Evening star., 1901-06-21
Strong Undertone in Stocks Helped
to Sustain Prices.
GOOD BUYING OF UNION PACIFIC
Missouri Pacific Was Also in Good
Demand.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. June 2l.-The undertone Of
today's stock market showed some slight
gain in strength and there was no pressure
OF stocks from any significant source. The
nearest approach to good selling perhaps
was In st. Paul the advance to $50 bring
ing out considerable long stock Elsewhere
throughout the list there was a steady de-
mand, which had a tendency TO revive con-
hdence in further Improvement great
deal depends on the money situation and
the showing to be made In tomorrow's
bank statement.
There is more than ordinary confusion
on this subject, but 1t seems likely that
the advance changes in the weekly re-
ports should give way to merely nominal
losses or small net gains. Surface move.
ments during the week would Indicate
that the banks have gained something
over million in cash. The changes in,
loans may counteract the gains entirely
ana the reserve may dwindle still further
The coming week is the period of severe
test to the money market and any falling
on In resources, as may be indicated.
will have a tendency to restrict trading
or may even inspire liquidation.
There are good reasons. however. for thsS
belief that the leaders of the market have
the price movement well in hand and re
merely awaiting the release of money
around the first of the month to renew ag-
greSsive operations. There is much talk Of
lower prices IN professional circles but
such sentiment was never more insignih-
cant, In Its capacity for evil. than this
season. A traders market is a market of
stagnation and fractional fluctuations.
The supply of stocks has decreased and
short selling is daily growing more hazar-
dous. There will be declines. and pro-
tracted ones, but they must come through
the liquidation Of holdings now too care
fully guarded to be disturbed by mere
speculative devices.
Crops manufactures and bank clearings
must set the mechanism for the reverse
movement, but at present all these forces
inspire confidence. Prices are high. and
this fact of itself discourages indiscrimi-
nate buying, but Is hardly equal to the
task of forcing a material decline or Of
creating an era of pessimism.
The buying of Wabash was a feature OF
the morning. the preferred stock gaining
per cent under a big demand. RumOrs OF
Pennsylvania buying accompanied the ad-
vance, but lacked confirmation. Brokers
employed by the Hartman party were con-
spicuous buyers, but the street is SkepticaI
Of any real interest on the part Of this fac
ton. The pool in Wabash is sufficiently ex-
perienced to have the credit of the buying
go to others. q
The buying of Union Pacific during the
afternoon forced the price Of that stock up
and some round amounts changed hands at
the top prices. There is unusual conf
dence In this property a conspicuous
feature of the next advance in the general
market. Pennsylvania is another favorite
security but since the sudden advance of
Monday last Ii has been unable to do more
than hold steady. Missouri Pacific showed
some indication of new buyingXA and a mod
crate advance was recorded u hg the af,'
ternoon.
The Southwestern group as a whole Is
not buoyant,' however. and seems to re-
quire more detailed statement of the con-
solidation plans. Manhattan and the Trac-
tion shares were IN good demand, and there
are increasing evidences of a plan to make
this group attractive. during the summer.
The industrial shares We're steady but
without special feature, the Steel stocks.
Copper and General Electric attracting the
bulk Of the business. =
The volume of business fell off materially
during the last hour, but prices held well
In spite Of the narrow trading.