Evening star., 1901-06-19
Stocks Opened Weak, but Stiffened Up
During Final Hour.
SHARP DRIVE At UNION PACIFIC
Trading Was All Within Rather
Narrow Limits.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star

Special Dispatch to The Evening Star.
NEW YORK, June 19.-The market today
was under considerable selling pressure
from professional sources. and lower prices
prevailed In all parts Of the list. The de-
cline was encouraged by further engage
ments Of gold for export by tomorrow's
steamers in spite OF the weakness in ex-
change noted yesterday The fear Of high
er money which attended these engage
ments caused liquidation OF speculative
holdings and some selling for the short ac--
count.
The larger interests were again. appar-
entity. entirely in accord with the reaction
ary tendency and bought only moderate
amounts on the way down
Union Pacific is now declared to be only
one of several companies which are to un-
dertake the control of st. Paul. and this
without any stock privileges or duplication
of the Burlington plan.
The announcement was not welcomed In
professional circles and stock bought late
last week was sold hurriedly today. The
selling represented only speculative hold
ings, but 1t forced the price down under
ITO. or more than per cent since Monday.
st. Paul was sold down also but IL seems
to be assured that the plans for control OF
the road will not detract from present
prices.
The Southwestern roads were weak under
mixed selling, but there was no abatement
OF confidence in the success OF the Gould
plan for harmony in that section. The high
priced shares In the active list showed a
sympathetic business, and the Atchison
issues receded for time under the pressure
of stock in spite of the fact that the best
buying Of the week has gone Into this
property. Pennsylvania was reactIonary
but the stock was not forced out at the
low level.
This property Is relied upon to take a
more conspicuous place in the daily busi-
ness after awhile. in spite Of the very slow
start II has had.
Amalgamated Copper rallied IL per cent
as result of yesterdays decision in favor
of the absorbing plans, but the advance did
not hold as the result Of the unfavorable
tendency Of the general market.
The street developed the theory that
keene brokers had been selling the mar
ket all day In order to accumulate a limo,
of the Steel stocks in anticipation Of an
early dividend on both the common and
preferred. This theory found many be-
levers, especially since the assurances Of
SUCH dividends were more than usually
positive during the afternoon and some
good buying came in to these issues.
The buying OF Union Pacific improved
later In the day and an especially good
inquiry for st. Louis and San Francisco
was noted as the result Of the refunding
operations. The idea that several minors
roads will be found necessary to a COM
has attracted attention to the various
low-priced issues in that section.
The rally continued during the final hour
and the tone of the market changed for the
better, but there was only q moderate in
crease In the volume of actual business
Traders carried short contracts and COM
mission houses bought for q time The
market is still narrow, and is not likely to-
go far in either direction until better out
side demand arises.