Evening star., 1898-09-02
The Feature Of the Day Furnished by
Northern Pacific.
RECUPERATlVE PROCESS NOT ENDED
Almost Stationary Condition oi
Prices This Week.
GENERAL MARKET REPORTS
Special Disratch to The Evening Star

Special Disratch TO The Evening Star
NEW YORK. September 2.-Today's
stock market was in many respects
counterpart of its immediate predecessors,
both as to volume and results The spe-
claIties had temporary periods of activity
due to special causes, and the general list
huctuated listlessly about the opening
Level.
Manhattan's statement for the year end
Ing June 80 showing a surplus after
charges and dividends of S223. .276, against
deficit of S16534 last year. forced a
covering movement, which added substan-
TALLY to first prices. American Tobacco.
on the other hand. reacted violently as the
result Of the slow and disappointing pro-
gress in reaching an agreement with the
manufacturers of the plug product
General Electric and Pacific Mail at
tracted some good buying. but there was a
professional atmosphere noticeable in a
larger degree than heretofore. New buy
ing for pool account in American Sugar
gave those shares good support for time,
but there was a lack OF enthusiasm even
in them. The buying of Atchison, prefer
red, was better than ordinary, and the
much-talked-of advance seemed to be gath
ering momentum
The feature Of the days Developments
was the meeting of the directors of the
Northern Pacific and the publication of the
statement under consideration. The sur
plus for the year, after interest payments
and per cent dividends on the preferred
stock. is said to be. in round numbers
S2Ao.Vo. The total surplus is 50 81. TO3
and of this amount s., 800 800 nas been con-
verted into a fund to insure dividends ON
the preferred stock This fund is to he
drawn upon only in such lean periods as
may intervene between a prosperous and
a Disappointing season.
The investment OF such a fund would add
TO The dividend fund from year to year,
even though no new money was voted for
that purpose. 1t will be seen that S,iS1 1O3
Is left over as a surplus income applicable
TO the common stock. Another year OF
prosperity would insure the paymenr of
dividends on the common stock and wouIl
nnd the preferred shares upon a conscrva-
tive investment basis The record of this
property in passing into receivers hands
oelng organized and established upon a
basis so enduring as that indicated by the
above report, and all in the space of a few
years, is a splendid testimonial to Aricrf-
can financial enterprise
The Union Pacific management is relied
upon to be initiative TO a degree which may
insure similar results.
The market is firmly established upon a
logical basis, and what has already haan
accomplished in some instances is being
undertaken in others. The recuparaTiye
process is as yet far from the limit Of its
possibilities, and accidents are she only
menace to further Improvement
The stock exchange will be closed from
tNNdy N4Atil iutSudss anu l<oHutH VIII nave
a holiday tomorrow. making today the end
of the financial week
A review of the iesults ACCOMPLISHED
since Monday indicates an almost station
ary condition of prices. In the better class
OF stocks the net changes are mostly frac.
tcnal, while in Some tcday's average level
was exactly equal to Mondays figures
There have been exceptions, of course but
Ia the main the market has had a breath
ing spell.
The public is becoming familiar with the
new order of things and the banks have
been watching the currency movement
TINS period of deliberasion is wise and
makes for future good. The bears have
tried to force prices down. but the effort
and the result were out of all proportion
There are no arguments for lower prices
except such technical conditions which are
personal to Wall street and, even these
are more suspected than proved.