Evening star., 1900-09-28
FINANCE AND TRADE
Break in Northern Pacific Weakened
Entire Railroad List.
MARKET CLOSED VERY DULL
Professionals Are in Control and
Public Holds Off.
GENERAL MARKET REPORTS
Special Dispatch TO The Evening Star.

Special Dispatch TO The Evening Star.
NEW YORK, September oS-The prac-
teal elimination OF the short interest on
yesterdays advance left the market in a
hestating and uncertain mood this morn
ing. The coal strike situation was thought
to have improved considerably, but in the
absence OF definite news from the leaders
the street was not willing to continue the
advance in the shares most concerned.
Ihe prices were well sustained, however.
and there was no abatement of the conf
dence In an early settlement of the diff
fculty. The market is not In condition to
attract any significant outside demand, and
the professional long account is not equal
to sustaining higher prices for any con-
siderable time without public support.
A new short interest may be created on
the rise and pools may again begin to
Hshten specul ltive burdens The buyfnp
power is considerable. but 1t can only be
de demonstrated on a lower scale of prices.
,,ari as interests willing to buy are of the ex-
perlenced sort. who buy only on a scale
downward: Public buying Is not to be ex-
pected while politics are a part of all fn-
ture contracts.
pate In the stock market but the account
cannot be chosen until the outcome OF the
eiections supplies the necessary indication
In view OF this fact the market is In the
element whose
daily preference for either the long or the
sEort account Is largely in the nature of a
wager on the elections, with the distinc-
uoh that the buyer reverses the prevail
ing odds when he selects diyidend-payinp
properties. PN' ms
weakness in Northern Pacific issues was
feature OF the days trading, both the
common and preferred stocks showing the
eHects or mixed selling induced by the fall
ing OH IN earnings. For a time this weak
ness was restricted to the stocks named.
put later a sympathetic decline followed
IN all parts OF the railroad list
An effort to steady the price OF Baltimore
and Ohio was credited to the banking in
terest In charge of the underwriting of the
new stock. Calls for payment on this
Stock at the rate Of $50 per share attract
no enthusiasm when the market price of
the stock Is only 6S The Eastern Trunk
Line consolidation scheme has been pushed
into the background by politics and the
coal Strike. and the glamor has worn Off
thls transaction which seemed SO sure of
pronts In the spring. Some support In
tennessee Coal and Iron was credited to
inside interests who believe in the payment
or the regular dividend.
The market was heavy during the last
hour, as the result of predictions Of an
otner loss In cash-estimated at 81, 600 600
py the banks and the breaking out Of new
mining troubles in the Ohio coal fields
traders sold the market pretty generally,
not limiting their sales to any partlcuIar
weak, fears of political attack adding to
the usual disturbing factors. Compulsory
changes in equipment are most to be feared
in this connection.
The market closed under the best level Of
the day and with liberal short selling In
progress. Fears Of tight money were ra-
VlVed by the decrease in cash on account of
the interior currency movement