quite as likely as a de-
cline.
In commission house circles the argument
favors the rally on the theory that higher
prices are desired by the banking interests
and the decline is urged only by the pro-
fessional element
The idea that profits are assured on the
short side of the market during a presiden-
tfal year has one serious speculative defect
too many interests have already acted
upon it. A one-sded market never lasts
long. and it is therefore likely that the next
good news will be used to discipline the
present short interest
South African advices indicate important
developments in the near future. and be-
levers in higher prices rely upon a forced
| covering movement once British success Is
assured. There would appear to be little
prospect for reviving public interest In. the
market even under such news, but expert
enced operators would probably take ad-
vantage of it for time.
Railroad earnings continue good. although
the returns are far from uniform. The
Pacific roads doing best In the matter
of current gains, Northern Pacific's net for
April showing an increase of s211 ga. This
increase and that of Aachison. previously
reported. bring the dividend rumors to the
front again with increased confidence as to
an increased rate.
The covering in American Sugar and some
buying by interests who are confident that
al n n mi
not be made forced up the price and helped
to rally the entire market.
The company again advanced Its prices
for refined sugars. an indication that 1t has
a very satisfactory understanding with its
rivals. Working agreements, while intended
as temporary expedients splendid
background for permanent alliance.
protracted and suicidal trade conflict
which can be arrested by the mutual desire
to make profit during the preserving sea-
son, is on the verge of collapse.
Rumors that the president of the Steel
Hoop Company had resigned We're crcu-
lated early in the day and subsequently
denied. The company makes a good state
nent of earnings, showing a profit and loss
surplus of more than S3,OOO,OOO after charg-
ing off S1,UO.Do for depreciation
The manipulation of Panhandle was the
feature of the market in railway shares, a
limited amount of stock forcing sharp adj
vance in price. Rumors of dividend helped
the movement.
Burlington was strong during the entire
day, and talk of buying by Union Pacific in
terests was again heard. The short interest
probably bought more of the stock than
any one interest, but there Is a growing
conviction that Burlington has too many
friends to suffer materially even in an un-
favorable market. All of the railroads rail-
lied easily, but became dull at the advance
Money was offered on terms to suit the
borrower, and in many instances the latter
dictated the rate. The money market at
least does not bear out the proverbial pres
fdential depression theories. Time loans
under per cent for the balance of the
year are to be had and some interests are
taking the loans now on the theory that
the money can either be loaned to adyan-
tage ION CALI during the summer or profit
ably employed in the stock market