Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-06-30
Early Morning Tendency Toward
Profit Taking.
MONEY RATES RATHER ERRATIC
Railways Earnings Good and Con-
fidence Felt in Future.
NOTES ON THE MARKET

| Special Dispatch to The Evening Star.
| NEW YORK, June 30.-There was some
tendency to take profits during the opening
hour this morning and prices shaded off
| fractionally in consequence. London prices
declined during the early trading in that
market, but later showed a willingness to
| respond to the local tendency. Traders sold
| out some small amounts of speculative
| long stock, but there was some good buying
| from the commission houses later in the
| day, which served to hold the entire mar
l. ket
In a few instances the buying was of a
decidedly superior character, and was in
ciined toward sorle aggressiveness. Rock
Island, for example easily recovered its
quarterly dividend, and Atchison preferred
accomplished practically the same feat.
Burlington was bought by strong and con-
sentative interests, and the Vanderbilt and
various Pacific issues attracted a demand
above the average.
Money rates were somewhat cratic, as is
usual at this season, loans over the day
being freely offered at per cent. while
those over the triple holiday were per
cent higher
rms apparent hardening in rates is only
temporary and will give way early in the
month after the large corporations have
distributed their dividends. Money in the
hands OF shareholders will result in such a
widespread distribution of available cash
that bank rates should, within fortnight,
return to the low rate OF few weeks ago.
Sterling rates continue to reflect degree
or ease which will make further god ship
ments profitable only when the foreign in
situations make such inducements as to
bring the movement outside the sphere of
purely natural transaction.
Earnings for the current quarter are
nfyS w
hdent of the immediate future. believing
that the supply of wheat will be an agree
able disappointment. There is a fair pros
pect for increased dividends in certain of
the standard issues between now and an
tumn, Rock Island and St Paul at least
being well able to deal more literally with
their shareholders should such action not
conff1ct with good policy. Nashville reports
an increase for May of $26S, 515 in gross
and $22l,G'a in net, showing giving color
10 present prospects for an increased diyi-
dend naxt month
Northern Pacific is doing well and has its
land operations to rely upon for additional
profits. The railroad list should lead the
market toward higher level, and after the
success success OF the conservative investor is re-
hected in the daily quotation list the
manipulation Of the industrial list will
again be resumed. The higher rate of di-
Tdends on the preferred shares of certain
induStria,s would undoubtedly bring them
not entirely without the bounds of con-
serVaJsm once railroad stocks reach a
premium at which the return is small
The American Sugar Refining Company
Is again in the market as a conspicuous
purchaser OF raw sugars, and is practically
the only buyer. Rates for raw have de-
clined to point at which a considerable
profit is reflected in the discrepancy be-
tween raw and refined. If the trust can
Keep the field and not further jeopardize
us prohts the sugar war may be ended in
a friendly office at any time. The indus
trial list could not have a better leader
than this defiant but successful corpora
ton.