The times. [volume] (Washington [D.C.]) 1897-1901, 1900-06-28
TIE ADVANCES NOT Held
The Stock Market Irregular After
the Opening Dealings.
London Gives q Firm Tone to the
earl, Trnu-actions-Derii Inter
On. the Object of Attack Being
Certain Hallway Issuc.-The In
dustrinls Comparatively Strong.

NEW YORK. June 27.-Today's stock
market did not carry out fully the promises
held cut in the dealings OF yesterday. At
away in volume, and the subsequent pricc
movements were uncertain and irregular.
Substantial advances We're made at the
opening, chiefly in response 10 The ten
dency of the London market, which was
notably strong in all its quarters
The rise there was generally attributed
TO the favorable Interpretation OF the news
from China. London followed up its local
tendency, with moderate purchases in this
market, although on balance its takings
were not much in excess of 1N.000 Shares.
The local situation of itself comprised
very little with any bearing upon the gen.
eral market or particular stocks. OF the
statements of railway traffic submitted to-
day. that of the St Paul Company attract
cd the greatest amount OF attention on a--
coun OF the large decrease in net earnings
reported for the month of May. The de-
crease in net for the period amounted To
1857 600 or more than SO Ia per cent.
This showing resulted, however, wholly
from the heavier outlay for operating ex-
pensSS III tle Iut Increase tUt.c
amounting to S456. goo. or almost 25 per
cent. So, too, the company's statement for
the eleven months Of the fiscal year shows
that while gross earnings increased S3,51u,-
600 over last years returns, all Of this
sum and over S700, eco in addition was
pended in operations, or, more properly
speaking. upon new construction. The
more or less similar results shown in the
New York Centrals statement indicate the
hr nj
policy OF extraordinary conservatism.
To what extent and for what periods
the stockholders in these companies are
TO witness such dispositions of the huge
earnings now being made is a matter OF
great interest. There would appear to be
no question whatever that they are en-
titled to receive some tangible evidence
Of the prosperity of the companies in
which they gre interested. and it would
almost seem as ii this policy of conserv-
atism was Occasionally overdone.
AT all events, il would appear that the
present generation of stockholders is be-
ing forced to SOW that others may reap,
for beyond doubt, such tremendous diver
sions of earnings as are showing in cur
rent statements indicate appropriations
upon the physical properties of a perna-
nent character. and which might properly
be charged to capital account.
Notwithstanding the Noted variations in
the dealings as compared with those of
yesterday they still presented some points
in common. fairly good investment de-
mand was reported, particularly in the
standard Issues The industrial quarter
was generally strong also, the buying in
that quarter being apparently based upon
the 5elief that the reaction in trade was
eliminating, and that at all events, the
industriais had already amply discounted
any decline in the country's industrial
activity which may be expected.
There was also disposition evident to
discount fayorably the approaching meet
ing of the Democratic Convention with
hopes freely expressed that the party plat
form would be made upon as radical lines
as the most fervent extremist could de-
sire. Whether with the course of the
summer there is to be a recurrence of the
political Uneasiness which now seems to be
subsiding is a matter for future determi-
nation. But apparently Wall Street has
had its scare in this respect well in ad-
vance of the expected period and ii is
doubtful whether it will shy twice at the
same shadow.
The sharp advance in wheat which was
attended by advices from the West regard
ing the condition of the spring wheat crop
was to a great extent responsible for the
reaction in the stock market in the after
noon. In addition TO setting forth the
damaged condition of the spring wheat
crop. the Western dispatches also con-
tanned predictions as to the final output OF
the wheat crop. which were of most dis
couraging character. Being attended by
aggressive selling for houses with Western
connections, the market effect was con-
siderable.
Pennsylvania Railroad was particu-
larry weak feature of the later dealings, |
with nothing definite attending its course. |