Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-06-30
Opening Firmness Followed by
Reactionary Tendencies.
COVERING OF THE SHORTS
Sagging Tendency Punctuated by
Fitful Rallies.
LONDON GENERALLY HEAVY
Fair Volume Of Business in United
States Steel-Railway Dealings
Only Of Minor Importance.
COVERING OF THE SHORTS
LONDON GENERALLY HEAVY
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. June 30-Except for the
fact that in such q stock market as that
of the past six weeks one day Of rising
tendencies certifies to a succeeding day
of reaction, and vice versa, there was no
special explanation Of the irregular
course Of prices in today's dealings. At
the opening of business yesterdays firm
tone was renewed for a few minutes, but
practically the entire share list quickly
developed reactionary tendencies. 1t was
plain. and there were abundant indica-
lions to this effect. that yesterdays adj
vances were in a great measure caused
by the covering of short contracts upon
a considerable scale.
Foo the time being. at any rate. this
process appears to have been concluded.
and todays market being deprived of the
support of this description, naturally fell
hack into its old rut- At the same time
1he market could scarcely be designated
as weak and none of the maximum losses
attained extensive proportions Fur
thermore. the sagging tendency in prices
was punctuated by frequent. although
htful, rallies There was q great falling
away In activity in connection with the
irregular tendencies of the market.
London Market Heavy.
The London stock market was generally
heavy. but operations here for foreign
account were upon an inconsiderable
scale. so far as their effect upon prices
was concerned The days money market
reflected to only a slight extent the shift
ing of loans incidental to tomorrow's large
corporation disbursements. The weekly
weather report of the Agricultural De-
partment made a decidedly mixed exhibit,
but the grain market moved irregularly,
corn being firm and wheat heavy during
the greater part Of the day.
There was, perha ps the usual amount
Of discussion with regard to the political
outlook. but whatever conclusions may
have been drawn, they did not seem to
figure materially as an influence in the
stock market. 1t was as difficult to de-
duce edifying conclusions from the trans
actions In particular stocks as has been
the case for a well-nigh indefinite period.
The Copper Shares
The regular quarterly dividend, or. cor
rectly speaking. the same rate Of dividend
as was declared at the last quarter. was
announced ON Anaconda Mining. but that
stock and Amalgamated Copper moved in
common with the general market. In the
London stock market copper securities
Were exceptionally firm on some reported
betterment In trade conditions. which is
not visible to local authorities in the
metal trade.
fair volume Of business was trans
acted in the United States Steel shares,
but these issues showed no distinctive
tone.
Little or nothing Of interest could be
elected from the transactions in the rail-
way list, with the exception perhaps OF
a further rise on very small transactions
in Delaware. Lackawanna and Western
The movement in the last-named stock
had no appreciable effect on the other an
thracite issues
Perhaps, after all. one Of the most sig
nlficant changes in prices which took
place during the day was q fall of g. 600
in stock exchange memberships.