The times. [volume] (Washington [D.C.]) 1897-1901, 1900-06-27

NEW YORK, June 26.-The st OK Il ar
Ike; opened higher and fairly active chiefly
I'm response to the tendency o. thu LonGon
market. The reports of the cess Of tie
allied forces in efTecting the relief OF
Tientsin were the main influence in the
strength shown in London, and they we're
attended by an advance in consos as wsil
as in the other quarters OF the market.
The foreign houses took more aciiv. pant
in the local dealings than they have fol
some days and on ba.ance were buyers to
the extent of about l0,0G0 shares. Tae c
circumstances, together with the eden
OF an oyer-extsndsd short ut. eX-
planned The genera! advances il his no l.
inss market.
The evident improvement IN sp-cCl -tl'e
sentiment was furthered also by the
further sharp decline in the whea, ma-het
although the actual news from the Se ton )
suffering IRON drought was no more ca
couraging than it has been heretofore.
Technically considered. III market s." d
that in addition TO the fact taat II was
oyer-sold. the substantial b.! Ing OF he
pas, few laws was beginning t. have It's
logical eject.
There ean be no question that IN tie
more or less inexplicable fright that mas
seized upon the speculative community
many STOCKS have been forced lar bsiow
their value. and this cIrcums ance has at
liacted investment bu! ing sucn a in'a "a
bly, appears under like conditions.
Buying of TINS character is vtry often
temporarily ineffective in markets such as
those of the present month, but ii is tound
to tell in the end, as it results in p r
rnanent withdrawal from the spsc -iaiioA OF
round amounts of securities.
In today's reports of railway tratfic, Gov
ering various periods, it will b OBJ erved
that uniformly favorable reports were sub
nlit.ed. This fact OF itself apparently cut
very little figure in today's movements of
prices, although the showing submitted is
worthy OF attention. 1t is. al all events,
exceedingly difficult to reconcile theories
OF depression with the fac, that last ear S
unprecedented returns of trafIic are be ng
exceeded in this era of alleged inactivity
and reaction.
The reaoveries in the market were fair
ly general, although exceptions were fur
nished by Baltimore and Ohio and Con-
solidated Gas. The decline in the first
named ives sufficiently accounted for by
the disappointment of speculative holders
of the stock, who hoped that the roads
undoubtedly tremendous earnings would
crystalline in the form of immediate divi-
dends although these hopes are beyond
doubt only temporarily deferred.
The further depression in Consolidated
Gas was generally accounted for by the
proposed increase in the company's capital
stock, circumstance which, under more
suspicious speculative circumstances and
In view of the conditions of the issue,
might have been counted a bull argument.
In the local traction group Brooklyn
Rapid Transit was the conspicuous feature
in a notably sharp advance. Little def
mite outside of technical market conditions
attended the advance in the stock al
though speculative theories that the con-
troll of the property was being acquired
were still quite commonly held. il was
very easy to refer the opinions in this re-
spect to the recent developments in the af-
fairs of the Third Avenue Railway Com
pany.
The decline in wheat although unat-
tended by any more favorable news from
the Northwest. caused effective buying OF
the granger shares and of the Pacific
stocks. under which good advances were
scored Nothing more than the usual divi-
dends were declared upon New York Cen
trail and Lake Shore, which circumstance
was somewhat discouraging to recent
speculative buyers of the Vanderbilt
shares.
The industrial quarter was general,
firm, particularly for the steel stocks, il
which instances the tremendous decline
scored appeared 10 invite purchases of tn
same character that appeared in the rail
way list
The further advance made in the selling
prices for refined sugars was not, how
ever. particularly effective in the case OF
Sugar Refining stock
Activity in the bond market was a feai-
ure of the dav