Evening star., 1899-03-10
Stocks Opened Strong in New York
but Soon Sold OF.
UNION PACIFIC A WEAK SPOT
American Sugar Was Weak on
Rumor From Boston.
GENERAL MARKET REPORTS
pecial nls,atch To The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. March lo.-American sccuri-
ties in the London market this morning
were somewhat unsteady. owing to sugges-
tions that there may he complications be-
tween Russia and England on Chinese mat
ters. British consols were heavy. at y Do
cline of 15-l6 on account of this political
talk.
In the New York stock market after a
strong opening. stocks began to sell Off on
general realizing and expectations that the
Union Pacific preferred dividend would be
at the rate Of ~ per cent.
Flower stocks and Metropolitan railway
shares were the strongest features Of the
market in the carly trading, leading the
majority of room traders to expect a re-
sumption of the upward movement in these
speciaities.
cradle strength. the buying of which was
said to have come from NJ, tropoltan rail
way interests
Union Pacific WAS weak spot, and there
was considerable selling of the cnalers
| London sold at least 2o.aa0 shares. Com
| mission was fairly good. At noon the mar
ket, while dull, was firm and traders were
waiting for the Union Pacific preferred
dividend announcement.
At O'Clock II was learned that the Union
Pacific directors would not announce th''
-
o'clock The market. which had been dun,
then took Il fresh start led hy the Flower
group and Tobacco.
St PauIs increase in earnings for the first
week OF March-s3l ,2sI-Was an agreeable
surprise to the officials OF the road. as the
week compares with decided gain in last
years report for the same period.
The Union Pacific preferred dividend,
which announced shortly before
O'Clock. remains at it2 per cent. as was
expected by majority Of the traders. The
stock Immediately rallied on the shorts.
showing that this action had been dis
counted.
American Sugar Company. which has had
several million dollars loaned out on IN
terest in Boston, was reported to have with
drawn one-third of the amount and trans
ferred il 10 New York. 1t is stated that the
balance of this money will be withdrawn
by the end of March.
1t begins to look as If the company had
not earned it's last dividend and wcGld
havA to use some of its surplus cash in
paying it.
The furry in the anthracite coal stocks
seems to have som what diet out fpr the
present. notwithstanding tn. reports cir
culated today that Mr.. J. pa PsAlorgln has
closed an option he held on thn Luai2n Val
ley stocks owned hy IN" Packer estate.
1t is believed by we,l-infnrmcd Philadrl-
phia people that Peuusy ylvauta railway diVi-
dend will not he increased. A decision in
regard to this, Of course. will not be made
until the day ON which the board meets.
The earnings for lS.ls are about the same
last year and as many improvements
are contemplated il has not been seriously
considered to do anything more than 20
declare the regular semi-anmGal dividend
of 2t, per cent.
President Hin Of the Great Northern rail-
way is reported as saying that the organ
ization Of his proposed new Pacific steam
ship lire has been postponed, as II would
not be practicable without a subsidy. and
the last Congress declined IN grant any.
me advance of - cents per box on tin
plate did rot have any apprecia blc effect
upon the price Of that specially. This ;ad-
vance. il is said makes a net advance Of
Sl2' per box since the trust has been in
operation. The market had a good under
tone To il i'm the late trading and if any en-
couragement is offered in th. way of a good
bank statement tomorrow, it WIll close
higher IA the end Of h. week