The times. [volume] (Washington [D.C.]) 1897-1901, 1900-07-11

the grangers and through them the entire
market. The news from China was not
any worse and some Government people
seemed to consider 1t much better. The
day for the notification of the Republican
candidates is near and many expressed
the opinion that this little ceremony to-
morrow will have a good effect on the
market What the next movement will
be is very much in doubt. Some market
people seem inclined to the belief that
there will be a continuance Of the ad-
vance until after the notification OF Mr..
Mckinley that he has been chosen as the
candidate of his party. Others look for
a recession today. Such recession seems
entirely likely in the very near future.
The boom is a manipulative one and is not
supported by the public or the large in
terests in the market. In short time
the professionals will see fit to begin to
doubt II Mr. Mckinley will have a walk
over" and then they will sell the market
as they are now buying it. Nothing OF
this, however, is meant to convey The i'm
preston that the present price of Securi-
ties is too high or indeed high enough by
many points. The ultimate tendency Of
prices is to be upward from this level.
When the large interests come back from
their vacations and begin their campaigns.
there will be boom of no mean proper
tions unless all signs fail boom based
on intrinsic values. as shown by earnings
and dividends paid The advice given In
some most conservative quarters is there
fore to buy stocks on all recesSions for
investment, but to be wary of making
purchases on small margins on the bulges.
The decline in the price of wheat and
corn perhaps bad the most direct and i'm
mediate effect on the stock market, OF
any Of the influences OF the day. Both the
staples advanced on Monday and the
street generally after hearing all the bull
gossip regarding the poor outlook for
corn expected to see boom yesterday.
When wheat opened off below so cents
and corn at-s3 cents and a small fraction,
therefore. there was Immediately a dis
position to buy the grangers. The course
OF the group was upward nearly all day.
Rock Island sold above 107. bat closed
off rather badly at los 1-2 Burlington
advanced to above 126. and closed at the
top. st. Paul went to 112 1-2 and con-
tinued strong until the close at 112 3-S.
Atchison preferred was somewhat inactive
and it was said at times that there was
selling of the stock to realize profits. 1t
sold ''ex-dividend" 21-2 per cent for
the first time yesterday, thus OPEN
ing somewhat below 20. There was
recovery to 40 and the close was at that
figure. the highest for the day. With the
exception of Rock Island, the group made
an excellent showing. Present prices for
the grangers are not in accord with the
earnings of the companies and the divi-
dends paid. when money is so plentiful
as II is at present, Call loans yesterday
were made at 1-2 per cent. Atchison
preferred especially. 5 ier cent stock.
.rhi oh fbaf q.
is considered by many conservative peo-
pie to be at ludIcrousiy low price. The
weekly crop report issued yesterday is a
most hopeful one. The monthly report
has TO do with conditions now somewhat
old. 1t makes particularly good showing
compared with some of the bear stories Of
two or three weeks ago.
Brooklyn Rapid Transit seemed inclined
to regain all OF its loss Of Monday. This
was not quite accomplished but three
points net advance was made. The open
ing on the stock was az so 1-2, and the
low price 50 IA. From this level there
was a steady advance until 81 is was
reached. The close was Al 80 "a. Many
of the recent sellers of the stock have
turned buyers and are now expressing
bul!ish views regarding 1t. The sudden
change of view is not easily explainabie,
but it is certain that there is very good
reason for hopefulness regarding it at
its present level. The alleged accurate
figures regarding the earnings of the COM
pany for the past fiscal year published on
Monday are still unauthenticated and are
not believed 10 some careful qua -ters. Man
haitian and Metropolitan were bo:h strong
in sympathy with Brooklyn yesterday the
latter getting as high as $50 and closing
at the ron.