Evening star., 1894-11-27
FINANCE AND TRADE
Effect of Northwestern's Decreaseo
Dividend.
SENTIMENT FAVORS HIGHER PRICES
IndustriaIs Unusually Dull and Fea
tureIess.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK, November 27-The North
west dividend was the feature of todays
stock market. and conformed with unusual
accuracy to recent forecasts Of the result.
One per cent was deducted from the usual
rate, putting the stock on a per cent
basis. This action confirms the reputation
of the management for conservatism, and
is as liberal disbursement as present
earnings warrant.
After steady opening the price Of the
stock declined 1 Is per cent to 90 5-s, and
almost Immediately rallied to 80 on cover
ing and some professional buying for
time. The official announcement Of the re-
duction resulted In q renewal of the SELL
ing movement, and per cent was deduct
ed from the best price of the morning.
The reduction In dividend rates and the
forced economies in all departments of the
grain-carrying roads will be frequently al
luded to during the winter In the interest
of bear operators, who will use this group
of stocks as the entering wedge of cam
paigns directed against more meritorio1s
issues.
As previously intimated, the present SELL
ing price Of Northwest, even with the re-
duction In the dividend is not high enough
to warrant any further extension OF the
short interest, and no effort In that direc-
tion can prove Of more than temporary
advantage.
Burlington was steady on early trading.
selling up IL point and reacting a full
point in sympathy with the depression In
other parts of the list st. Paul and Rock
Island were dull and barely steady.
Erie was weak on room selling, resulting
in decline Of "a per cent from opening
figures.
The volume OF business In other parts
OF the list was too small to justify analy-
sis. The sentiment Of the street Is Inclined
to be more hopeful, and would probably
lCttlf In, haff fnxu r6 he 90
the week but for the Intervention of
Thursdays holiday and the disinclination
Of traders to carry stocks over a closing
day. Prolonged movements In either direc-
ton being inconsistent with the policy Of
the strading element, the market is not
likely to proceed to extremes in either di-
rection for the present
The industrials were unusually dun and
without special feature. Sugar was steady
around 50 all morning In the face OF bear
arguments sufficiently potent to reduce the
price into the seventies. provided manipu-
lation was lacking. Unfortunately, con-
clusions drawn from figures and general
trade conditions are frequently annulled by
the presence OF the latter substitute for
a legitimate incentive.
During the afternoon the price was
marked up to 80 5-S on the purchase Of a
comparatively small block of stock by
brokers acting for prominent interests. The
balance of the industrial group was dull
but steady at slight fractional gains. A
single quotation cerved TO indicate the
market value Of Chl,ago Gas for moro
than three-fifths of the entire session.
The recent selling OF this stock has been
conspicuous for the prompt manner in
which offerings have been taken without
any apparent effort on the part Of the pur-
chaserS TO stay the decline.
After a satisfactory amount Of stock
has been accu,n pa'ed, the usual rcr!cdi,
advance in the prica Of This stu6k will be
in order.
The market for sterling and continental
bills opened steady, with rates slightly in
advance of those quoted yesterday. The
supply Of drawings against cotton is lib
houses are practically out of the market,
owing to the small volume Of foreign bus
mess.
The last hours trading was an imI rowe
ment on that Of the morning in every par
ticular. Figures and the volume of bus
lness were both increased under q good
demand from traders. Final figures were
Irregular. but fractional sains for the day
were recorded in many instances.