Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-09-01
Buying of Northern Pacific Shows
No Sign of Abatement.
UNION PACIFIC PROMISES WELL
General Electric Responds Easily
to Demand for Advance.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

| Special Dispatch to The Evening Star.
NEW YORK. September l. Opening
prices this morning were moderately steady
and failed to reflect any significant chanGs
| in the speculative temper The foreign
! markets continued TO snow an appreciation
Of American securities. but the Internal
tional business reflected some proft-taking.
| notably in the Pacific issues.
Locally the demand was fully equal to
absorbing all the stock that foreign touses
had for sale. The buying of Northern Pa
cific showed no signs OF abatement the
largest banking houses in the street adding
literally to previous purchases.
The preferred stock felt the impulse OF
the innovation looking toward a perpetuity
Of dividends, and was bought by investors
because of its sure ) per cent return on
market prices. 1t has been said repeatedly
that the public had failed to grasp the real
facts concerning the earning capacity of
this company 1t is generally acknowl-
edged that the preferred stock should sell
up around 50 in the present money mar
ket but the memory Of its humble posi-
ticn few months ago deters some of the
ltra-conservative from buying prior to a
reaction.
Reactions I'm the presence of only partially
discounted merit are not likely to be seri-
Gus, and delays inspired by hope of
fractional saving are frequently a species
OF expensive frugality. Tomorrow's meet
ing is likely to be productive of significant
results, as an advance of more than one
per cent in the preferred stock today would
indicate.
Union Pacific has not been advanced. in
the opinion Of experienced judges, to its
proper relative plan, taking Northern Pa
cffic as the standard.
1t is true that the preferred share holders
OF Union Pacific are likely to get hut 3 per
cent on their holdings next montl but
while this co lserY ative beginning is recog-
niZed goDd policy, it is likely that the
directors will have figures before them
showing an ability to add at least / per
cent to the rate. The stock may-and in
all probability wll'-start at 3 per cent but
1t would not be surprising If the payments
Tor the full yeai aggregated 1 per cent.
SPeculatively, at least, the Union Pacific
issues have by no cans exhausted their
possibilities.
General Electric attracted some attention
during the day and responded easily to the
demand for a substantial advance. The
contemplated reduction in capitalization
seems likely to succeed. the dividend pros
poets on the stock increasing materially in
consequence.
Metropolitan Traction was given good
support during the morning, but there is
some difficulty in estimating the value of
the rights to the new stock. The sub
scribers themselves will determine this
matter according to whether their sub
scriptions are taken advantage of by them
selves sold to third parties The pros
perity of the surface lines and the benefits
of consolidation have been made the basis
of new rumors concerning a consolidation
OF the elevated roads. Manhattan was
marked up under the influence of covering
to which these rumors supplied the incen-
tive. As the time for determining the divi-
dend rate in St Paul approaches there is
growing skepticism to the chances for
making IT per cent stock. The character
of the buying during the next few days Will
disclose the real intention.