The times., 1901-06-26
SHORTS BECOMING ACTIVE
Aggressive Operations Conducted
in the Stock Market.
The General Dealings, However,
Confined Mostly 10 Professional
TradinS-A Declining Tendency
Shorvn-Pricc Movements Limited.

Sho,vn-Pricc Movements Limited.
NEW YORK. June 25.-In the absence
of any other new developments the stock
market again took its cue from London.
where prices were depressed, partly in
conscQ cQuence of the failure of a large Ger
man bank The dealings continued in eX-
trcmely light volume and in the main rep
resented the operations OF the strictly pro
fessional element cf the street. There
were very few exceptions to tie general
tendency OF prices and the market was
wanting in even the pronounced move
ments in particular stocks which gave
some feature to yesterdays dealings. As
was the case then. no little uneasiness
prevailed lest the money market during
the remainder of the month should devel-
op distressing stringency, but as also was
the case then. the notions in this regard
were not borne out ly the actual rates
and conditions which prevailed. The mean
rates in the money market were about the
same as those quoted yesterday, namely
to AZ per cent.
The days actual news was limited to
the statements Of earnings submitted for
the third week OF the month and for other
periods, and these. in the main, made
very good showings. Notwithsta nding the
material declines in American stocks in
the London market foreign houses had
no considerable orders here. The fiuctua-
tions in prices after opening were exceed
ingly irregular but for the most part
sagging tendency prevailed
The local traction issues which have
been the notably strong and active fea-
lures of the market for the last few days,
were reactionary. particularly for Man
n =, -, hot in
stance appeared to be owing to the alb
sence of any confirmation of the reports
recently current that the property was
likely to be leased by another corpora
tion. There are good reasons for believ-
ing. however. that a very potent voice in
Manhattan Railway affairs has been ac-
quired by new interests, and il is be-
lieved that they will shortly seek repre-
sentation in the management of the com
pany.
Comparatively firm features Of the rail
way list were Illinois Central. New York
Central. Southern Pacific, and Union Pa
cific. Sharp advances were noted also IN
all of the New York, Chicago and St
Louis issues. the movement being pre-
suTnably in advance of the dividend pay
ments on the stocks.
There was a renewal of the strength and
activity which developed in New Jersey
Central yesterday which was today at
tended by rumors that the dividend rate
was to be increased. There was no other
movement of particular interest in the
railway list aside from the continues
wea kneSs in ST. Paul.
The industrial quarter was generally
steady with substantial advances appear
ing in Sugar Refining. American Tobacco,
and Continental Tobacco. As regarded
the movements in the two last named
stocks il was understood that much more
than two-thirds of the common stock of
the Anne rican and Continental Companies
had been deposited with the Morton Trust
Company, under the plan of consolidation.
The United States Steel issues were
actively dealt in, but the price movements
were. as heretofore, extremely limited.
Little of interest transpired in the deal
ings among the specialties- The Copper
stocks were weak. as were Colorado Fuel
and Iron. Tennessee Coal and Iron, and
Consolidated Gas American Smelling
was firm on raEors that dividend would
shortly be declared upon the stock
More aggressive operations for short
account were conducted in the market
than for a long time. and observers Of
the technical conditions of the market re-
ported the existence Of very consider
able and really extended short interest.