The evening times., 1899-12-08

A heavy, concerted bear attack, bring
ing out heavy lists of weakly held long
stock, caused bad declines in prices dur
ing the early part OF the session today.
The industrials, the Tobacco securities, Su-
gar, Chicago Gas, and others were the
chief objects of attack and made the most
pronounced breaks, but the railway list
also suffered fractionally. A slightly low
er London market, and the continued fear
of tight money during the remainder OF the
year with the immediate outlook, accord
ing to the bears, for a poor bank state
ment tomorrow, were the intrinsic causes
of the selling as far as there Is anything
intrinsic in such market. 1t now seems
probable that prices in many securities will
go somewhat lower and in buying the Pa
cihcs and other meritorious low-priced is
sues care should be exercised to take them
on weak spots instead of at the top of
buiges. Many traders are now shifting
to the bear side OF the market, but as is
usually the case they are turning probably
very near the end of the recession.
There has been a loss OF cash to the
subtreasury this week which will make
an advance showing in the figures OF the
bank statement, but on the other hand
the heavy liquidation has undoubtedly en-
abled the banks to curtail their loans ma
terially. Il seems reasonable to suppose
that the reserve item Of the statement will
be small. either way. A poor statement
was being discounted today.
American Tobacco was the distinctly
weak feature of the market this morning.
1t dropped to 10S and a fraction before
noon. Talk of st. Louis rival to the
trust and Of opposition in the East to
the plan Of including cigar making in its
business. was persistent, and the insiders
were supposed to be heavy sellers.
The declaration of 1-2 per cent semi
annual dividend on the Great Western, pre-
ferred "A" stock today was the Wis
ible and tangible fulillment Of the rosy
promises Of the friends Of this company.
1t is fact that this 5 per cent dividend
is being earned with surplus over more
than sufficient to pay the full 4 per cent
on the preferred "B'' stock as well. This
is most significant when it is remembered
that both of these stocks are entitled to
their full dividends like q bond when they
are earned.
The Northwest directors meet today to
take action on the dividend question. There
was some doubt in the Street as to the like
ly rate, but an advance from TO per
cent was considered at least probable. The
latter rate is much more than earned. II
may be mentioned here also that although
per cent only has been paid in the past
four years the 6 per cent rate has been
more frequent in the past. There was some
talk regarding the rumor in circulation
yesterday that the Union Pacific is to be
absorbed by the Northwest and it was
thought possible that this matter might
also come before the directors meeting to-
day. The story was not generally credited,
| however.
Sugar went as low as 149 In the first
hour. Chicago Gas tumbled to 109 and
fraction. Both stocks were attacked by
the bears as likely to be most vulnerable.
The break in the latter was OF the quick
decisive character that frequently precedes
good rally and many expect such turn
this afternoon. Tennessee Coal and Iron
was also very weak, selling off or
points early in the day.
The Pacific securities were the most
steady on the entire list. Northern Pacific,
common, went only as low as SO 3-S during
the first hour, a fractional decline. South
ern Pacific and Union Pacific also held
firmly. Missouri Pacific was weak. open
ing a point or more off from the close last
night. The earnings Of the Northern Pa