Evening star., 1909-06-23
RAL[Y|NG TENDENCY
Uplift More Pronounced and
General Than Yesterday.
ADVANCES ARE COMMON
Moderate Contraction in General
Markets Activity.
COMMISSION BUSINESS SMALL
American Shares Fairly Steady in
London--U. P. and Reading
Featured Railways.
COMMISSION BUSINESS SMALL
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, June 2S.-The rallyins
tendency which was noted in the stock
market yesterday was much more pro-
nounced and general than was the case
then. but the trading was still character
lied by no little irregularity. In the
active shares in the various departments
of the market advances ranging from one
to more than two points were commonly
scored at one time or another during the
business session.
1t was not particularly easy 10 hit upon
any important developments of novelty to
which the general course of the stock
market could be referred, and. indeed.
there were indications tha. the covering
of short contracts entered into early In
the week had no little to do with the ad-
vances scored this morning.
At all events there was a moderate con-
traction in activity and the business of
commission houses was conducted upon a
smaller scale than for some days past.
American shares were fairly steady In
the London stock market, which was,
however generally dull in connection
with the progress of the fortnightly set
tlement. and foreign houses were buyers
in the local market of upward of 5000
shares.
Progress of the Crops.
Advices relating to the progress of the
crops were for the most part encourag-
ing, and money market conditions showed
no substantial alterations. The foreign
exchange market continued decidedly
nrm. and scattering engagements of gold
for export to various points We're ar
ranged.
There was scarcely less discussion than
heretofore with regard to the proposed
-
Congress. but for no particular reason
the changes in that respect seemed to
cut less figure in the speculation than
previously.
list were the Union Pacific shares Read
ing. ST. Paul. Rock Island, Missouri Pa
cine. the Hiu stocks and New York
Central. There was revival of anma-
ton in Union Pacific preferred and the
movement in that stock again attracted
a great deal of attention, although 1t was
no more definitely accounted for than
on the previous occasions.
U. p. Notably Strong.
1nasmuch as the dividend on Union
Pacific out Of the earnings of the cor
poration is limited to per cent. it was
generally and reasonably assumed that
any benefits which may be in store for
the security will take some other and
special form. Union Pacific common was
also notably strong and active.
Elsewhere the transactions in the rail-
way nst We're unaccompanied by any
actual news or gossip of novelty.
The local traction shares moved in line
with the general market, although a very
striking exception was furnished in the
course of Third Avenue, which suffered a
further and severe decline.
The industrial and miscellaneous shares
enjoyed their full proportion of the re-
duced volume of business, and some round
od oIc1
The United States Steel stocks were firm
and active and substantial gains were
noted in Colorado Fuel and Iron, Amer
lean Cotton Oil, General Electric and
Sugar Refining. The legal difficulties
threatening the MANAGEMENT Of the last
named property would. therefore appear
to have been discounted for the time
being at any rate