Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-06-29
Speculation 0vershadowed by Con-
tinued Liquidation.
TEE Big DROP IN CHICAGO GAS
It is Stopped Only by the Close Of
Business.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star.
NEW YORK, June 20.-Speculation was
again overshadowed by continued liquida-
ton in the Industrial issues notably Chi
cago Gas. The decline in this stock for the
week is trihe over IL per cent. and lower
prices were seemingly prevented only by
the cessation of business, the lowest level
of the week being recorded right at the
close today. Long stock was freely sold
by the pool organized several months ago,
and buying, except for covering purposes,
was extremely cautious. Political influence
is strongly opposed to the best interests of
this property. and the failure of the con-
solidation and frontage bills are evidences
OF further political persecution, and the
perpetuation of local prejudice.
Dividends under such conditions are a
decided uncertainty. hence the general de-
sire of the last few days to realize on long
holdings.
Prices would have improved substantially
throughout the railway list had the char
acter of the trading in the industrial de-
partment been more encouraging.
The railroad situation has reflected steady
Improvement during the week, the recent
action of the trunk line presidents being
particularly noteworthy in this respect.
Freight rates both east and west will be
maintained on a profitable basis, and the
prospects for increased traffic are favor
able. The anthracite coal trade has also
developed somewhat more promising
prospect, and harmonious action on the
part of the several roads in interest again
seems probable.
The iron industry continues to lead in
point of activity, the present capacity OF
many OF the larger plants being totally in
adequate to the demand. Contracts for
structural iron have been the feature of
the week in this branch of trade.
The advance in Tennessee Coal and Iron
at the opening this morning was based on
Yesterdays advance in p.giron and tho
prompt advance in workmen'5 wages. This
latter action on the part of tina company
insurcs immunity from strikes during The
active period ahead
An attack on the Graz gers was only tenn
porarily successful purchases at every con-
ceSsion staying the movement Northwest
yielded easily for decline of l per cent,
but was Immediately forced back beyond
opening figures on the purchase of a few
hundred shares. While the room element
is inclined to look for a lower price in the
railway list, as the result of concentra-
ton on this group of the forces used to
such good purpose in the indus trials, the
more conservative operators are of the OPP
posite opinion. The industrials are likely
to be neglected the moment liquidation and
covering ceases. and the railway list viii
then feel the effects of strict application
of actual conditions, and better prices
should prevail.
Bankers predict that money rates will
shortly begin to work higher. the re-
suit of more general demand for funds
as soon as normal speculative conditions
are restored.
The bank statement reflects a loss of
over S.U0OOO0 in lawful money, principa
in legal tenders. and the net result OF the
weeks transactions is a reduction of ST.
100000 in the surplus reserve. The detailed
statement follows: Reserve decreased ST.
3lS,32J. loans, increased SJ16,:;ol: specie, de-
creased s64S. 800; legals, decreased S. $50. iG0;
deposits, decreased si.U22, 100, and circula-
ton, decreased SS5,5O0