Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-06-25
Fairly Firm Tone Marked the
Opening of Prices.
RALLY FOLLOWED DECLINE
Spectators Interested in Industrial
Leaders Today.
AM. LOCOMOTIVE A SURPRISE
Market Relapsed Into State Of r.
regularity-Rock Islands
Weakness.
RALLY FOLLOWED DECLINE
AM. LOCOMOTIVE A SURPRISE
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. June 25.-At the opening
of business today's stock market showed
fairly firm tone. Later prices declined
In sympathy with the renewed weakness
IN the Rock Island issues and toward
midday there took place a general rally
also lin sympathy with a very sharp
upward movement in American Locomo-
tive Spectators appeared to be taken
quite by surpriso by the declaration OF
the usual quarterly dividend of Ia per
cent on American Locomotive common
stock The subsequent course of that
issue would appear to demonstrate very
clearly that a considerable short interest
has been created in the stock on the idea
that some readjustment in the dividend
rate was assured
Inc erect of the announcement of the
regular quarterly dividend was more on
TESS significant and it might almost be said
amusing SPECTATORS with s. 3rt commit
ments in other securities fastened to cove
ther contra is and. as already mentioned
the who're II arket moved upward II was
NOT 10 De expected. however. that an ad-
vance OF this description could be lons
maintained and. in fact the general mar.
ket soon relapsed into the state of ir
regularity which has prevailed throughout
The week '
Moderate Foreign Purchases.
Inc f1rm tone at the opening Of business
was In some measure a reflection Of the
tendency or the American department of
the London stock market and the quota
tlohs from that point we're again followed
up oy purchases on a moderate scale for
foreign account. The local dealings were
as a rule. OF no less a professional char
acter than they have been for an inden l.
hlrf he
ABLY impressed by the steady purchases
which were conducted in Union Pacific
by a single commission house The lat
ter stock and Rea ding furnished their
transac tionS
The continued weakness in the Rock
Island issue was again unaccompanied
by any authoritative or definite reports.
missouri Pacific was also exceptionally
weak in connection. perhaps. with the
very poor statement Of earnings for the
month Of April. which was submitted
today.
For the most part. however. there was
again an utter absence Of real news or
gossip Of interest in connection with the
transactions in the railway list
Brooklyn Rapid Transi. showed a GER
tain degree of strength on the reports
that the public service commission would
decide in favor Of the maintenance Of
the 1O-cent fares to Coney Island. but
little was done otherwise in the traction
group.
Reaction In Grain Market.
The industrial and miscellaneous issues
moved generally in line with the railway
list. although Amalgamated Copper was
comparatively heavy with renewed dis
cussion of the depressed state Of the COP
per trade. Rather more encouraging re-
ports Of agricultural conditions led to a
reaction in the grain market.
Money market circumstances continued
extremely easy. and this mornings fig
ures showed that the banks have gained
from the subtreasury since last Friday
more than s2.700,000. Notwithstanding
the very high rate Of reserves to liabili-
ties as shown In this weeks statement
of the Bank Of England. and the low quo
tattons for money in the open London
market. the banks rate Of discount was
left unchanged at 21s per cent