Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-07-31
Dizziness and Heaviness the Charac-
teristios of Wall Street.
PRICES DRIFT STEADILY LOWEB
Sugar, Steel and Tobacco Stocks
Show Weakness.
GENERAL MARKET REPORTS
pecial Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK. July si.-A slightly higher
range of prices in the London market was
followed by gains on this side during the
opening hour, but the improvement failed
to hold. There was no improvement in the
demand and professional operators were In
control Of prices during the entire day
Some attempt was made to advance the
Pacific stocks, Northern and Union Pa
ciflc being bought in the hope OF forcing a
rally. The gains were well sustained in
view Of the lack OF interest elsewhere and
the declines in the Industrial department
The buying Of Union Pacific was for in
side account and preceded the declaration
OF per cent dividend on the common
stock during the afternoon. The declara-
tion of this dividend came as a surprise in
asmuch as Thursday had been the earliest
date for which 1t had been promised. An
advance Of / per cent followed the
nouncement under a mixed demand. The
movement did not gain much Roadway.
however, owing to a delay In determining
whether or not the rate was intended to
establish the stock as regular per cent
stock.
1t is stated semi-officially that the actual
earnings for the year were equal to o per
cent on the common stock. This showing
is equal to that OF the higher-priced
Changers. and should ultimately establish
the property among the recognized invest
ment issues.
increase Of $500. $50 for June and total in
crease in net of s.. sos 761 for the year ended
June 80. This showing Is equal TO about
per cent on the common stock Of that COM
pany. after allowing for the full per cent
on the preferred. Statements OF this char
acter may properly discourage bear trading
and 1t Is only the accumulation of complex
outside questions which deters an import
ant movement in the opposite direction.
The public recognizes that many cheap
stocks are attractive at present prices.
but there is the hope that value will in
crease and prices decline during the dull
vacation period This hope. accompanied
by the fear of a heated and close presi-
Dental contest, keeps the demand down to
small proportions.
Weakness in American Sugar due to the
announcement that the Independent ref1ner-
les had again begun to offer trade rebates.
unsettled the entire industrial market. The
selling brought In some buying against pre-
vious sales on the way down. but 1t is
thought that considerable block of long
stock had been lQuidated above 125 The
trade rebate system was feature of the
sugar war, and the return of the practice
very naturally causes apprehension among
the speculative element.
American Tobacco was weak and the pool
onered little opposition to the decline al
though prominent commission house
bought round amounts scale The
Steel stocks were strong only for few
minutes around the opening selling being
persistent during the greater part of the
midday trading There can be no doubt
but that an effort is being made to reach q
profitable adjustment of the difficulties in
the iron and steel trade. The mere agree
ment to maintain prices will scarcely re-
Vive public Interest in these stocks at this
time IL the market could advance 1t
would do so under the impetus of the
railroad returns quoted above. 4 ..e feeble
rallies which follow are the most disap-
pointing features of the situation.