Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-06-26
Bears Had Control of Wall Street
During Morning Hours.
ABSORPTION BRINGS A REACTION
Net Advances Were Scored by
Several Stocks in the End.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK, June 26.-The professional
trading element was decoyed into selling the
market this morning because of its disre-
gard for conditions not wholly visible on
the surface Of the situation. Gold exports
were exaggerated and the treasury's pur-
pose to advance the rate on gold bars was
construed into an argument against an ad-
vance in prices
The opening hour reflected a degree of
weakness not equaled at any time during
the week. This was entirely the result
OF profit taking and professional selling
for a turn.
The willingness to absorb these offerings
at the decline subsequently became so
marked that the early sellers became eou-
bly, active in the opposite account The
snort interest covered a liberal proportion
OF Its outstanding obligations and ended
the day with a marked preference for the
long account
Net advances were recorded in all the
stocks taking an active part in the days
transactions The most conspicuous fea-
ture. OF the day was Rock Island in which
gain OF 21s per cent was recorded. The
interview with the president of this road.
TO- which reference has previously been
made. was the chief incentive to this ac-
tivity The doubling of the present divi-
dend rate Is said to be probability during
the present year, possibly at the next reg
ular disbursement period.
The condition of the company's treasury
would justify this action without overstep-
ping the bounds of conservative manage
ment An Increase of Sis, 496 in St. Paul S
net earnings for May helped to extend the
growing confidence in the future of the
grain-carrying roads
Early In the coming week Burlington is
expected to add its quota to the incentive
to higher prices.
The opportunity for advancing tho nri,as
OF the low-priced issues Is becoming gem
orally recognized by experience financiers
1t Is thought that important DEVELOPMENTS
next fortnight
Missouri, Kansas and Texas preferred
and Northern Pacific preferred are Thought
TO have been already selected for a move
more deserving issues.
Unusual facilities for imitation FREQUENT
ly overcomes lack of intrinsic merit.
Inc present financial situation is founded
on optimism, and Is likely to continue 10
discount the future without more than
casual regard for the difficulties of the
present
The short account is making no new
friends, and the loyalty of its old ones is
destined to become ruinous.
The industrial department, while a fea-
ture OF almost secondary Importance is at
tracing buying of the right sort Chicago
Gas is advancing steadily, and may make
rapid strides during the coming week be-
cause of the probable failure to authorize
competition at next Mondays council meet
ing.
Sugar is a mystery to all save the strong
buying interest. Its ability to earn al
least per cent month is not disputed by
class Of operators whose money is rarely
pledged to the support of doubtful enter
prises.
The bank statement reflects an increase
OF over $SO00,00O in loans. and an increase
Of over $2OOO,O00 in cash The net result
brings the total surplus up to S29, 239, 15O.