The evening times., 1900-06-12

TheIe was little change in the tone Of
the Sock Market this morning. Prices
were somewhat above yesterdays Llose
for the most part, but there was little IN
.he situation TO indicate Improvement,
either present or in the immediate future
The professionals were again in control,
and there was no outside buying worth
mentioning London bought American Sc
curities, but not heavily. The pesslmism
of the past few days was reflected in near
ly all OF the gossip sent out by Wall Street
houses and agencies. Talk Of poor wheat
outlook in the Northwest. fears of the
situation in China, and more election wOr-
rying have saturated the professionals
generally with bearish views, as 10 the
present market at least. The public keeps
out Of the market for the same reason, ap-
parenCly. 1t is useless to point out that
real conditions are excellent, and that the
near future is certain 70 see an advancing
market. The public refuses to risk its
money, and the professionals for the mo-
ment see more profits, or think hey do.
on the other side The immediate out
come is in doubt, except that nothing more
than a narrow, duh market is reasonably
to be expected. Securities that pay divi
dends should be bought on all recessiOns,
according TO careful observers.
The wheat crop outlook and the position
among the most interesting market mat
ters. The talk of drought damages in the
Northwest is overdrawn in a remarkable
way. such as good bear professionals
only are capable of. There may be some
falling off il the expected immense yield
In that section, but the crop is not ruined
by any means. And as to the wheat crop
generally the outlook is exceedingly
bright according to the Government re-
nd ba ha-f rar-ft mir ic
estimated by one authority from the Gov
ernment figure that the crop will be co.
600 600 bushels in excess of last y r. The
Kansas crop, which is particularly impor
tant to the Atchison. will be the largest
in its history. There is no reason for
encouragement in any Of this. but the re-
veISe. in every way. Some of the gran
gers are now showing decreases in earn
ings from the immense figures of last
year, but this is due to conditions thor
oughly understood and not in the least
alarming. With prices at their present
level in these securities, buying for in
vestnlent outright or on good margins, is
an excellent venture.
The st. Paul gross earnings for the first
week OF June show a decrease Of S49.-
225. The prospect seems to be now that
TIRE line during the fiscal year ending with
This month may not show an excess OF
gross earnings OF more than SO. SOC, 900, and
that the surplus of the company for the
rCmmOn stock may not be more than 10
per cent. This is unpleasant to people
Eho always must see things superlatively
excellent in order 10 be able TO sleep. but
It is not anything 10 become frightened
-over
Atchison was fairly strong this mo ming
above Il and thus trifle better than yes
terdays prices. II may be pointed cut
that the Atchison line draws a large ,'5rt
0f its revenues, though not all by any
means. from the Kansas wheat crop. Iie
outlook is for continuance Of the large
Increase in the earnings Of the company.
Already they are about double what is
requ red for the 3 per cent dividend on
the preferred stock.
Sugar held up well during the morning
hours. There was no news regarding the
company or the stock.
The steel securities are dragging on the
bottom and the Street is full OF bearish
laIk regarding them. Purchases of both
he preferred and the common stocks of
ihe Steel and Wire ana the Federal Steel
Company are advised by careful OBJ
ervers,