New-York tribune., 1899-03-11
WALL STREET AND EXCHANGES.

4
OUTSIDE sECURITIEs-Mark irregular ana
fairly active Standard oil closed nj 4'op7'''
AGAINST l75a477 OF Thursday. Last prices OF tne
other prominent issues were: Otis ElevatinS' S11sV
ssI2; preferred sSlads9tz; Wagner Palace car l'o~
100: Continental Tobacco common. 6iS9oo". pre-
ferred SsikGSSTs. Air Power 72iG75; Pressed steer
Car G2ds2%: preferred. Si2gS1%4; Electric Nen0'e
7s17D
SILVER EXPORTS Exports Of silver to-day
$4,000 ounces.
LONDON NEUTRALITY-SUSPICIOUS. In the local
market by arbitrage houses amounted to more thah
twenty thousand shares of which the greater part
represented sales Union Pacific and st. Paul were
both sold for the foreign account
RUBBER STOCK DIVTDEND.-Buying OF uhileu
States Rubber common by prominent interests was
-, feature Of the days dealings. II IS known that
the comrany HIS more than earned a dividend OF
frs common stock and # IS generally beheVeu
that payments viii begin I'm April
PARK STEEL PREFERRED Barring Mas"u"
G. Co offer for subs, s,ription at par St5ooVO per
cont cumulative preferred stock Of the Park Steel
COMPANY which was formed to acquire ana carry
/ on the ll-known merchants steel mahul"c'"
/ Ing business of Park Brothers u Coz Limited oi
Pittsburg The business has been In continuous
operation since 1860. and tho present m'aaK''s
will remain IN charge for AZ least three years ana
have agreed 10 retain their common STOCK j" '"s
now compauv for a like period unless authorlHen
10 sell by n unanimous vote of the board oi Dlie0
tors The capital stock Of the PARK steer '"H'-
panv consists Of 100000 preferred and SV'l"V
common stock The real estate, plant, etc OF me
company have been valued by experts az S2oha3
cash $l3O 879: merchandise. A.5i96Z, making Il to'a
Of S5o0i3O9 The company will start with no eNst-
ing liabilities whatever and with cash WORKING
captal Of $4,000 II is provided that one-third
OF the net earnings after paying per cent ol''-
dends on the preferred stock shall be Invested as
a reserve dividend fund up 70 $&OVO slhul-
tanoous issue will be made in London by Barring
Brothers & Co.. Limited Application Will be made
TO have the preferred stock listed on the New
York Stock Exchange Subscription books VIII
open on Monday March B and close on Iuesuay'
March a. or earlier.
Union PACIFIC DIVIDEND-The directors OF
the Union Pacific Railroad Company yesterday de-
clared a dividend Of 81 30 share on The preterfeu
stock payable on April 19 The transfer books
close on April ! and reopen on April 70 me ac-
ton OF the directors in declaring The dividend WIS
based upon the following recommendation OF the
Executive Committee
Whereas. The surplus income Of The company
for tho period Of six months ending December 81
1898 justi6es a distribution OF profits 70 share
Whereas The present company has been IN pos
session Of ali OF lis main lines 81 rttlWa{ ~ tS 80
branch properties FOR much more limited Iline. ne
and H. therefore. without basis IN experience ,o
determining any fair average or results III uHeqN"'
Wbcr@as II Is not by this committee deemed
advisable 70 make any present addition 70 the out
standua bonded debt Of the company by the use or
sale Of reserved bonds. to create other opAga-
| lions but I'm the judgment of this committee the
| company should. for the present. continue IIe
policy OF liberal application OF its surplus income
| to permanent improvements and additions 10 its
property and generally 70 such uses as VIII secure
! paoity and thereby establish stable and perTa-
! neni values for IFS securities ana reasoIa9.S ,
safe minimum basis of regular dividends 20 us
| Whereas For the consideration above recited
| this committee deems It prudent 10 limit ne pres
! cnt distribution Of earnings 70 dividend OF ~
Resolved. That this committee hereby recon- ON,
mends 70 the Board Of Directors the declaration
Preferred@ @ stocH ne connarv FOR the period of
six months ending December 81 1888
In connection with the announcement OF the
dividend the chairman Of the Executive Commit
tee stated that there had been expended on the
Union Pacific Railroad during the year 1898 under
fpeclhc authorization Of the Board. and there has
been so authorized to be expended during the year
1899 amounts aggregating nearly 100000 equa.
approximately. 70 Y per cent Of the outstanding
preferred stock the major part Of these appro-
priatOns FOR purposes other than those ordi-
nariy charged TO operating expenses. being such
as new equipment passenger and freight cars and
new locomotves). reductions OF grades, relocation
TO shorten line reduction OF curvatures. additional
propertv at terminal points remodellng of yards
new station at Omaha additional sidetracks and
passing tracks. and permanent improvements 10
roadway. such new ballast and new and heavier
steel rails. These expenditures win result IN large
| y increasing the net income OF the company in
the future. thereby placing ts securities in a
| stronger position for permanent and regular re
turns and It Is expected 10 provide therefor from
profits and cash resources without resortng 20 the
sale OF bonds or other obligations Of the company.
| ADMITTED TO THE CLEWs F1RM-Chares
| p. Holzderbor who was elected on Thursday
member Of the Stock Exchange. yesterday ad-
mltted 70 an interest IN the firm Of Henry Clews ~
! GO. This gives he firm three active members on
the floor Of tho stock Exchange FOR the execution
! OF their orders-Henry Clews, John II. Clews and
/ Mr HozderbOr
! MORE THAN % PER CENT-Over % per cent
OF the stock OF the Edison Electric Illuminating
Company Of NewYOrk has been deposited with
! tho Central Trust Company. under the terms Of
! the circular Of January 10. 1893 The purchasers
/ have agreed that the time FOR the deposit OF the
rest Of the stock shall be extended until March 81
| iucluciVp