Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-04-08
Talk in Wall Street Regarding the
Income Tax Decision.
TEE PRICES WERE NOT INFLUENCED
Effect Of Jersey CentraPs Lower
Dividend.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star.
NEW YORK, April S.-Speculative SEN
timent was decidedly mixed this morning,
owing to the uncertainty relative to the in
come tax decision and the dividend on
Jersey Central London's prices were prac-
tionally higher, as the result of a more
favorable rate for Americans, but the
buying of foreign houses was not in SYM
pathy with the local sentiment. The pes
simism of the professional element was
especially pronounced in Jersey Central.
western Union and sugar. AS to the
fcrmer, its action and that of its higher
priced neighbors. added convincing color
to the rumors OF a reduced dividend. Lib
eral selling of the stock during the early
trading forced reduction of 2 per cent
In price.
At this point the official announcement
was made that the decreased earnings Of
the road would necessitate a per cent re-
auction In the rate, putting the property on
D per cent basis. The announcement re-
suited in spirited covering movement,
which forced the price back to opening
ngures The management of the property
Is 70 De congratulated upon Its recognition
or the action best suited to the future pros
perity of the road.
The weakness in this stock ENCOURAGED
selling In the balance of the group Della
ware and Hudson leading with a decline
OF per cent, part of which was subse-
Quently restored through covering. Balti-
mere and Ohio declined per cent on sales
based on the opinion that the dividend on
that property is in doubt in spite of the
announcement that the usual 9 per cent
has been earned. Manhattan was weak ON
realizing sales early in the day, but stead
led up considerably during the afternoon
on moderate purchases.
Western Union was Influenced by the ru-
mors prevailing at the close of last week,
and to which attention has already been
directed.
The street was confident that the income
tax law would be defeated during the
morning and wagers of two to one were
offered to that effect. The result of the de-
cision was. therefore, better than was gen.
orally anticipated and prices were not IN
huenced by the announcement. 1t is prob
able. however, that an attempt will be made
to depress prices on the belief that the
treasury will be seriously affected by the
decreased revenues caused by the exemption
OF rents and certain classes of bonds, 1t
Is stated, however. that there will be no
issue of bonds, owing to prospective in
creases in revenues from other sources
On the face of this opinion 1t would seem
TO be a strong argument in favor of pur-
tax and sales of stocks and bonds on which
incomes are either limited or taxed The
courts OF the country will shortly be filed
with htigants who will demand a full
nench opinion on this subject, and 1t is not
likely that the market has been entirely
withdrawn from the Influences of this
much-mooted question.
Sugar was the feature of the Industrial
list. selling down per cent on professional
operations. and subsequently rallying on
good buying for long account. The next
rise In this property. it Is said will eclipse
all recent records.
AT meeting of the sales agents of the
anthracite coal roads a schedule of rates
vas announced. which is likely to stimulate
some activity in the stocks of these prop
critics. With the announcement of the
dividend policy of the new management OF
Chicago Gas. which is expected shortly, the
street will be relieved of many uncertain
ties which have lately had a depressing
influence on values.