Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-06-26
Changers, Led by St. Paul,
Were Strong.
GOOD CROP PROSPECTS
SUGAR WAS FEATURE OF INDUS
TRIAL LIST.
Steel Stocks Neglected on Account o.
Expected Decision in the
Court.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. June 26-There was no
London stock market today and the cx-
change there will be closed for the bal
ance of the week.
In the local stock market opening prices
were fractionally higher and the specula-
tive temper of the traders somewhat more
hopeful. There was no new influence to
account for the better feeling except the
better advices regarding the condition OF
England's king. While the volume of BUSH
ness was small at the beginning consid-
cradle interest was concentrated on st.
Paul, in which there has been good buying
for the past few days by large western
interests, due in a great measure to the
splendid promise of spring wheat crop.
Its opening price was only fractionally
higher than yesterdays closing figures. but
1t quickly gained over 1 per cent on re-
newed activity of the western spectators.
who took the stock in round lots This ag-
gressive buying started a good many of the
other grangers on an advance. in which
Northwestern gained over a point, Atchi-
son. common and preferred. q: Illinois Gen.
trail, Il. and ST. Louis and Southwestern
rose Ia per cent, the latter advance being
attributed to large net gains in the earn
ings for May.
The Gould issues also showed good frac-
uonal gains, although there was some
profit taking on the advance by the pools
whlch nave been active in these stocks for
over a week past
In the industrial group Sugar was the
feature at the opening. its initial sale being
ia per cent above last nights closing price
although IL quickly lost the fraction Col
orado Fuel and Iron was steady. while
Amalgamated Copper. on further covering
or short contracts, advanced over a point
The same kind OF buying caused a rally CT
Ia per cent in American Ice preferred but
later on nearly all the Improvement was
lost.
American Car and Foundry issues i'm
proved Is per cent on the rumor that at the
meeting or the directors of this company
today the recommendation will be made to
increase the dividend on the common stock
from = Der cent to per cent-the first paw
ment at the increased rate probably being
made payable in November The working
capital of this company, accumulated from
earnings, amounts to nearly SD 900 600: the
surplus above dividends aggregating ST.
100000. and the net earnings are said tn
approximate 100000 a month
Taking the market as a whole the recent
nervousness appeared to have disappeared
altogether in the early dealings and the
provement.
Around the noon hour business became
dull. but prices were holding very well the
early advance, with the exception OF West
=
selling induced by rumors of loss of more
Pennsylvania railroad contracts and conse-
quent decrease in business.
Thsi stock is very closely held by In
vestors, and while the bears by attacking
IL may depress the price momertarily on
rumors of this kind, they are not likely to
force any liquidation worth speaking of I'M
I'll official figures of earnings are shown to
be greatly reduced
Around delivery hour a fractional reac-
tion TOOK place, due TO proft-taking. but
the market continued to show a coed strong
undertone notably in ST. Paul. Rock Is
land. Union Pacific. Atchison issues South
ern Pacific, Chicago and Northwestern and
Southern railway issues, the latter on good
increase In earnings for third week of June.
The United States Steel issues were me-
elected on account OF postponement OF de-
cision in regard to the new bond issue to
retire preferred stock
Canadian Pacific showed some improve.
ment today, and the buying gave evidence
OF renewal of bulish activity on the mart
Of Canadian and foreign pools
The buying OF Missouri Pacific Wisconsin
Central and Manhattan today was charac-
terized as good, and elsewhere I'm the mar
ket II was thought that the western oper-
ators were absorbing all the Granger stocks
offered. making II unpopular TO sell any OF
that group short.
Since last Friday the subtreasury has
gained from the banks 81, $4,000.
No action was taken at Denver yesterday
on the Colorado Fuel and Iron dividend
question. owing to a lack of a quorum.
Action will probably be taken today.
In response to a petition of the members
the governors OF the stock exchange yestar-
day voted to suspend business on Saturday,
July g.