The times., 1901-06-04

Large short Account Present, In
Spite of the Rfses-Activfty Among
the IndustriuIs and SpeciaIties.
NEW YORK, June 3-In a number of
respects today's market displayed some
of the char acteristics which were evident
in the speculation of the fortnight previ-
Gus to the elimination of the Northern
Pacific corner. The dealings attained
very large aggregate, were well diyersi-
fed and resulted in general and fairly
extensive advances. Broadly speaking
the movement in prices was plainly a con-
tinuation Of that which set in in the mid
die part of last week, and was based upon
the same fact, namely. the amicable set
tlement of the so-called Northern Pacific
controversy.
Aside from the last named factor, 1t
would be difficult and almost impossible,
indeed, to adduce any developments of
novelty TO account for the prevailing ten
dency in the market. The days develop
ments were meagre, and not particularly
striking. The money market continued
extremely easy and sterling exchange
was steady, although the last named mar
ket furnished no definite indications that
exports of gold were probable with the
course Of the week.
Only a few statements of railway traf-
fic were submitted, but the exhibits were
Of the same favorable nature TO which
the street has become accustomed. In
all probability the more seasonable
weather conditions prevailing in this and
other sections of the country might prop
eriy be cited as an effective influence IN
the cheerful sentiment apparent, and
some bulliSh ammunition was also Great
ed through the prospective return TO this
country of J. Picrpont Morgan.
While no changes in the dividends to be
declared this month on various stocks are
looked for. the large number of declara-
tions incidental to the month were re-
ferred to as an additional stimulating in
huence. The most important dividend
announcement today was that on New
York Central which was ordered at the
regular quarterly rate. Prior to the open
ing Of business American stocks were
shown at substantial advances above par
ity with the closing prices Of Saturday in
the London market
Foreign houses dealt heavily here dur
ing the forenoon session, and on balance
were buyers Of about 10000 shares of
stocks. These circumstances served 10
impart an exceptionally animated and
buoyant opening to the local market, and
while occasionally during the day proflt-
realizing sales attained proportions which
resulted in Tecessions, the reactionary
movements were for the most part at once
trifiing and transient.
The business of commission houses
showed a substantial increase, and ag-
gresSiVe manipulation in certain stocks
was conducted on the long side of the ac-
count. Close observers Of dealings on
Saturday said that one of the most note
worthy characteristics of the market was
the scarcity of stocks Offering from any
but plainly professional sources. They
also reported evidences Of the existence
Of stin largely extended short account,
Notwithstanding the extent of the rise
in prices since the early part OF last
week.
The market showed a better diversified
tion Of interest than has been apparent
in many weeks All quarters of the mar
ket came in for a fair amount OF atten-
ton. although interest again conYerged
chiefly upon the railroad list. AT the same
time. the industrial quarter showed a
number Of very animated movements, no
tably In American Tobacco, Continental
Tobacco, Sugar Refining. the United
States Steel issues, United States Leather.
md International Paper.
Little that was definite could be cited
al connection with any Of these move
uents. although as might be expected
rumOTs of one sort or another were album
dant. The heavy dealing in the United
States Steel seemed to be based on con-
ceDtions as to the rating that those Sc
c,'riues would have with the public so
soon as dividend payments have actually
begun.
The large short interest in Sugar Re
fining was seemingly disconnected by the
unexpected advance ordered today in the
prices for the refined product by the
American company chief competitor, and
rushed to cover. with the result Of ad-
vancing Sugar Refining stock materially.
it did not appear TO be the general opin-
ion that any change would be made in
the dividend shortly TO be declared on the
stock
Among the so-caIIed specialties. sub
stantial advances We're scored in Pacific
Mail. Amalgamated Copper, American
Smelling. Consolidated Gas, General EIec-
trio, and International Power. The local
traction stocks showed a pronounced de-
gree Of strength in the early dealings,
but did not retain their advances 50 well
as the other quarters of the market
The most material gains in the railway
list were recorded in those stocks more
or less directly affected by the settlement
of the Northern Pacific controversy.
These were notably Union Pacific, St.
Paul. Rock Island, and Southern Pacific.
Rumors that a dividend would shortly be
forthcoming on the last named stock
were also effective in the advance in that
instance.
other notably firm features Of the rail-
way list were the Atchison shares, New
York Central. and the sO-called junior
Vanderbilt issues. Norfolk and Western,
Pennsylvania. and the Southern Railway
shares the latter advancing sharply on
unusually heavy transactions and attain
ing their highest recorded prices.