The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-06-26

The market showed a marked lack Of
confidence during the early hours today
After opening with only small declines
and holding fairly steady for an hour or
more a general decline set in which had
not ceased at noon such stocks as 81
Paul, Union Pacific, and the Atchisons
that have doomed 20 unreasonable aItI-
tu3es by manipUative tactics were the
chief sufferers But the entire list under
went d winnowing process Small longs"
seemed anxious to get out OF the market
ana there was not the support that many
had expected The weakness developed
vas ascribed wholly 10 the banking situa-
ton in New York and Ire troubles in Ger
many, and the assurances from the New
York Bank that had difficulties yesterday
that everything was right this morning
did not seem 70 calm the uneasiness Of
the Street. More rumors were heard and
commented on, though as far as could be
learned there was no reason TO look for
further hitch anywhere It seemed likely
that there would be a recovery before the
close, or al latest tomorrow. and the gen
eral opinion among careful market people
was tuaJ nothing Of more Importance
than q professional decline should be eX-
ptcted. The market is still d traders -
affair largely, and II bids fair TO remain
such during the balance Of June At least
The excellent crop outlook, for it is now
generally believed that the chances for
both wheat crops are fine, does not pre-
vent much weakness in St. Paul, Rock
Island, Missouri Pacific, the Atcnisons,
and other Western securities. The reason
OF this is evident All OF these securities
with the exception Of AIChisOn. preferred
have been selling on q fictitious basis,
owing to the big hopes in connection with
the community Of interests plans. When
something occurs TO chill the market, even
temporarily they suffer first and most
They are securities that il IS safe to be
long Of, in the opinion of many conServa-
tive market people St. Paul this morn
ing soon sold ten points of from its re-
cent high price Atchison sold at s. be
fore noon. Missouri Pacific sold at I19 and
= fraction
Atchison, preferred, was also off, but not
badly There are excellent reasons for OPP
tiEnisn regarding this stock The margin
OF earnings over the per cent dividend is
so large LHaT the stock should be consider
ed sit edged
Jersey Central, which was strong yester-
day showed a continuance Of its buoy
ancy this morning The rumors Of a
larger dividend for the stock were general
and probably induced the professional
buying in IL
Southern Pacific IS not fulfilling the
rosy predictions Of its friends The re-
cent statements apparently from inside
sources that the company intends TO ex-
pend 81. 05QG00 IN the next year or two
for betterments seem TO have danpened
the hopes Of the people that have been
80 confident Of dividend for the stock
II the immediate future. It is said that
the system needs more money expended
on Il Tor bettcTmeuts than any other I'M
poTtant railway Ia the country. The pol
ley Of the late Mr. Huntington was TO run
as chCapiy rs possible, getting as large
immediate returns as possible and letting
the future look out Tor itself.
The New York traction securities were
all reactionary. and It seemed 10 many
careful people that the insiders were sell
ing rather heavily. especially in Manhat-
tan