Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-05-29
Stocks Were Strong on Good Buying
of Shorts.
ADVANCE IN UNION PACIFIC
Steel Issues Also Showed an
Upward Tendency.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch 10 The Evening Star.
NEW YORK, May 29-There was more
activity today in the London stock market
and American shares there showed gains OF
from IS to III per cent in the early trading
The most strength was shown in Louisville
and Nashville and the Missouri, kansas
and Texas issues.
The fortnightly settlement in that market
was progressing favorably. In the local
stock market renewed strength and greater
activity were noticeable at the opening:
this, too. in the face OF shipments of 81
$4,000 in gold tomorrow, and rumors Of
strikes.
Both of these adverse influences failed t.
retard the upward movement started yes
terday- There were, however, no sensa-
tfonal advances such as took place yester-
day in some of the Specialties Speculative
temper appeared to be faVorably affected
by the publication of the application of tho
Union Pacific Company for the listing of
all its collateral per cent bonds, showing
that Northern Pacific stock was not to be
included in he securities under the trust.
A beneficial effect was also produced by
rumors of a rapprochement of the hostile
interests in Northern Pacific. and better
London market during the fortnightly set
tlement going on there lent encourage
ment to the traders
Union Pacific common continued the adj
vance started yesterday on covering Of
shorts and when efforts were made To de-
press lIlc SipCh dIltT an advance OF 10 per
cent in the forenoon dealings good support
appeared on all fractional declines.
The general railway list showed gains of
from to 3 per cent. the latter advance
being scored in Southern railway preferred
Notwithstanding the rumors of a pendins,
strike of the machinists of this road. Tho
common stock also showed activity and
strength. the price advancing nearly per
cent. In the industrial group, TOBACCO
stocks reacted rather sharply on a con-
tnuation of the realizing sales so nuice-
able yesterday after the strong opening.
Inc local traction stocks were not very
active, but the little business TRANSACTED in
them was at higher Level than FOR the
past few days
Soon after the first hours trading son,e
irregularity was developed in the markets
movements, and the announcement of a fur
Their engagement of 81 300 COZ gold to go
out tomorrow (making a total of $3.50 1000
weakened to some extent the bulliSh seni-
nent shown at the start.
AtchiSon common and PENNSYLVANIA were
strong features in the midday trading. the
FORMER scoring per cent advance and
the latter over l per cent, quite large
transactions, in which the short interest
seemed to be the principal buyers. United
Steel issues. too. became active and on
round lots both classes of this security
moved up nearly per cent.
There was a cessation ot the covering
movement in the afternoon trading. but
prices held very firm, considering the fact
that tomorrow will be a holiday and the
further fact that most Of IA" advance in
the past few days was brought about by
the bears. who seemed anxious to curt all
their commitments on the saor. side of the
market.
After the London settlement. now going
on, is over ii would not be surprising TO
see the market settle down again TO a lower
level. the short interest has been greatly
reduced and there does not appear to he
to Justify any protracted upward move
ment.