Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-12-28
FINANCE AND TRADE
Decreased Earnings of the Coal
Stocks.
CHANGERS DULL AND TRIFLE HIGHER
The List of IndustriaIs Was Uni
formly Higher.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, December 2S.-Opening
prices this morning were about on a parity
with last nights closing and became ir-
regular as the day progressed. The feeling
of the street is decidedly bearish on the
coal stocks, and sales fer both long and
| short account are noticeable on every rail-
ly. Decreased earnings in this group and
| an unpromising prospect for improvement
have given rise to considerable apprehen-
sion on the subject of future dividends. In
at least one instance, the retention of the
old rate would not lie consistent with
either present earnings sound business
principles. The heavy selling of Jersey
Central by prominent bear operator and
comparison of earnings have attracted a
large following of professional traders,
who are confident of a substantial recess
SIGN from the present low level. Consider
ing the extent CT the decline in this stock,
however, and the powerful financial in
terests behind 1T, short selling, prior to a
rally, should be both limited and cautious
Ultimately, present predictions may be
verified, but rally is evidently due with
in a narrow radius Of today's reduced fig
ures. Delaware and Hudson sold down 2
per cent in sympathy with the prevailing
tendency of speculation in the coalers, and
Reading was fiercest around first prices on
moderate trading.
The Changers were dull and fractionally
higher on traders purchases against pre-
vious sales. Baltimore and Ohio declined
IL per cent as the result of rumors of
decreased earnings accompanied by the
usual extreme constructions of the bear
element.
The industrial list was uniformly higher
as the result of covering and some small
trading for long account. General Electric
advanced la per cent on a fair volume
OF business and Chicago Gas gained SO per
cent On continuation of the recent good
buying. There is no abatement of the
bullish feeling on this stock but the date
or the actual effort to mark up the steadily
increasing holdings of the pool is known
only to those directly in interest. Sugar
opened weak and was neglected in the
early trading. Later buying by the room
the bulk of which was for the short ac-
count, marked up the price / Ia per cent
from opening figures.
The lack of inside interest in the move
ments of this stock has left the trading
element considerably at sea as to the
probable course of prices on the resump-
ton OF activity. 1t is believed that the
diplomatic troubles previously referred to
VIII result in lower prices unless speedily
adjusted which is not likely from present
indications.
The dissolution of the Stewart bond-pur
chasing syndicate is among the strongest
arguments yet advanced against the hnan-
cial scheme now pending in Congress. The
i,eue i.t'ie capital OUT OF the dlSSO-
lutlon, but should the occurrence lead to
the framing of a sound currency bill the
bulls will be given an opportunity to dem
onstrate the real significance of yesterdays
action.
Considerable gold Is expected to 60 ont
OF the country by tomorrow's steamers
which will again call attention to the
steadily decreasing supply of the yellow
metal and emphasize the necessity for i'm
mediate remedial action
Ihe last hours trading was a repetition
or the previous listlessness with prices
slightly under the best. The sentiment of
the street was somewhat mixed on the i'm
mediate outlook, but the narrowness Is
relied upon to prevent airy marked falling
off in values Final figures were irregular
Within the extremes of IA and "a per cent