The times. [volume] (Washington [D.C.]) 1897-1901, 1900-07-12

NEW YORK. July l1.-During the fore
noon dealings, the stock market was I'M
favorably affected both by the showing
made in the Government crop report on
the conditions prevailing at the first of
the month and further by the heavy de-
crease in earnings shown by the St. Paul
company for the first week Of July.
Under these influences the general mar
ket sagged. St. Paul broke quite badly
and the trading at large was marked by
an uncertain tone. In the early unsettle-
ment a number of stocks altogether uncon-
cerned with the outlook for the spring
wheat crop and. as a matter of fact even
indirectly benefited by its condition, suf-
fered along with St. Paul.
With the course of the day, however,
much more judicious opinions prevailed
both in regard to the showing by the st.
Paul company and also in relation to the
agricultural outlook. In consequence to-
ward the middle of the day there was
general recovery. under which many OF the
earlier losses were regained, and in some
Instances noteworthy advances were
scored.
Union Pacific common was the leader of
the market in notably sharp advance.
There was little definite TO account for
the course of this particular stock aside
from the approach of the period at which
the October dividend will be acted upon.
There has been little preliminary gossip
or conjecture in regard to this dividend,
but, as everyone having even casual
familiarity with the company's affairs
knows, the management would undoubt-
eddy be justified in declaring larger div
idend than was ordered in February.
Along with Union Pacific there were
with the course of the day substantial
advances scored in Rock Island, Burling-
ton and Southwestern, and Kansas and
Texas The strength Of these stocks was
natural reflection Of the satisfactory
outlook for the winter wheat and corn
crops.
The market again ignored the situation
In the Far East. taking as its precedent
the equal Indifference to that matter shown
by the European markets. The dealings
here for foreign account were again in
considerable proportions. Apart from the
circumstances noted. the day was rather
bare Of interesting developments. Money
market conditions were unchanged, and,
while sterling was quiet and firm. recent
approximations that gold shipments were
upon the eve of resumption proved to be
unfounded. Aside from the St Paul re-
port, todays traffic returns made crafty
ing showings.
Although the days dealings were not in
particularly large volume. they showed a
fsirly wide distribution of speculative in
terest- The movements in the industrial
quarter the traction shares. and the spe-
ciaities were more or less irregular like
those in the railway list
Brooklyn Rapid Transit was reactionary
while Manhattan and Metropolitan Street
Railway were decidedly strong Apart
from Sugar Refining. the industrial quarter
was neglected. and nothing new or defnite
developed IN connection with the dealings
there.
An interesting circumstance in the days
dealings was sharp advance in New York
and Harlem on naturally light transac-
tons. In view Of the close way in which
the stock is held. The buying was appar-
entity on a purely investment order, and
1t was probably induced by the fact that
with the current year the dividend on
the stock guaranteed by the Metropolitan
Street Railway. in consideration Of its
lease of the Fourth Avenue surface line
Will be increased from 3 1-2 to 4 per cent
This. together with the per cent guaran-
teed by New York Central, ensures re-
turn Of II per cent on Harlem stock.
Notwithstanding this handsome return
An investment in the stock now pays less
than per cent, which is an additional evil
dence OF the current demand for securities
the returns upon which are beyond ques-
tiOn