Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-03-18
FINANCE AND TRADE
A Better Feeling Seems to Pervade
the Street.
SHORT SALES MADE HAZARDOUS
New Jersey Central the Feature Of
the Day.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK. March 1S.-The course Of
prices in today's stock market indicates to
what extent speculative sentiment has been
revolutionized during the past few days.
There was no pressure to sell any of the
recently active issues. the desire in that
direction yielding to preponderance Of
evidence favorfng an abandonment of any
position founded on pessimism. II the
opinion of many close observers the present
advancing tendency will extend beyond the
limits of a mere covering movement. Sem
timent and a few facts have been fire.
Quently utilized in advancing stock values
and it is not unlikely that previous at
tempts in that direction are on the eve Of
being duplicated. Railroad earnings are
not good, and there is nothing in the i'm
mediate future on which to base hopes Of
improvement in this particular, but the dis
position to keep all expenditures within
limits justified by earnings, such as they
are, has given rise to a general belief that
stockholders interests will be amply pro-
tected, and ali legitimate earnings be legiti-
mately disbursed. In the absence of en-
couraging figures the adoption of such
views makes short sales exceedingly
hazardous, even though there is only
negative incentive to advancement.
New Jersey Central was the feature of
the days trading, the short interest in that
stock being the center of concerted at
tack which forced the price up 3 per cent
before the room hour. The announcement
that an important meeting of all the rail-
road presidents interested in the anthra-
cite coal traffic had been called for next
Thursday was the basis underlying the
movement. The purchases attributed to
the short account since last Monday morn
ing have advanced the price Of this stock
nearly 10 per cent.
The stock was loaning at substantial
premium this morning, which indicates
that the rise has encouraged new sales for
the same account, in spite of the strong
undertone. The dividend on this stock
should regularly be acted upon early IN
April, and, while there Is no doubt that It
has not been earned, the street is divided
on the probabilities of its payment at the
old rate
1t is safe to assume that If it is paid.
however. the treasury will not be de-
pieted for that purpose. Covering in
Northwest, stock occupying a position
scarcely justified by it's reported earnings,
resulted in an advance of nearly 2 per cent
over opening figures
ST. Paul and Burlington each gained ga
per cent in sympathy with the prevailing
tendency. Louisville and Nashville was
strong at a / per cent advance, and the
securities of the Southern railway were in
fair demand at fractional gains.
Chicago Gas advanced IL per cent during
the morning in the face Of an announce
ment that an ordinance asking for the In
corporation Of another rival company
would be introduced at tonight's session of
council The new company in the line Of
recent presidents offers liberal induce
ments to consumers and promises to put
the city to neither expense nor inconven-
fence in the matter of laying mains.