Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-09-21
FINANCE AND TRADE
Rock Islands Gut Dividend Caused
Free Selling.
PRICES DEPRESSED SEVERAL POINTS
Specializing on New York Centrars
Dividend.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK, September 2l.-The higher
level Of values resulting from yesterdays
indiscriminate covering movement encour-
aged traders to put cut a moderate line of
short stocks around opening figures this
morning. For a time such action seemed
ill-advised as the recognized incentive to
the days trading the Rock Island dividend.
was an unknown quantity. Rumors that
the old rate would prevail were freely cir
culated and the price OF the stock marked
up Is per cent to e5 So The general
market during this period was decidedly
steady In tone, but attracted little atten-
ton. The advance in Rock Island attract
ed some selling. which was amply justified
by the subsequent announcement that the
dividend had been cut in two. making the
rate for the current quarter 1-2 OF per
cent. Selling orders were In abundant sup
ply almost Immediately, the price declin-
ing IL per cent under the pressure with
out significant resistance.
The earnings of the property have clearly
Indicated that action Of this character was
inevitable unless borrowed funds Were sub
stituted for the legitimate profits Of the
road While. therefore. not wholly unex-
pected, the subject has been so completely
shrouded in mystery that accurate fnfor-
nation concerning the official intention was
corded.
The next stock, concerning the dividend
on which there is much apparent skepti-
cism. is New York Central IL Is likely that
the old rate viii be continued, but on q mar
row margin.
The Changers were all depressed sympa-
thetically between the extremes Of 81 and
1-2 per cent. The balance of the railway
list was dull and inclined to irregular.ty.
Sugar opened strong at an advance of L.
per cent. selling down per cent during the
FIRST hour. and regaining the loss on later
trading by the same interests.
Rumors OF several pools are In circulation.
but the sentiment of the street is uniform
ly bsarish on the ultimate outcome.
Traders regard Chicago Gas favorably
now that the basis OF the recent decline
has been disclosed Litigation founded on
the equity Of one share of stock and the
plagiarized text OF Maloneys quo warranto
proceedings is not likely to prove q profita-
bic basis for short selling. There are still
mary bearish views on the stock. however,
tion in rates.
The sentiment on Distillers In New York
is favorable to higher prices traders being
confident that the liquidation OF long stock
Is over. From Peoria, the headQuarters of
the company, assurances of a further de-
cine are plentiful The price today de.
clined 70 per cent on early trading. but
hour.
The market for sterling and continental
bills is unchanged at previously quoted
rates The free selling Of short bills in
dicates belief in lower rates in the near
future.
falling on In the payment Of customs
duties during the week has resulted in a
gain 10 the banks OF nearly SsQooo through
suhtreSsury operations. The movement OF
currei cy TO the south and west will show
a loss Of H.50o.Ooo. This movement is now
fafriy under way. and will be a conspicuous
feature Of future Statements
With the exception OF the grangers the
last hours trading was dull and steady
around opening figures