The times. [volume] (Washington [D.C.]) 1897-1901, 1900-06-24
FLUCTUATIONS TIE RULE
Wide R,nge of Prices With Small
Volume of Transactions.
Developments Leading to Fixing of
Values Have been Mixed-Whcnt
Pit and Brooklyn Rapid Transit
Engage the Attention of Specula-
tors-The Weekly Bank Statement.

NEW YORK. June 23.-The fInctuation:
in stocks this week have been very muct
wider than those usually resulting from {
comparatively small volume of transac-
lions. The developments affecting prices
have been mixed. but owing to the alb
sence of active public interest in the Sc
cuTities market the speculative community
has attached Importance to all unfavorabl,
occurrences and has virtually ignored other
which appeal to conservative dealers il
securities.
Until the break in Brooklyn Rapid Tran.
sit occurred yesterday local spectators
concentrated their attention upon the con-
dition of the spring wheat crop in three
States in the Northwest They assumed
almost unani,l-- sly that the serious dam.
age to spring wheat in that section is g
disaster likely to affect the business OF
the entire country. At least, that is the
Inference which must be drawn from the
utterances and operations of the elemeu,
referred to.
material shortage in the spring wheat
crop seems to be certainty, but as every
one who takes an intelligent view of agri-
cultural and commercial developments in
this country knows, the shortage in the
spring wheat crop is to great extent
Offset by the larger yield of winter wheat,
which is now practically assured. More
over, higher prices for the cereal will COM
pensate to large extent for the small
production.
AS rule. Wall Street discounts the fu-
ture but plenty of evidence could be pre-
scented to demonstrate that its prognostica-
lions are not infallible. The stock eX-
change and its customers have obviously
suffered from the streets participation in
the industrial craze of year and half
ago. Its judgment was warped then by
quotations, just as it is now by depression,
which. In the case of many securities, is
not warranted by the facts.
IL the pacification of the Chinese En-
pire is accomplished by the concerted ac-
ton OF the powers, as seems probable, the
States bordering on the Pacific Coast will
obviously enjoy large increase in their
foreign trade. While upon the subject of
international complications. il should be
noted that the virtual termination OF the
South African war has temporarily been
relegated to subordinate place in cur
rent history, both here and abroad.
The prominent feature of the specula-
ton on the stock exchange this week has
sustained net loss of over 16 points, the
greater part of it yesterday and today.
This movement has naturally revived all
the rumors adverse to the company that
were current while the decline in the
stock from nearly three times the present
price was in progress.
The only news regarding the property
is that the contention as TO the right of
the company to charge 10 cents fare 10
Coney Island has progressed to a point
where the validity OF the charter of the
Brooklyn Heights Company has been at
tackled. 1t is possible that the present
campaign against the stock is for the pur-
pose of securing control in accordance
with the Wall Street theory that the Me-
tropolitan Street Railway Company desires
to eventually manage the entire local trac-
ton system of Greater New York
This view. though purely conjectural,
revives recollections of what occurred in
the market for Third Avenue stock after
the Metropolitan Street Railway secured |
control of tina; company
Brooklyn Rapid Transit supplied fully |
of today's transactions, and /
closed 3s per cent lower than yesterday. |
The decline was brought about partly by !
liquidation, the execution of stop orders. |
and by bearish manipulation. The final /
price was only a shade above the lowest |
Selling of the granger stocks was most |
pronounced in Chicago, Burlington and |
Quincy, which closed / SIS per cent lower
than yesterday. Other declines of point |
or more were in Rock Island, Union Pa |
cific common, and New York Central
The statement of averages of the asso- |
ciated banks was a disappointment, and ,
renewed selling in the last /
hour or two of business. The banks show
a loss in lawful money of over 49, 900. 600, |
which is explained by transfers of funds - |
trust companies, and also by the fact that |
The shipments of over $4,000, coo gold a: |
the end Of last week did not show in last /!
Saturdays statement. but affected the
averages presented today.