Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-06-29
Realizing Sales Develop a Bear
- Attack on Wall Street.
BURLINGTON SUCCESSFULLY RAIDED
American Sugar, However, Reached
New High Level.
GENERAL MARKET REPORTS
Special Dispatch 70 The Evening Star

Special Dispatch to The Evening Star
NEW YORK, June 29-opening prices IN
today's stock market reflected considerable
irregularity, but the average was slightly
above the parity of yesterdays closing.
me volume OF business was large and well
distributed London was disposed TO real
ize TO some extent. but the undertone of the
ioreign market was decidedly encouraging
Inc resignation of the three Pretoria
Judges had bad effect upon Kafr prices.
and helped to emphasize the natural result
OF proht-taking. Later in the day the for
eign market renewed fits inquiry for the
better class of American stocks and bonds.
Inc reduction of y per cent In posted
rates or exchange was an encouraging de-
velopment of the day, and is relied upon
TO prevent the necessity Of significant gold
exports.
The continued buying of our securities
py Europe would undoubtedly terminate
the gold outflow, but the determined ef-
iorts or local reactionists may cause a tenn
rorary cessation in the demand
This local effort TO depress prices WAS
very pronounced at times during the day
Traders detected a considerable volume of
realizing orders around the room and
offered prices down in every such instance
An attempt to market a large block of
Burlington upon the announcement of an
Increase of sen.6W in May earnings re-
suited in sharp break I'm the price of
those shares. The increase In earnings ex-
ceeded all conservative estimates and
would, under ordinary circumstances, have
forced a substantial advance.
The remaining Granger shares were for
A time superior to the action of this stoc6
hut all finally yielded for fractional d.
clines. Considering the extent of the ad-
vance, however. the large sales in this
group were we'll taken, Burlington's de-
cline of SIS per cent not being equaled Dy
any other member. The failure to utilize
this particular increase in earnings to bet
ter advantage was a disappointment to the
entire market
The short interest about the room was
materially increased during the day. The
announcement of an advance in anthracite
coal Rates had 4 tendency to improve the
price of the coal shares, but the prejudice.
against these properties is not to be easily
overcome.
Tennessee Coal and Iron was advanced
quite sharply during the morning, but the
process bore certain earmarks of manipu
lation.
The low-priced issues shared a fair pro-
portion of the days business. but condi-
items were not wholly satisfactory to their
position.
American Sugar was again an important
fea ture of the days trading. On early
buying the price was forced UP to 49, a
new high point. Only one hundred shares
were sold at this point, and an effort to
prevent further selling at that level was
apparent. Within one per cent OF the
highest point round amount of stock
changed hands. Ii would he mere specu-
lation to say whether the selling
perior to the buying or vice versa.
The covering OF short contracts was
apparent at the advance. but realizing
mist also have been in progress. The later
decline in the stock was inspired by Wash
ingtcn advices predicting an anti-trus.
clause in the tariff bill.
The narrowness Of the present market, by
comparison with the high-leyel markets of
DreyiOuS clearly GenOUSt ted
during the last hour. Stocks during this
period were more easily bought than sold.