Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-09-24
Future Dividends the Subject of
Wall Street Gossip.
EFFECT OF ROCK ISLANDS ACTION
Proneness to Discount Events of
the Future.
GENERAL MARKET REPORTS


Special Dispatch TO The Evening star
NEW YORK, September 2i.-The subject
of future dividends was thoroughly gone
over this morning by traders and some of
the more conservative operators, with the
result that liberal line of short stock
Mas put on i'm anticipation Of several i'm
itatorS of the policy of the Rock Island
II anagement. The action of the latter road
is commendable from every standpoint OF
sound financial policy and should inspire
the Sc already interested with "A belief that
their interests will be properly protected.
For professional trading purposes, how
ever. il is a decided bear argumeutand Will
encourage cautious operators to keep out
of the market on the long side until IN"
settling down price has run its course.
Such indications of conservatism are rarely
construed as effective bull arguments. Per
harS two. asSUredly one, of the sO-called
Granger stocks will Toe forced to reduce the
rate of their next dividends, as neither
present dividends nor future prospects war
rant continuation of the old rate.
Wall street never waits for events of this
character TO actually tranSplre. but pro-
cecIs as soon as The situation justifies the
SUSPICION to discount the result, hence to-
days activity and depres sed values. North
west sold down per cent on the admitted
~ narrow margin on which the road Is at
present being operated.
Burlington lost IL per cent on selling
influenced 10y the diScoura 2ing dividend
outlook. The situation IN the west resulting
in the peSSimistic opinions now perNading
speculat tive circles is too well known to need
further comment.
But decreased earnings are not confined
to that section of the country alone. as the
anxiety concerning the probable action of
New York Centritrs directors this week
clearly attests. 1t is stated on excellent
authority that the dividend is not likely TO
exceed j per cent for the quarter a reduc-
ton of | per cent I'm the annual rate. 4
reduction of IL per cent in the price of
this stock Was recorded during the morn
ing. Manhattan was adversely influenced
by a published discussion of the project 10
have the city control the rapid transit sys-
TEN.
Chicago Ga was active and lower owing
to renewed selling 10y the room element.
The situation is unchanged. and except in
a general way unknown to any but those
actually engaged ia the solution of existing
difficulties
Sugar was depressed Ii per cent on
selling 10y traders. who continue 10 predict
lower prices in the near future as the result
OF adNers. political influences pistillers
attracted little attention. but was moderate
ly strong around last weeks closing fig
tres.
outside n the securities named above the
market was dull and barely steady. the
covering OF shorts, at the moment. being
practically the only supporting influence
in the market.
The increased receipts Of cotton bills
this morning had tendency to reduce for
eicn exchange rates. Actual business re-
Elected concessions from saturdays quota
lions
The last hours trading was moderately
active. with prices somewhat higher. in
consequence Of the covering Of short con-
tracts. The market is still almost entirely
professional. and consequently easily manlp-
ulated, fact worthy OF consideration in
the Interpretation of prevailing rumcrS.
Final figures reflected net declines for the
day.