The times., 1899-08-17
THE MARKET CAPACIOUS
Sharp Advances In Some Quarters
and Declines In Others.
An Irregular Opening Followed by
n F'irmer Tone - Business in Mod
crate Volume and Interest Widely
Diversified - The Railway List
Strong - The Industrials Active,

New York, Aug. 16.-At the opening of
uncertain and irregular appearance, some
stocks advancing sharply, while in other
quarters of the market equally sharp de-
clines were noted. In the subsequent
trading, however, somewhat frmer tone
developed throughout the list. The trad
ing was in very fair volume and specula-
tive interest was well diversified. The
day was bare of any incidents of import
ance both the money market and the
agricultural situation preserving the en-
couraging characteristics they have shown
in the past week. A gratifying incident of
the day was the declaration of an initial
dividend of 1 per cent On Chesapeake and
Ohio.
1t is expected that this company will
follow along the same lines pursued in the
case of the Southern Railway preferred.
That. is to say, that beginning with the
annual distribution of ] per cent it is
hoped to increase the rate up to the full
amount provided for in the company S
constitution. Southern Railway preferred
was one of the strong features of today s
market in anticipation of the declaration
of the dividend, which it is understood will
take place as soon as quorum of direct
ors can be obtained. Other notably strong
features of the railway list were Louis
vile and Nashville, Southern Pacific Cen
tral Pacific, st. Paul, and the Atchison
stocks. The strength of the latter seemed
TO be chiefly the reflection of very positive
assertions current in regard to the state
ment likely to be submitted by the COM
pany for the month of July. st. Paul
was a firm feature of the granger stocks,
although the movements in that quarter
were again limited New York Central and
Pennsylvania were both rather heavy, par
ticularly at the opening. on account of
the disturbed rate situation in the Trunk
Line affairs and more directly on account
OF the cut in passenger rates announced
by the Erie Railroad.
A very feverish tone marked the deal
ings in all the local traction stocks. The
industrial quarter was very active, and
in the main steady. American Tobacco,
Continenal Tobacco, American Smelling
United States leather, and the So
called steel and iron industrials We're
the features in the quarter. The ac-
QUESTION of an importing competing con-
Germ accounted in part for the rise in the
| Tobacco stocks, and there was little direct
| news bearing upon the activity of the
| other members of this group.
| somewhat abrupt decline in Western
| Union was feature of the days market
which had rather unsettling effect else
where, though the selling of the stock
1 seemed to be chiefly for professional ac-
ieoupt, as has been usually. the case oil
| late. prior to the action of the directors
| on the dividend. There was some discus
I sion as to the ability of the company tc
maintain its present rate. The misgivings
on the part of the professional room
traders, regarding the Western Union div
| idend were duplicated in the instance o
Sugar refining, on which the dividend vii
| also be declared next month, and on thil
account that stock was somewhat unset.
| tied The depression in the London mar.
ket and the moderate selling here for for.
eign account were reflections of the un
easiness in regard to the situation in Soutf
/ Africa hi -