Evening star., 1898-09-06
Illinois Central Advanced 2l-2 Per
Cent in London.
LOCAL TRADING WAS CONSERVATIVE
Granger Roads Have Prospect OF
Resuming the Leadership.
GENERAL MARKET REPORT

Special Dispatch 10 The Evening Star
NEW YORK. September s.-opening
prices this morning reflected in some de-
gree the buoyancy OF the London market
but subsequent trading was irregular and
decidedly conservative. The SUCCESS Of the
British In Egypt was celebrated I'm the
stock market. but the volume of business
was not significantly improved. The fea-
ture of the American market In London
was Illinois Central in which an advance
of "a per cent was recorded. This advance
was based on reports that the eompany's
statement for the fiscal year would show
IL per cent earned on the stock
Humors of a probable disbursement at
the rate of per cent came from the same
sources, but on this side the latter argu-
ment found few friends. There Is no doubt
or the company's prosperity and a mOder-
ate increase in the present dividend rate
Is not an unreasonable expectation. The
probable action of St. Paurs directors on
Thursday is being eagerly discussed in
financial circles, and upon the results of
that meeting the temporary course of the
market Will hinge. The buying of the stock
up to its present level was almost IDENTICAL
in character with that which preceded the
previous advance in the dividend rate.
The moment the demand dropped back to
conservative proportions there were ru-
mors of disappointment in the matter Of
the next dividend. The company Will have
figures before it fully jusufying an in
all that is involved. The support given the
property under ll3 may be taken as evil
dence OF a continued belief in a more liberal
disbursement
Should st. Paul become a g per cent stock
the Granger roads are likely to resume the
leadership of the entire market. Sugar
gave evidence of good buying from time to
time, and the brokers used added color to
the idea of new pool activity.
The Pacific issues have made an impress
sion upon the market which is not easily
effaced by thesparading OF new specialties
The presumption CT merit in these stocks
which has prevailed since the first OF the
year has been well founded. as recent re-
ports OF earnings attest. and good mar
ket for al tissues OF both Union and North
ern Pacific is assured under moderately IA
vora5le conditions. Peoples Gas is waver-
Ing on the verge of a settlement of its dif-
ferences with rival companies. and is evil
IDENTIFY carefully watched by its guardian
interest.
The continual decrease in the surplus re-
serve holdings Of the national banks and
the contraction in currency are factors
which are now operating against expansion
in the security markets. In this connec-
ton. however, ii is gratifying to observe
that the evils of this condition are uniy,.r-
sally looked upon merely a temporary
drawback. There is gold enough yet 10 De.
drawn from Europe to keep interest rates
from menacing profits and the banks them
selves, assisted in every way by the federal
treasury, will remedy the currency diff
Guilty. The frequent recurrence of cur
rency difficulties must force remedial and
comprehensive legislation by Congress Th,.
result may be beneficial, but il is almost
certain that the debate will have an opDo-
Site effect, for time at least.