Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-07-30
Lower Prices and Less Confidence
Mark Weeks Opening.
REVIEW OF The SITUATION
Complicated Condition of the
Worlds Affairs and the Effect.
GENERAL MARKET REPORTS

Special Dispatch TO The Evening Star.
NEW YORK. July 30-Selling by inter
ests identified with the recent advance in
the market resulted in lower prices and a
less confident prospect for immediate i'm
provement- The selling at times was in
liberal volume and the buying was rarely
OF the best The pools in the railway
shares seemed to be willing to tighten their
load. and the room helped the decline by
The decline In American Sugar was the
most pronounced. owing to the pressure
from believers In lower prices
The advance in this property having been
que IN a great measure to professional ma
ntpulation. the abandonment of that method
OF improvement was sufficient to cause a
reaction. In American Tobacco weakness
developed as the result of an effort to sell
long stock Today's decline proved very
clearly the correctness OF the belief ex-
pressed last week that any attempt to mar
ket stock would disclose unwilling and
receding market. The public had done
nothing toward advancing prices and were
not hippodromed into buying from profess
sional cliQues the stocks purchased at the
low prices of the early summer. Values
have not been impaired in many instances.
but the times have long been out of SYM
pathy with higher prices.
The scare incident to the disappointing
returns from the winter wheat crop ran
along until the Chinese situation assumed
grave proportions.
Now that the latter subject is losing its
interest from market point of view owing
to willingness to submit to a tedious set
tlemen-. domestic politics are Increasing
In Importance. Through the entire summer
there has been cloud over the markets
and the growing OF it by the professional
element has not hidden 1t frcm conserva-
tive interests. Prices have been advanced,
but the market remains narrow. Financial
dWarfs have been active while the big men
remained idle awaiting more certain times.
n Ftx-a zsr n, \
been the money market. The call rate has
ruled around III per cent for a considerable
period, and has been a strong influence
against raids and organized depression
Earnings have been mainly on the side or
gains, but not always. Dividend rumors
have favored increases. but only a part of
them are likely to correspond with the
Facts. Conditions being mostly but not
wholly. satrsfa,, tory, produce enough ir-
regularity to warrant the exercise Of I'M
usual discrimination The public recogniz-
ing the hazard in choosing is content to
prolong the do-nothing policy indefinitely.
st. Paufs gross earnings for June tn
creased S2.224 and the net for the full
month decreased sl55.903. For the year
ended e., June 30 the gross earnings increased
Si,aI4 1000. but owing to an increase of s4-
4os,W0 in expenses the net for the year de-
creased sSS4.o00. The increase in expenses
Is really reflection OF the liberal expendi-
a favorable item.
Other properties have been managed In
similar fashion and the surface showing In
their annual reports is apt to be misleading
The statements of Burlington and AtchI-
son are awaited with unusual interest in
financial circles Union Pacific's statement,
upon which the dividend action will be
founded. will be ready within a few DAYS
and Baltimore and Ohio's will follow The
last named securities, both stocks and
bonds. lacked snap in today's trading
The tendency of today's market was
plainly toward recessions and a consider
able addition to the favorable factors
would seem to be essential to an opposite
movement.