Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-06-10
Bears Had an Inning on Change Dur
ing the Morning.
But HUNTED COVER LATER ON
Last Hour Developed Best Prices
of the Day.
GENERAL MARKET REPORTS
Special Dispatch TO The Evening Star.

Special Dispatch TO The Evening Star.
NEW YORK June 1O.-Prices opened
around the closing level of Saturday and
sold of rather easily until noon support
ing orders were lacking and the room was
inclined to trade for the decline. The mar
ket ran of under the selling and declines
averaging about 1 per cent were recorded
by midday.
After this period the volume OF business
increased slightly and prices were bid up.
many issues gaining all of the early loss
and a few making net gains.
The market is clearly one of specialties
and discrimination Is essential to success.
Dizziness follows hard upon any pronounced
movement in either direction. and the
street is clearly awaiting some decided
movement in the matter of the numerous
impending deals.
Saturdays surprising bank statement 10
less seriously regarded now that the spe-
cial transactions accounting for IL have
been disclosed.
The money rate shows no signs Of strin-
gency, and the borrowing community is
not anxious This weeks statement may
be unfavorable also, but conditions
throughout the country are encouraging
and losses in cash can easily be regained
later In the season.
Interest centers largely around Missouri
Pacific and the Gould plan Of consolida-
tion in the southwest. The street has been
promised surprise in this transaction. and
a far-reaching combination is relied upon.
The Wabash-Pennsylvania controversy at
Pittsburg has seemingly complicated the
transaction. but there are excellent reasons
for regarding the delay as a temporary one
only.
Missouri Pacific made a new high record
today in the face OF an adverse market.
and Texas Pacific was unusually sympa-
thetic. All of the southwestern and Den
Yer issues are sensitive to the movement
In Missouri Pacific
Good buying of Pennsylvania railroad
was noted and indications point to the GUS
tomary advance incident to the new stock
issue Erie is regarded a promising
property. and is being well bought on all
the weak spots Car Foundry continues to
attract a steady demand and is quite as
| strong as any Of the higher-p priced shares.
Interesting developments are promised dur
ing the summer and a considerable COM
mission house demand goes into the COM
mon stock.
The selling Of American Sugar was rather
aggressive at one time, but the stock was
steel issues were permitted to drag during
the morning. but were taken in hand later
in the day and forced back to best prices.
Rather protracted selling of Union Pacific,
Southern Pacific and all the Hartman is
sues disconnected the market during the
morning and led to selling all around the
room. There seemed to be no occasion for
the selling. except the withdrawal Of sup
porting orders by inside interests.
This method of testing the market has
become quite profitable to the various syn
dicates.
The final hour was the best of the day.
prices gaining under a mixed demand and
traders loosing confidence in short selling.
The market is not a big one, however and
is not likely to continue long in one direo-
ton.