The times. [volume] (Washington [D.C.]) 1897-1901, 1900-06-29

ment TO n much higher level than the pres
ent one. Perhaps, however. il is not fair
| TO expect any such awakening at the pres
ent time. The buying of securities Tor in
vestment IS safe, however.
One theory advanced by q Washington
Gold Democrat and chronic bear is that
the market will have its upturn when the
Chicago platform is endorsed at Kansas
City. Any number of important people are
waiting for the Democrats to nominate Mr..
Bryan and come out again for silver be-
fore covering their short contracts and &C.
ing heavily long on the market, according
TO this astute reader of signs and omens.
| Ii the Chicago platform is not again adopt
ed. he says the market will continue to
decline, because the heavy interests in New
York viii be afraid that the Democratic
party will win. For all of this, however,
be II understood distinctly, no credit is de-
sired here and no responsibility assumed.
The decline in the price of wheat was as
rapid and as decisive as any of the adj
vances during the past few days have
been. The opening on July wheat was at
So cents and the high price was 50 5-S.
The low price was 79 Ia and the close so.
The August option ranged ! cent or less
above the July figures. The break was a
send out gossip from Chicago. They were
advising the purchase of the staple all
day for an advance, which never came.
however There were dispatches telling
of light rains in some of the places where
the drought has been worst. but the bulls
said that they were toe late to do any
good If this is true the theory of a day
OF two ago. that any price above S0 cents
is manipuiative one unwarranted ny
I 11,If int
again.
When the decline in wheat began there
was no surprise over quick advance In
the grangers and the Pacific securities.
These stocks were distinctly strong all
day and at times even buoyant. Burling
ton went as high as 1923 SIS closing at the
top price: St. Paul advanced TO no 1-2
and closed at ITO 3-S; Rock Island adj
vanced to los IA and closed at los Is.
and Atchison preferred went up a point or
so, closing at IL is, the highest quotation
of the day. St. Paul was the laggard. as
was to be expected in view of the poor
net earnings statement for May, while
Atchison preferred was perhaps the most
buoyant for the opposite reason
Something has been said Of the present
attractiveness of Atchison preferred as
fine net earnings statement of the COM
pany for May. Rock Island is receiving
consideration from the people that are
buying Atchfson. 1t is well to remember
when Rock Island goes off many points
in sympathy with St. Paul. as it has during
the past month, that the Rock Island sys-
tenn is not spring wheat system. The
hauling of spring wheat forms an exceed
ingly small part Of the business OF the
road. On the other hand, its Eaul Of win
ter wheat in Oklahoma and Kansas is i'm
mense and the winter wheat crop in these
States is large one. There is every rea-
son to suppose that the Rock Island will
earn as much or more during the coming
year as II did in the year ending with
April. The record for this year was OF
earnings something like double the amount
necessary to pay the full per cent divi-
dend rate. 1t is difficult to imagine any
combination of circumstances that can
make it impossible for the company to
pay its full dividend in the future. An
assured per cent stock is worth much
more than 103. with money as plentiful
and as cheap as 1t is at present.