Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-06-13
FINANCE AND TRADE
Short Covering Causes Prices Of
Stocks to Rally.
STRONG DEMAND FOR SUGAR
Traction Shares Were Also Taken
in Good Lots.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
| NEW YORK. June 13.-The rally begun
| late yesterday afternoon was resumed again
| this morning, traders buying stocks against
previous sales the result of the over
sold condition of the general market. Ex-
cept for the Improvement in prices there
was no change in the character If the mar
ket. The lack of outside interest ANA the
want of leadership We're clearly shown b.
the fact that an engagement of S3JSl0Et
gold for shipment to Paris by tomorrnw's
steamers fell absolutely fiat as a market
influence.
The announcement came at A time when
prices Were disposed to rally and the move
| ment was not noticeably Interrupted by the
proposed shipment The margin of profit in
TINS transaction is very small and would
scarcely have been undertaken We're it not
Tor Willingness the part of foreign
houses to assist the Bank of France in
adding to its gold reserve. The theory that
the shipment is made the result Of the
American ettiux to the Paris exposition is
not entirely adequate
Reports from the northwest indicate that
tne drought is broken in that section. and
InlS news had some influence on prices
me buying came from the short interest
however and the new demand. while good
| IN character. was too restricted to add
material strength to prices.
Interest in Northern Pacific dividend is
unabated. but the impression prevails that
once the announcement is made the market
Will relapse into its old state of indiffer-
ence.
This view may be mistaken one. since
tne re are fa1r prospects that some ATTEMPT
may be made to discount a rally on next
week convention results. With the crop
CONDITION cut Of the way as a market factor,
polltlcs are certain to take first place as
dominant Influence. For this reason the
street believes in double movement he
ginning with an advance on the first con-
Nent1ons action and a subsequent reaction
IN preparation for the radical platform to
be promulgated next month
From present indications the p,1blic is
more likely to participate in the second
movement than in the first.
The buying of the Traction shares, and
notably the demand for Manhattan was
one of the more interesting developments of
the day. This group has been oversold OF
late and rallied easily in consequence The
Pacific shares were bid up smartly at one
time under mixed demand, commission
houses buying for turn.
Inc coal stocks We're bought by the same
interests heretofore identified with the
movement, and there is every reason 10
expect continued accumulation of the
Reading issues and one or two nearby
properties. In all this springs consolida-
ton plans it has been evident that sooner
or later these coal roads would be forced
into closer relationship to the big eastern
trunk line compact.
A demand for American Sugar and an un-
usually reduced floating supply of stock
found reflection in higher prices The in
size interests took small part in the M
ward movement, the advance being almost
wholly at the expense of the short in
terest: The demand for the Steel shares
was improved at one time by the buying
Tor the short account, but the movement
failed of important net results. The volume
OF business fell off during the final hour
put the net changes Were favorable in prac-
tcally every instance. Large interests cling
TO the view that rallies and declines will
follow each other without the Intervention
OF decided, sustained movement in either
direction.