The times., 1899-03-11
THE Chinese PROBLEM
DEPRESSES STOCKS
Warlike News From Abroad
Dlsturbs Traders.
A Deadly Feeling Replaces Interest
in Standard Issues.
Disappointment Over the Second
semi-AnnunI Union Pacific
Dividend.

New York, March 10.-Today's stock
market was characterized by a number
of very wide movements in some securities,
particularly in the class known as special
ties Trading in these stocks was very
active, but in the standard issues and in
the stocks usually engaging attention in
terest during the greater part of the day
seemed 10 be well nigh suspended. At
the opening the general market was rather
sharply depressed chiefly because the
early cable advices reported decline cs
over one point in English consols. This
reported violent break was taken as yer-
flying the rather warlike news in the
morning papers. 1t was soon ascertained,
however. that the cabled quotations for con-
sols We're erroneous, and that as matter
of fact they had advanced on the days
London market. After that the foreign
political situation ceased to occupy at
tention, but while there was general
recovery from the early depression, the
market soon lapsed again into dullness
and showed sagging tendency. Aside
from the erroneous quotations furnished
for English consols, the American market
in London was shown at substantial de-
clines from the local closing figures OF
yesterday, and foreign houses sold mod
erately here.
The dividened OF 1-2 per cent declared
today on Union Pacific preferred is the
second semi-annual one. While the heavy
earnings of the company had led TO hopes
that the preferred stock would be Placed
upon a 4 per cent dividend basis at this
period, il has been commonly assumed for
some time that only l L. per cent would
be declared today. a decent respect for
the opinion OF the stockholders impelled
the directors to make formal statement
in connection with the dividend declara-
tion. 1t will repay the notice Of stockhold-
ers OF the company and may mitigate
the disappointment that no large distribu
tion of profits Will for the present be forth
coming. While it is easy 10 understand
the disappointment Of ill-informed specu
lators in the stock at the dividend de-
clsred, II is plain that the preferred stock
OF the Union Pacific Company must, in
the circumstances. acquire investment dig
nifty it has not heretofore enjoyed.
Many Of the stocks which distinguished
themselves in the days market are still
in the unlisted department Of the Stock
Exchange. Conspicuous cases in point
were New York Air Brake and Metropoli-
tan Street Railway, both of which struck
the highest prices on record. Expectations
of favorable judicial decision as 10 ratent
rights and of an early scrip-dividend ac-
counted respectively for the advance in
the stocks. There We're also noteworthy
gains in Third Avenue stock and Consoli-
dated Gas on prospective legislative de-
velopments at Albany. The industrials
for the most part We're firm, with sharp
advances in American Tobacco and Ameri-
can Spirits Trading in the railway list
was, as noted, very spathetic. Union Pa
cific preferred declined further before the
dividend declaration, but it scored sub
stantial recovery when the statement was
issued. The Chicago Terminal issues rose
very sharply on previously reported rumors
In regard 10 the results Of the Alton pur-