Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-06-19
Dullest Day Of the Year in Wall
Street.
SHARP BREAK IN STEEL STOCKS
Only Sugar and tennessee Coal
and Iron Meet Support
GENERAL MARKET REPORTS
'pecial Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, June la.-The same lack or
interest which has been gradually under
mining the patience OF believers In higher
prices was again manifested in today's mar
row market. The foreign markets were as
dull as our own. and no indication OF relief
from the prevailing apathy is recorded in
either London the continent Many OF
the larger financial interests have taken
advantage of the dullness to leave town
and have thereby increased the prospects
for continued inactlon.
There has been no material liquidation OF
long stock. however, and the inference fol-
lows that much stock is still held in an
ucipation of greater activity and higher
prices.
In some quarters the belief in higher
prices is based almost exclusively upon the
fact that the larger interests are compul-
sorry holders Of stock for which market
is Yet to be created.
This view is particularly applicable to
the industrial shares of which a consider
able volume of stock is still in the hands
of the promoters. In the better class OF
railroad issues the hope Of higher prices is
based on the prospect of an abundance Of
idle money which will be drawn To such
issues as Burlington, st. Paul and some OF
the newer preferred stock
The usual anticspaaoFy demand IS delayed
by the fact that wheat conditions are an
uncertain FACTOR and may yet reduce the
purchasing Level. Commission houses are
doing little and have little to recommend
TO clients for immediate purchase The
Larger houses are generally confident of
higher prices, but few of them are willing
to fix the time for action.
The market is too narrow and the short
interest Is too large to admit OF material
decline, but the narrowness is also a potent
argument against the advance. Profession
al traders are In control OF prices and their
commitments are intended only 10 reflect
local board room conditions. Outside Of
Wall street there is little encouragement
TO the short interest Earnings are good
and trades reports make an exceptionally
fine commercial showing.
The gold outflow, ii is thought, is nearing
its end, and money promises TO be album
dant throughout the summer. A leader
who has had experience in manipulating
such forces could change the price level
almost beyond recognition in forty-eight
hours.
The steel stocks and the entire Industrial
list. with few exceptions. were the weak
features of the days market. American
Steel and Wire broke badly under renewed
Liquidation.
The hesitating policy of certain directors
amounting in effect TO a reputation OF a
promise, on the dividend question has ma
terfally hurt the standing of these issues.
From semi-ofticial assurances of an s per
cent dividend on the common stock. to be
paid from earnings said TO be averaging
20 per cent, the rate has been curtaiied,
until now no dividend is predicted
This question is one Of the most awkward
that has recently come to the front and
next Fridays meeting may yet develop
some surprises. In any event the selling
should be well over in advance of the
meeting, the only surprising development
being certain to be good as at present the
worst is being discounted
American Sugar and Tennessee Coal and
Iron are two Industrial properties which
are just now attracting distinctly better
support than their neighbors. Indications
are that today's total operations will be
the smallest so far this year.