The times. [volume] (Washington [D.C.]) 1897-1901, 1900-06-12
STOCKS UNDER PRESSURE
The Rise in Wheat Causes Heavy
Declines in Railways.
Pessimistic Uttcrauccs Of Railroad
Maruntcs Produce Ecspondcncy-
Foreign Houses Hiring About
Rally by Purchasing American
Sl,arcs-A Reaction Then Follows.

NEW YORK. June 11.-Business was re-
suspicious circumstances. The London
market was rather unsettled. There was
a further exceedingly sharp advance in
wheat. and the prevailing dependency n:
to the business of the future of the coun-
try was increased by reason of the pessi'
mistic utterances credited to several
high railway officials.
The tendency of the London market wa:
owing chiefly TO the critical situation IL
the Far East. Consols declined OF thi:
account. and the other quarters of th'
London market were heavy. Before the
close of business, however, there was
sharp recovery in American stocks
Throughout the morning session foreign
houses bought quite steadily, the total
purchases being In the neighborhood oil
$4,000 shares.
The unlooked-for disposition of the deal
ings here for foreign account was the
main cause of the general rally which ioi-
lowed the exceedingly unsettled conditions
which prevailed in the opening dealings.
The advance in the July wheat option
which extended TO nearly cents bushei
was the most inportant feature in to-
days situation. AS was to be expected the
rise in wheat was accompanied by the
most discouraging advices from Chicago as
TO the condition of the spring wheat crop.
II was also marked by aggressive selling
Of stock here by houses with connections
II that point. The actual news from the
6ctions which have been suffering from
the drought was extremely conflicting.
For this reason the Government crop re-
port which will be made public this after
noon was awaited with more than the
usual degree of interest.
The unenthusiastic, if not gloomy, COM
ments upon conditions at large, credited
to high officers of the Great Northern
and St. Paul Railway companies. served
TO intensity the dependency into which
speculative sentiment is now so deeply
plunged. The utterances were, however,
nothing more than conservative. and were
simply expressions of doubt to whether
the high water marks of the countrys
prosperity in the lines of both manu-
pected to be again reached this year.
That, of course, is matter for future
determination. II may be said however,
that the majority of persons interested
in either railway or industrial securities
would be perfectly contented with definite
assurances that those high water marks
could be approximated even to the extent
of IS or SO per cent.
What seems to be the common opinion
in Wall Street at the present time is that
the general trade OF the country has
entered upon a retrograde movement
which will not eliminate until the condi-
tons prevailing in the early part of 1897
have been attained AT all events this
wholly unwarranted and unsubstantiated
notion appears TO have been adopted by
the bulk of persons interested in securi-
ties. and they are shaping their ventures
accordingly.
The dealings at large differed in few
essential respects from those that pre-
vailed throughout last week. On the
early declines the market received some
support from the covering of short con-
tracts. and also from the noted purchases
here for foreign account AS the latter
were unlocked for they were all the more
effective
Upon the conclusion of the dealings for
foreign account the market fiattened out
percep;ibly in all respects. The dealings
were heaviest in the railway list but
they still showed a general distribution
OF interest. In view of the advices re-
specting the crop outlook, the granger
shares were naturally particularly active.
All the advices, in fact, go to show that
an exceptionally large yield of wheat is
likely in the Southwestern States.
The Reading shares and the anthracite
group generally were comparatively firm,
as were the local traction shares. although
the dealings in the latter quarter were
extremely limited The industrial quar-
ter moved fairly in line with the general
market, participating In the various irreg-
ular movements of the day. Tennessee
Coal and Iron was under particular pres
sure, and there was an apparently SYM
pathetic decline in Colorado Fuel and Iron.
With the exception of Northern Pacific
common, in which instance uncertainties
as to the rate of dividend TO be declared
this week entered into the trading, there
was little bearing upon particular stocks.
The firmer discount rates generally
quoted at the various important Euro
pean financial centres were followed by
material advance in sterling exchange
here. Conditions in the local money mar
ket were no, essentially altered. and there
were indications that shipments of gold
would be resumed at the end of the week