Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-11-19
Bear Rumors Combine to Weaken
Prices.
FEARS OF MORE TARIFF LEGISLATION
Drop in Sugar and Chicago Gas
Trust.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK, November l9.-Opening
prices Ia todey's stock market reflected the
lower range of values in the London mar
ket, and the presence of selling orders
from that side. Prices We're scarcely
steady at any time during the morning,
the tendency toward weakness being In
some degree relieved by the lack of ac-
tivity. The short interest las assumed
such proportions as to make its extension
extremely hazardous in view CT the limited
supply Of borrowable stock, but prevailing
sentiment is not favorable to the long side
CT the market The reported decrease In
the net earnings of Burlington for the
month Of October and fears Of a necessary
reduction In the dividend rate had de-
pressing tendency. A decreased traffic and
reduced earnings may result in a reduction
of the next dividend on Northwest, as 1t is
not believed that the well-known conserva-
tism Of the management of this property
will be relaxed In favor of paying unearn-
ed dividends.
In anticipation Of such adverse action
there is already considerable short inter-
est in this stock. While appearances Jus
tify rumors Of the above character, both
roads may pay their customary dividend
from funds not usually utilized for such
purpose.
The possibility of further tariff and finan-
cial legislation is a disquieting speculative
influence at present and will In all proba-
bility result in a selling movement be-
tween now and the opening Of the winter
session OF Congress. Fears of vindictiye
legislation during the coming session have
a pronounced tendency to destroy conf
dence in financial circles.
Manhattan was sold down on early trad
ing on sales by operators. Identified with
last weeks decline. Buying orders were
plentiful at the reduction and. marked the
price up to 1O3&, gain of IL per cent
from the low level recorded at the opening.
Jersey Central advanced ! per cent on COW
ering and the balance OF the coal stocks
attracted little attention. Western Union
was moderately active and Irregular, selling
up " point during the first hour and react
ing to first prices later in the day.
Sugar sold down y per cent on sales sup
marked up fractionally above initial figures
on later buying. The opinion still prevails
that legislation will sooner or later further
the bear campaign against this property.
Chicago Gas sold down w per cent on in.
side selling, assisted by the usual following
of room traders. The balance Of the In
dustrials was dull and without significant
feature.
The advance in Lcrdon's discount rate
from "a to / per cen: resulted In a higher
market for sterling this morning. Short
bills and cable transfers were In good de-
mand at the advance. The receipts of cot
ton bills from interior points were liberal.
but, as usual Of late, were quickly taken
by remitters.
Prices oteadied up fractionally around
ing during the last forty minutes. Western
Union led the final decline on liberal trans
actions. Closing figures were irregular
within narrow radius of first sales.