The times. [volume] (Washington [D.C.]) 1897-1901, 1900-06-17

was. The decision of the Northern Pa
| cific directors not to declare a larger reg
ular dividend, nor even an extra disburse-
ment, caused bad slump in the prices of
american securities ip London, and on
this side the market followed the London
cue. opening off fractionally all over the
list and two or three points off in North
ern Pacific. The Chinese news reached
the market before the close and contain
ing so much that was terrible, and sug-
costing SO much that II did not contain,
ii had a very bad effect on sentiment i'm
mediately. There was some heavy real
izing and much short selling The bank
statement added its small bear effect to
the big news of the day. The figures of
the statement were poor. 1t is. OF course,
impossible as yet to foresee what will be
the end of the Chinese difficulty and quite
as impossible to predict the course Of the
stock market during the coming week. 1t
may be pointed out, however, that the
Chinese troubles have been discounted to
certain extent, as have all tine unpleas-
ant features of the situation. Prices are
now away off. The very fact that such
news as that of yesterday did not break
prices further shows this. The meaning
seems to be that the holders of securities
for the most part are willing to keep
them now. They are the people that have
not been frightened out up to the present
time because they know that a turn must
come and that prices are far too low in-
trinsically. Perhaps, therefore, not much
further break should be expected. The
buyers at the present level undoubtedly
will be able to sell their purchases at
much better prices at some time in the
not very distant future.
G IN a
pointed out that The May exports of the
country are the largest on record, very
positive assurance that the remainder OF
the world is waiting to absorb surplus
American goods as soon as any breaks oc-
cur in the recently somewhat inflated
prices This seems to make it certiin tn t
the present momentary depression in some
of the industries will give way to fine
activity on much sounder basis than that
recently prevailing. II is also vel to
bear in mind, If one is too much inclined
to pessimism, that America is not likely
to be greatly affected by the Chinese war,
even in the worst event. The stock mar
ket may suffer further from this cause,
but the business Of the country viii hardly
do SO. 1t is even probable that a greater
foreign demand for American goods wou
be created by clash between any OF the
European powers. War might cause Tad
disturbance of the European money mar
kets, and this would be reflected on tn S
side, probably. in large drains of gold.
Fortunately this country is in a strong
position financially at present, perhaps the
strongest position of any CT the great
powers. England has the Transvaal war
to pay for, and France and Germany are
not in a position to boast of their firancizl
strength. There has been much bsari b
talk of the effect of poor wheat crop on
the business of the country in general and
of the stock market in particular. AS
matter of fact there is no lik slihood Of a
poor wheat crop. The worst TIA. is likely
to develop in this regard has been more
than discounted. The increased acreage
in wheat will more than offset the worst
that can happen to the crop in the Nor; h
west All of these things point to the
belief that whatever may be the immediate
course Of the market the future is bright
with promise. And it may be reite. ated
that there is little to fear even in the i'm
mediate outlook. The people who buy
stocks on the breaks will fare TAR better
than those that attempt to sell stocks
short at this time.