The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-06-23


proved materially in the volume Of bus
mess, but there has been a general ad-
vance OF 9s@1k point throughout the en-
tire list. The high-gTsde rails and in
dustrials were the leaders In strength
and tone.
NEW YORK, June 2s-During the
morning hours the market was inter
esting in that It reflected a better tone
than for some days past and also the
movement Of the big army of shorts to
get under cover. The bears have been
grinding the rumor mill overtime during
the last seventy-two hours and have
evolved from an enormous amount of
rumors the simple fact that Z. II. Har-
riman is not IS we'll as he would Ike
TO be-more or less important but non
effective so long as the subject travels
around Austria ana is given fairly
good bill OF health.
The bulls started their rumors with
the zap Of the believer before. They
told stories of the pending retirement
of Union Pacific preferred-soIpething
big from the other side that was ma
turing-the simple delay in the listing
of the Steel common, a little hitch that
would be easily overcome. Moreover
they predicted something good coming
out on New York Central but the ma
ture Of the news in process of evolu-
ton was not stated. Perhaps there is
just as much truth TO one set OF per
hapses'' as to the other.
Shorts Covered Freely.
From the mass Of rumors the fact
remains that the shorts considered it
wise to get under cover with the open
ing of the market and they kept on
buying up the middle of the second hour
of the session with aggTessiveness.'
They kept 1t up less actively as the
day wore ON. but shaded the outside
prices after the bulk of the buying
orders had been filled.
While the rumor mill was grinding
the conservative operators were paying
much attention to crop reports. recog-
nizing the fact that this is a critical
period in the agricultural world. The
indications are for satisfactory har-
vests with continuation of high prices
This and the admitted betterment IN
general business together with the DOW
er OF the fact that the bulk OF actual
stock remains with the big people OF
the Street seem TO warrant a belief in
still higher prices. Moreover stop-lcss
orders have been well cleaned out and
until new speculative Iong-account
Is established there viii be none OF
these danger signs hanging over the
list.
Dull But Firm in Noon Hour.
Moreover the duHness between the
opening and the close Of the noon hour
did not weaken the technical, position
Of the market or OF prices in the least
OF late the chief bear pressure has hit
the list during the noon hour, and
while there was little doing there was
no disposition to increase the volume
Of business at the expense OF conces-
siOs1s. London was a small buyer of
stocks and foreign operations did not
cut much figure one way or the other.
The gains OF the morning averaged
over a point with many stocks I1xa2
points higher. There was strength IN
the Hartman, Hill, and Vanderbilts
and the industrials carried moderate
gains throughout the list Atchison i'm
proved a point. Baltimore and Ohio St.
Paul. Reading, Southern Pacific Great
Northern. Northwestern. and Missouri
Pacific made II 161k higher. Union
Pacific preferred rose 10 1895 from a
close at par yesterday. This was be
cause OF the gossip from abroad
Steel common rose 70 SIS, and held
most Of the advance. The preferred
held a fractional advance. Copper g
higher, and Smelling " Many sal
point gains were recorded in the indus
trials.