The sun. [volume] (New York [N.Y.]) 1833-1916, 1900-06-24

In the price Of wheat IL not due entirely to the
misfortune that has overtaken certain Of tho
wheat-producng sections Of this country. but
also to the appearance of a foreign demand for
breadstufs. . considerable part Of which had
been deferred until our crop conditions induced
foreign dealers to begin to secure their supplies
Al rule Wall Street discounts the future.
but plenty Of evidence could b presented 70
demonstzate that IT. representations ars not
infaIibi& The Stock RxohanGs and IL ous-
tomeEs hsve obviously suffered from ths
Streets participation In the industrial orase Of
Q year and . half ago. Its Judgment was
warped then BY quotations Just 40 Il Ia now by
depression. which In the case Of many securities
10 not warranted by the facts. According to
the most Trustworthy information obtainAbls
the producers and manufacturers Of IRON and
steel. who are In the business TO stay and who
recognize that the prosperity Of their customer
Is identical with their own success. are getting
a. satisfactory return for their labor and
upon their capital ~ they were . year ago.
This statement however. b not true regarding
concerns that have blossomed Into life during
the last year and . hall. simply to take advan-
tage Of an extraordinary demand. resulting In
temporarily abnormal prices.
Wall Street has certainly not discounted the
very strong probability that tho present Ad-
minisuauon will bs continued All the ndica-
items are that the opposition to II will be OF the
same character that 1t was four years ago.
minus the enthusiasm that marked the nomina-
ton Of the same Presidential candidate It
Chicago In 1895. The most Trustworthy advioes
from the Western States support the wsws ex-
pressed by the temporary chairman Of the
National Convention at Philadelphia this week,
namely. that the silver issue 10 virtually dead
and that the policy Of expansion meets with
the approval Of the largest producing and sell
ing nation Of the world. Upon this point
It is to be noted that tho distressing
condition Of Affairs in China Ia likely TO result
in q broader market for the products Of civil
lied countries, and particularly for those Of the
United States. Ifthe pacincsuon Of the Chinese
Empire Is accomplished By the conosrtsd
action OF the Powers. a. seems probable. the
States bordering on the Pacific coast will OBJ
vously enjoy q larger increase In their foreign
trade. While upon the subject Of International
complications. 1t 10 TO be noted that the virtual
termination Of the South African war has tenn
porarily been rlegated to @ subordinate place
In current history. both here and abroad.
The prominent feature Of the speculation on
the Stock Exchange this week has been Brook
Ign Rapid Transit. which has sustained . net loas
Of over 10 points, the greater part Of n yestsr-
day and to-day. This movement has naturally
revived all Of the rumors adverse TO the COM
pany that were current while the decline In the
stock from nearly three times the present prios
in progress. The only news regarding the
property is that the contention a. to the right
Of the company to charge ten-cent fares to
Coney Island has progressed to q point whore
the validity OF the charter Of the Brooklyn
Heights Company has been attacked. As already
noted in this column, tho contention against
the company upon that point cannot probably
accomplish moro than q recession from the
position taken by the company. No one
ina gines for q moment that its rights arc 70 b
revoked or property is going TO bs oonnsoatsd
II the management has adopted . policy I'M
warranted by law In raising Its fare. II IL pos
sibls that the present campaign against the
stock Is for the purpose Of securing control In
accordance with the Wall Street theory that
the Metropolitan Street Railway Company do
Ares TO eventually n the entire local
traction system Of Greater New York. This
view. though purely conlectural revives rscol-
Lotions Of what occurred In the market for
Third Avenue stock after the Metropolitan
Street Railway secured control Of that POM
pany. A suggestion regarding tho speculation
in Brooklyn Rapid Transit that's Of interest 10
that the allies Of the persons who are TO be tried
next week for oonspiring to dspress the
price Of the companyis stock have been
taking advantage Of present speculative oon-
diuons to force lower prices for it. with q
view OF influencing the presentation Of tho
case Of the accused before q jury. 1t has
also been suggested hat the defence
In the trial referred TO may seek to compel
the Brooklyn Rapid Transit Company to pro-
duce its books In court with @ view OF finding
in them material to support statements which
the alleged corporators are accused Of having
made regarding the financial standing Of the
company.
Brooklyn Rapid Transit supplied fully ono
quarter of to-day . transactions and closed ~
per cent. lower than yesterday. The decline
was brought about partly by liquidation, the
execution OF stop orders and BY bearish msnip-
ulation. The final price was only a shade above
the lowest recorded. As was the oase yesterday.
this movement Influenced the entire speculation.
still for the majority Of tho list the net Losses
were only fractional. Selling Of the Granger
stocks was most pronounced In Chicago, BurlinR-
ton and QUINCY, which closed IN per cent. lower
than yesterday. Other declines OF a point. or
more. were In Rock Island. Union Pacific COM
mon and New York Central. The statement of
averages of the Associated Banks was a disap-
pointment and encouraged renewed selling
In the last hour or two Of business
The banks show q loss in lawful
money OF over So. OoO,0 900. which is explained bv
transfers Of funds to trust companies and Also
by the fact that the shipments Of over IS, 900. oOo
gold al the end Of last week did not show I'm last
Saturdays statement. but affected the averages
presented to-day. The fact that the loans
showed no increase was the favorable feature
Of the statement. The decrease In deposits is
not consistent by a large amount, a circum-
stance that Is inexplicable in a statement made
up by the methods that the Clearing House
banks use In their approximate showing Of
their condition at the end Of each week,
As compared with the final prices Of last
Saturday. the majority OF stocks are lower.
The more important net declines are In
Brooklyn Rapid Transit 1875 per cent, Metro
politan Street Railway Q, American Steel and
Wire "a, Peoples Gas ga, American Tobacco
~. Manhattan Railway 80, American Sugar
Refining 8, Burlington and Quincy and Missouri
Pacific ~. each. Northern Pacific IA, st. Paul ~.
New York Central ~ Union Pacific common and
preferred IA each. American Bar and Foundry
.. Norfolk and Western and Southern Railway
IA each. American Cotton Oh ia, Pennsylvania
Railroad ~. Tennessee Coal and Iron IA. Rock
Island lbs, Baltimore and Ohio IA, Cleveland
.lnGlnnatl. On, cago and st. Louis and Continent