Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-06-23
Slight Improvement in Steel Sharer
From Short Covering.
DULLNESS IN RAILWAY LIST
Prospect of Better Prices After
July Disbursements
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK. June 23.-Uncertainty IN the
Industrial department and steadiness I'm the
railway list again characterized the OPEN
ing transactions In the stock market Lon
don sent over some buying orders and was
willing to have Increased the volume or
business had New York shown any DISPOSE
ton to encourage the advance.
1t became evident early In the day that
the meeting of steel and wire directors.
called for IL o'clock, was to determine the
immediate course of the market
This speculatively discredited Industrial
property was given excellent support dur
ing the doubtful period in which the di-
rectors were in session. The occasional
covering Of a small line of short stock
advanced the price from time to time and
was frequently instrum sntal in helping
prices elsewhere. The management of the
company finds itself in the position of in
viting certain adverse criticism, no matter
what action may be taken on the dividend
question Dissatisfied holders have liQui-
dated because of the belief that previous
dividend promises were to be repudiatsd,
and others have sold the stock in the short
account because of known liquidation by
inside interests followed by public misgiv-
ings as to the wisdom of paying divid ends.
To redeem early promises will be equiva-
lent to the exercise of the proverbial pre-
caution of locking the door on an empty
stable. Stock bought on official assurances
mas Eeen SOLD al SUBSTANTIAL losses, In many
instances, and its future course is of small
concern. The only good that can result
from the weeks industrial manipulation is
a probable revival of interest in the older
ana more substantial issues OF the railway
department.
Strangely enough, there have been many
expressions of an intention to buy the
standard shares should the wire dividend
result in forcing covering movement In
the industrials. Such logic is the outcome
OF a too protracted professional domination
Of prices.
The meeting of New York Central dire,
tors, taken In connection with the recent
good buying in the Vanderbilt issues gave
rise to rumors of an increased dividend on
the shares of that company. These rumors
were not generally credited and the later
declaration of the usual dividend failed to
reflect any significant disappointment
Inc engagement of s5.00.000 gold for ex-
port to England and the continent was not
seriously considered as q factor While the
outflow of gold is interesting because of the
unusual condition of the exchange market
there Is no concern felt as to any local
dearth of the metal.
The street estimates that the interest and
divided disbursements around the first of
the month will be equal to Sl25 600 900 or
slJ0OoO,OO. These estimates are based on
the disbursements of private corporations,
and the money is expected TO be paid and
to seek new investments in a half dozen of
the larger cities. The proportion OF the
total disbursement to go abroad will he nm
usually small. Should the present prospect
be realized a very considerable volume of
this money will go into Wall street and all
of the recognized dividend-earning proper
ties should feel its influence during the
next ten days
The week seems likely to close without
having shaken off the professional domina-
ton which has recently acted as a deter
rent to both activity and Improvement.
There is short interest yet to be covered
however, and this. with the more legitimate
arguments for Improvement, must sooner
or later change the surface appearance OF
the market.