Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-06-09
FINANCE AND TRADE
Prices Advance, But Business
Is Dull.
RAILROAD LIST FIRM
OUTLOOK FOR UNION OF GOULD
PROPERTIES.
Efforts to Divert Attention From Coal
Strike-Situation Regarded
as Improved.
RAILROAD LIST FIRM

Special Dispatch TO The Evening Star.
NEW YORK. June e.-opsning prices this
morning were generally steady around last
weeks closing level. but later trading dis
closed hardening tendency under limited
dealings. London was dull and unintercst-
ing and local commission business was re-
stricted. Traders were inclined TO cover
short stock result Of the decline In
wheat and the generally favorable crop
news.
Toward the end of the first hour the mar
ket rallied nearly l per cent and there was
some slight Improvement in the character
Of the demand. An effort To get the mar
ket out of It's rut was in evidence hut
prices responded more easily Than the vol
ume OF business, the advances mp TO noon
having been recorded on transactions aEgre-
eating only 1o3.0DO shares
During the early afternoon dullness was
pronounced, hut prices held well In snita NJ
the lack of business
The railroad list was strong In tone large
~ because the routine news was favorable
mon Pacific was firm within narrow
limits. but St Paul showed the effects of
short covering and responded more substau-
TALLY. Missouri Pacific was In fair demand.
shade under par, and stress was again
ialu upon the improving outlook FOR a closer
union If the Gould properties.
Here and there throughout the list there
were suggestions of revival of old enter
prises in connection with the more eco
HpiHlG management OF railway nrNnPTtiFS
Part of this effort was undoubtedly in
tended to distract attention from the one
decided handicap TO Improvement. namely.
the coal strike
News from the coal region was construed
to be more favorable. but for no reason
other than that the operators were said To
be holding their own. The strike In the
soft coal fields was not factor in the mar
ket, the movement in that section not be-
ing considered wholly successful.
Reading was advanced 1 per cent under
buying by interests supposed TO be accu-
mulating the stocks for purposes entirely
removed from the present labor difficulty
The strength of this property seemed to
hold the entire list OF coal stocks steady at
fractional gains.
Hearings upon the subject of the iniunc-
tion asked for to restrain the United States
Steel Company from converting it's pre-
fcrred stock into bonds have been set for
tomorrow. This action is regarded as an
expression of hostility TO the corporation
and is intended to embarrass the manage
ment rather than to ward off any personal
loss.
Because of this view the street paid little
attention to the matter. the steel stocks
merely fuctuating with the general market.
In the industrial list the movement OF
prices was irregular under very limited
dealings. Good buying of National Lead
was reported, and there was fair demand
for American Sugar and the Fuller Cor
struction Company's stock.
Money was in fair supply and there was
no indication Of any significant change in
interest rates. Safety along this line, how
ever. hinges very largely upon a decreased
speculative demand. The banks are not in
position to foster market activity and to
meet the seasons demands from other
sources. Public interest can scarcely be
al oused until after the crops are assured
and this prospect will leave the market
under the control of the professional trader
for the full midsummer season.
During the last hour prices held well
under narrow dealings, but sentiment was
ore hopeful than at the end of last week.
Atchison and Canadian Pacific were much
discussed candidates for higher prices
but their strength, while freely admitted
brought out no new business.