Evening star., 1909-06-22
SUBSTAN RALLY
Upward Movement, However,
Marked by lrreguIarity.
BUSINESS VOLUME LESS
Heavy Selling for Foreign Account
Affects Sentiment.
q. S. STEEL IS PROMINENT
Large Transactions In Union Pacific
and Southern Pacifc-Sharp
Rises in Sterling Rates.
q. S. STEEL Is PROMINENT
Special Dtspateh to The Star.

Special Dispatch to The Star.
NEW YORK, June 2o.-There having
been no verification of the rumors re-
lating to Mr. Harrmans health which
were current yesterday. and which were
undoubtedly among the factors contribut-
ing to the unsettlement of the market. 1t
was only natural that prices should have
enjoyed substantial rally in today's
dealings. The stock market did indeed
enjoy a fair-sized recovery. but the up
ward movement was characterized by
considerable irregularity and took place
upon a greatly reduced volume of busi-
ness.
At the opening of the market a very
uncertain tone prevailed and speculative
sentiment was considerably affected by
the quite heavy selling which was con-
Quoted here for foreign account.
American shares were quoted at irregu-
lar changes in the London market, and
foreign houses were sellers here soon
after the opening of upward OF 25,OOO
hrmer appearance with the course OF the
morning, but there was little improve
ment In respect of activity.
Leading Industrials.
The United States Steel shares were
prominent in the rally. with quite a note
worthy recovery in the preferred stock.
Other leading features Of the industrial
department were Colorado Fuel and Iron.
American Smelling and Amalgamated
Copper Transactions in the last named
were accompanied by irregular huctua-
tions
The local traction shares were dull,
with considerable strength displayed by
the Interboro- metropolitan issues.
AS was to be expected. there were
large transactions In both Union Pacific
and Southern Pacific, and no little atten-
tion was attracted to sharp rise In
Union Pacific preferred. the upward
movement taking place on unusually
large dealings for that stockl~
There was no specific explanation of
the particular animation in the security.
although some of the arbitrage houses re-
ceived rumors from abroad that some
sort Of extra dividend would be declared
upon the stock.
Strong Railway Features.
Other very strong features in the
railway list were New York Central.
Chesapeake and Ohio and Reading.
Northern Pacific and Great Northern
preferred were also steady. The Wa
bash stocks participated in the general
rally. but failed to recover the losses
they suffered yesterday.
The day was not only free from tho
various rumors which were in circula-
tion yesterday. but was likewise want
ing in important developments of nov.
city.
There was a further sharp rise in the
rates for sterling in connection with the
preparations incidental to the July dis
bursements. Money market conditions
were not essentially altered. and the
commodity markets were comparatively
quiet
There was again much discussion with
regard to the corporation tax suggested
by President Taft, but the opinion
seemed to gain ground that there was
only small chance for the enactment
of such a measure. Washington advices
to the effect that there was little pros
pect for an adjournment Of Congress,
previous to August l. naturally created an
unfavorable impression.