Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-06-20
FINANCE AND TRADE
Insignificant Changes in Quotations
of Stocks.
HIGHER PRICES ARE LOOKED FOR
Reduced Dividends OF the Rail-
ways.
GENERAL MARKET REPORTS


Special Dispatch TO The Evening Star.
NEW YORK, June 2O.-Introductory prices
reflected fractional concessions this morn
ing. but strengthened up later on the cover
ing Of yesterdays short contracts London
was slightly lower and had no important
orders on this side The monotCny of a
waiting market is broken only by the in
significant trading Of the professional ele-
ment, unsupported by any real business.
There is practically no news Of any speech
lative Importance. and the leaders Of both
forces lack aggressiveness. The present low
level OF values and the overcrowded condi-
ton of the premium list are grave obiec-
tons TO bear campaign, and the bulls
have no arguments not based on the diypo-
sition of tariff legislation. There is little
doubt that activity. when il does come, will
be in the direction of higher prices. but
indications point to a dull and narrow mar
ket for some time to come
Union Pacific regaiied "a per cent on
covering by brokers conspicuous in yester-
days selling movement, and Northern Pa
cific preferred gained rs per cent through
the same process. Nashville gained IS per
cent. and the CHANGERS hung idly around
initial hgu-es. The question of reduced
dividends is again being discussed. and
roads declaring the usual rates are rega I'd ed
with suspicion by the bears. who having
rates, brand each distribution as coming
from some source other than the legitimat 10
earnings of the road. The recent reluc-
tions in the rate of several of the more
conservative properties is cited as an ex-
ample that all wise arrangements must fol-
low. The dividends now about due have in
many instances been earned. but IL is quite
likely that the dividends TO be declared
within the next six months will suffer from
the lack of available funds TO meet such
payments.
Speculation in the industrials was I'M
usually dull and without special feature
Sugar sold down l SIS per cent on transac-
tons for both accounts. due 10 the unset
tied condition Of affairs at Washington. II
is generally conceded that some changes
VIII be made in the Senate schedule and il
is difficult TO accurately determine their eff
feet on the refining interests. Inside in
terests are out Of the market for the pres
ent. and general belief in a temporary re-
action prevails.
Chicago Gas sold down / Ia per cent on
early trading. but rallied on later buying
by the pool There is little doubt that the
regular dividend on this stock will be dis
tributed without interference from legal
processes.
Distillers sold down / per cent on short
sales. and predictions of lower prices are
in circulation. The market for sterling ex-
char ge opened strong and fractionally
higher on small volume of business The
profits derived from gold exports at cur
rent rates Is very small. and in the absence
OF satisfactory supply Of commercial bills
foreign houses are drawing bills for regu-
lar customers only
Something over S2.Uo0onO in gold was en-
gagged for shipment during the day and
the total export for the week is likely 70
exceed 100000.
The last hours trading was dull ana un-
interesting, and final figures were irregular
around first prices.