The times. [volume] (Washington [D.C.]) 1897-1901, 1900-08-01
STOCKS Erin But QUIET
Fractional Advances the Rule in
the Early Dealings.
Improvement in the Chinese situa-
ton Restores Confidence. Hut Fails
to Produce Actiyity-FnVorabie
Reports on Earnings ImpaTt
Strength to the Hallway List.

NEW YORK. July 3f.-The improvement
in the Chinese situation. which was favor
able reflected in the European securities
market was the main factor that today
Eided in producing rally in the stock
market. 1t was not very substantial re-
covery, for on the upward tendency stocks
were sold, and prices yielded rather easily,
especially among the industrials.
Other favorable influences were some eX-
cellert railway reports of earnings, the alb
sence of indications pointing to gold ex-
ports and the arrival of more than $4,000,
o0O CT Australian gold at San Francisco.
Fractional advances were general at the
opening of the market, which was strong,
but inactive. The advances among the rail-
way shares in the forenoon were within
one point, Pennsylvania was the leader
and in demand on the fine showing made
by the company for the last six months.
The June net earnings exhibited an in
crease of $71A2OO. and for the six months
the net increase, SO. 10000.
The grangers were also strong on Bwl-
ington end Quincy's increase of S5f641 in
the June net earnings. For the fiscal year
expiring June 80 the net earnings Of this
company increased 1914, 7S7 and the sur
plus increased s910,2S1 High prices, how
ever. show corTesponding!y heavy increases
in operating expenses. Union Pacific and
baltimore and Ohio common shares were
firm on dividend expectations, and COM
parsons of prospects of the former with
highly speculative shares that have been
maintained at fancy figures. New York
Central was higher without any particular
developments. As in the industrial quar-
ter, much Of the buying could be fairly at
tributed to the covering Of short contracts.
Londons transactions were trifing,
amounting to less than 1900 for the day
Sugar and American Tobacco were marked
up IA per cent each early in the session,
but subsequently they declined and lost
their gains on what was apparently liqui-
dalton for pool accounts. In the sugar
trade the opinion prevails that the rise
in raw sugars has eliminated while the
operators for the rise in American To-
bacco found very limited market for their
speciality after it had been engineered
There was some Improvement in the
local transportation shares led by Brook
Ign Rapid Transit, but a reaction followed
the early recovery, and the operations
were insignificant. The steel stocks were
inclined to heaviness throughout and
hardly shared in the early recovery. After
midday they sagged off on small sales, ard
the conflicting views regarding the price
and labor situations.
During the afternoon the market be-
came very dull and heavy. Prices sagged
and what little business was transacted
was for professional traders and houses
with out-of-town branches. The June net
earnings CT the Atchison system increased
1892 1872, and for the fiscal year the net
increase was S5.S03,752. II was reported
that the Arbuckles were making slight
concessions TO buyers of refined sugars.
In the afternoon trading the market
softened under moderate offerings, and the
heaviness was especially noticeable IN the
steel stocks. The action of the Union Pa
ciic directors in declaring a semi-annual
dividend Of per cent on the common stock
caused the latter to advance sharply and
impaired steadiness to the remainder of
the railway list. where there was a slight
rally from the low prices. Liquidation in
Sugar was responsible for a substantial de-
crease, which depressed the entire market
and caused q weak closing