Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-08-30
A Tendency Toward Irregular Deal
ing Still Evident.
THE SOUTHERN PACIFIC MOVEMENT
Basis for the Extra Issue of u p.
Stock Developed.
FEATURES OF THE DAY
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. August 3o-A higher range
of prices in the London market encouraged
some buying during the opening hour this
morning, but the tendency toward irregu-
lar dealing was not entirely overcome. The
buying in Brooklyn Rapid Transit was in
good volume. and came from sources here
tofore identified with all the important
movements in those shares Metropolitan
Traction was disposed to yield to a rnoder-
ate volume of business. however and Man
haitian was kept moderately steady under
room operations representing buying for
both accounts.
In Southern Pacific there was some good
buying, which advanced the price | per
cent but failed to discourage the short
selling which has recently Handicapped the
party committed to the advance There Is
no lack of confidence in the wisdom of the
original movement, however, and any
movement in the general market will find
friends of this property aggressive in fore
ing the campaign. The market for the
iow-rricei shares is good and needs only
a more general demand from the public. to
force material advance in all of the more
meritoriouS issues
The last few days has been more or less
professional and uniform movements have
been out of the question
There have been times when the market
seemed TO hesitate on the verge of a mate
rial decline. but once the start was made
countered The public believes in higher
prices but is not willing to begin opera
lions at once. Concessions attract business
however, and in view of this fact the sew
eFal pool interests are not unwilling to al
low traders TO have their inning for time
The decision of Union Pacific directors 70
increase the prefeEred stock So, 400 coo
making the total capitalization SIueooe coo
or preferred, and to increase the common
stock S1,S0utH. making 500 tO0.uuo in all
was the occasion of moderate selling around
the room The price was not allowed to
Eieid except for moment, however, as
the reasons for which the new issue is
made are such as should benefit the share
holders. The preferred stock will be used
10 take UP the Oregon Short Line '.B"
bonds and about S11.oon,O00 Oregon rail-
road preferred stock. The common stock
Oregon common. and this action, together
with the Union Pacific bonds now in the
treasury. VIII retire all of the Oregon
Navigation securities except its bonds and
VIII make the merger with Union Pacific
about complete.
This action should be profitable to T-Dion
Pacific and can only influence the price
OF the stock adversely in the event of
early realizing by holders of the old Ore
gon Navigation issues who may have a
Droiit OF substantial size in the CONVEX
sion.
The merket for the Industrial shares was
steady to strong and advance in Sugar
serving TO hold prices steady elsewhere for
a time. Some realizing in Tennessee Coal
and Iron was reported, and the price again
was allowed to decline within narrow
limits. The Paper stocks continue to re-
Hect the doubt concerning the next divi-
dend on the common the decision on this
matter being fixed for September II and
nothing very encouraging being in pros
pect