Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-08-21
Bullish Predictions Made Regard
ing Railway Earnings.
SIGNING OF TIE new TARIFF BILL
Its Effect Has Already Been Dis
counted.
GENERAL MARKET REPORTS

Special Dispatch TO Tho Evening Star
NEW YORK, August 2l-Speculation was
well distributed this morning but results
lacked uniformity. London prices were
from Is to Ia below our closing, and for
eign houses sold moderately on this side
Early trading was active and generally at
fractional concessions from first figures
The available supply Of bull material has
not been exhausted. however, and prices
are not likely to have any important set
back for the present Reactions are essen
tial to a rising market. and are not unnat-
ural at this time. Realizing sales are. in a
great measure. responsible for the irregu-
larity Of the last two days. and. with a
fair-sized short interest already I'm the mar
ket, and showing losses IL is not likely that
any important selling movement will be at
tempted.
Railro DAD earnings justify The predictions
of several days ago that the larger roads
have passed through the most critical
period OF the year, and will henceforth
fleet improved traffic receipts
The signing Of the tariff bill will have a
sentimental influence on prices later in the
week, but the action having been pretty
thoroughly discounted may prove disap-
pointing In the extent Of its effect on
values.
New England was a conspicuous feature
OF the days trading, opening strong on the
payment of the third assessment provided
for under the reorganization plan, and gain
Ing per cent on buying induced by as
surances of the success Of the plan. IL is
officially stated that the final assessment
Will be called for as promptly as the plan
permits. and the work of REORGANIZATION
pushed forward as rapidly is consistent
with SATISFACTORY results Union Pacific
was sold down I per cent on decreased
earnings, the professional element figuring
for a majority OF the trading.
Burlington and St Paul sold OF "a per
81
elsewhere both the volume of business and
the extent Of the trading were more re-
stricted.
The industrlals were active. Irregular ana
extremely sensitive. Sugar opened strong
| at an advance Of b. per cent. but quickly
sold on on realizing. and the subsequent
uncoverfng Of stop orders resulted in de-
dressing the price per cent from initial
figures
At the decline a renewal Of buying for the
Interests usually associated with every inn
portant movement In the property restored
all but a fractional part OF the loss
On the second advance. realizing sales
were again attracted and the price yieldc.
as before. Satisfactory tariff legislation.
assurances OF handsome profits for the Inn
mediate future and talk Of another extra
dividend. to say nothing OF the perfect ma
reputation for which this stock is noted
advance.
Some OF the more conservative operators
have taken profits. and are not inclined 10
make any further purchases until a reac-
tion proportionate TO the recent rapid adj
vance is had
Distillers sold mp Is per cent in the eace
of the uncertainty concerning the raising OF
the FUNDS necessary TO withdraw its pro-
Duct from bond In time 10 profit by the
new tariff provision. Later selling resulted
IN less OF the early gains and gave rise &c
a renewal Of the pees.mistlc rumors at
trfbdted to inside SOURCES
Chicago Gas sold OF I per cent but ia
stfil In favor with the best Informed who
regard IL as selling below intrinsic value
The market for foreign exchange was dis
tinctly hrmer In tone this morning a con-
dition attributed to imports of merchant
anu further selling OF our securities by Lon
don. Bankers do not anticipate any signifi-
cant advance and predict a moderate re-
turn OF gold before the year is out
The last hours trading was moderately
tional concessions from the best prices OF
the day.