Evening star., 1900-08-01
FINANCE AND TRADE
Unsteadiness and Hesitation Marked
Speculative Tone.
RAILROAD SITUATION REVIEWED
Attention Drawn to Apparently
Unbalanced Prices.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star

Special Dispatch to The Evening Star
NEW YORK, August 1.--Openins prices
were generally steady around the final fig
ures OF yesterday, and fractional gains
were recorded before the noon hour under
professional buying for both accounts. Lon
don bought some Union Pacific. but foreign
interest Is Insignificant, owing to the stress
laid upon the Chinese situation In the
local market the tendency Is to construe
the latter situation into an influence for ul-
inmate good to American commerce Much
comment is heard along this line and MANY
or the railroads would seem to be gaining
friends in financial circles. The belief in a
property unaccompanied with action doe.
not make market. just such a condition
now confronts Wall street. Earnings are
good. and dividends just being declared
would seem to warrant higher prices, sub
stanually higher prices in several Instances
but the demand is lacking
lhe prevailing line of argument is based
on tne IDEA that stocks paying the same
dividends should command the same mr.
mlums. The argument is defective in numer-
Gus ways, and is almost without the sun
port OF precedent. Stocks paying no div
idends sell higher than some paving a
INQUEST amount. while per cent stocks
vary from 10 to l5 per cent in price CnIor.
faclfo sold today at SO with a r.ar cent
ulEtdeno just declared presumably for the
40 and over on the prospect Of a per cent
rate. to be declared tomorrow Should the
unexpected happen and 8 per cent be dc.
ciared on the common stock OF Baltimore
ana Ohio. and no advance be recorded I'm
the market, the price would still be o per
eeht above the Atchison preferred shares
paying the same amount
The market is full OF seeming iuconsis-
tencies and explanations are rarely salts.
factory. The directors Of Baltimore and
oHlo are extremely reticent about the prob
abie action to be taken tomorrow and ru-
mors or change in the personnel of the
directory, due to differences on the dividend
question, We're freely circulated at one time
during the day. The stock was strong dur
ing greater part of the day however. as
tne result of considerable covering by
the room in order TO guard against nos
slole surprise In the Industrial department
notably In Sugar and Tobacco, there was
mixed demand from traders. the low
prices or the early morning giving WAY TO
a moderate rally later in the day.
opinions differ as to the prospects for a
revival or rate-cutting in the sugar trade
but recent sales have not been extensively
covered. The Steel stocks reflect the very
narrow market and move up and down with
IN the limits OF about 2 per cent Tba
money market continues easy a. to call
loans. but the banks have no diffcultv IN
getting good rates for time money and in
slst upon the best collaterals There Is no
rear OF a money scare. but interest rates
seem certain Of advancing during the COM
ing sixty days
The market relapsed into dullness dursns,
the nnai hour. and prices were enerally
ihe lack of character has extended over
the customary period and some action
should follow this weeks developments IN
the matter OF dividends.