Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-07-18
Railroad Stocks Were Dull and
Quotations Lower.
AMERICAN SUGAR WAS STRONG
Brooklyn Rapid Transit Also Showed
Some GAINS.
GENERAL MARKET REPORT

Special Dispatch to The Evening Star.
NEW YORK. July Is.-The volume Of
business fell of decidedly in today's stock
market. and prices yielded in most in
stances, under cover of the dullness For
eign markets showed considerable hcsItarcy
a. the result Of Chinese invasion OF Rus
san territory. and there was a tendency
to sell American securities.
In the local market there was less en-
thusiasm than heretofore and commission
houses were more cautious in recommend
Ing purchases. The increased dividend ar
gument is undoubtedly being ovcrdonc.
mon Pacific alone having clear field for
such action.
In Baltimore and Ohio a 4 per cent rate
would be ample, in the opinion of the con-
serNatlNe clement, and even then prevail
ing prices would he higher than those of
ISSUES already paying at that rate.
Inc Pacific preferred issues paying per
cent are selling around Baltimore and Ohio
prices, while Atchison preferred paying ;
Fer cent is per cent lower. In View of this
SHOWING the theory that the pool has un-
loaded "A considerable volume of long stock
IS at least plausible. Realizing was notice
able in Union Pacific but Judging from
the size of the lots sold the sales were ali
Tor small. speculative accounts An at
tempt to force covering in Northern Pa
enc on favorable report Of current earn
ligs was moderately successful during the
morning. but the Improvement failed To
hold. The Changers were strong and weak
D. turns. the selling being due to profit
a decline.
American Sugar was strong and Was
taken IN round amounts by interests famlI-
iar with present earnings. The company is
doing large business at unusually profit
able rates, and there is a growing con-
hdence in important developments later in
the year.
Some covering was noted in the Steel
Stocks but the Ia
Is or secondary Importance at this time
The buying is professional. and there is
little prospect of public demand. Brook
lyn Rapid Transit was strong again the
prospects for winning the contentinn reIa-
tive to 1o-cent fares being urged TO ad-
vance prices.
Gold shipments amounting to at least So
100000 are assured and the weeks total
loss in gold may equal twice that amount
In spite OF this prospect the street is dis
posed to look only to China and the crops
for its incentives TO business
Stocks are plentiful i'm the loan crowd
again, an evidence that the short interest
has beer materially reduced. nut there is
no pressure to sell. Favorable develop
ments in the east would undoubtedly start
the market upward again and crop news is
quite likely tc Improve rather than to in
crease present fears.
Illinois Central directors confirmed pre-
dictions to the next dividend on that
stock by declaring 3 per cent against 2iz
for the previous half year. Some profit
taking followed the announcement but II
is thought the property will take its proper
place among the per cent dividend paw
ers.
1t Is difficult to cut away from preceG NJ
in forming opinions concerning the atock
market, and for this reason the mid
summer period of presidential year Is not
accepted being favorable to higher
prices. There have been a few exceptions,
but foreign complications and the evils %
industrial OVERRIDING make exceptions less
likely this year. The market is unique IN
that ii is running along with all the surface.
indications of a genuine bull market while
the larger interests and the public refuse
TO help. Like all imitation articles its de-
fects cannot be long concealed.