Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-08-29
Stocks Dull and Irregular Again
Today.
DEALERS EXTREMELY CAUTICDS
Attempt to Force Short Covering,
Not Successful.
GENERAL MARKET REPORTS

Special Dispstch to The Evening Star.
NEW YORK, August 29.-The market
was again irregular under the influence OF
London selling and local profit taking in
certain of the recently active issues Com
mission-house business was only moderate
in volume and was entirely cautious at all
times. The traction stocks were features
of the days business. some very good buy
ing appearing in Brooklyn Rapid Transit As
the result of the return to business of the
leading broker in these shares. An effort
was made to force the short interest out
of the stock and with moderate success.
The theory that the buying is in the inter-
est of change in the directory Is still in
sisted upon in certain quarters.
Metropolitan Traction was strong and
weak by turns. but the latter condition
was only transitory For the quarter end
ing June 30 the company reports gross
increase of s534,5il and net increase of
1897 80. Surplus for the quarter increased
$'5l.o62. For the full year. however, the
surplus. after dividends, decreased S17S.1!O.
From PHI the price broke to 2oSa4 upon the
publlcation of these figures, but was inn
mediately forced back to early prices.
Southern Pacific sold by the same
interests which have hitherto been operat-
ing against the bull pool in those shares.
While the action of the stock has been
disappointing to many purchasers. the
main movement has not been abandoned
The market is not in condition to be
ever pool undertakings are delayed the
setilng Is mostly of a character to make
up lot lost time, once aggressive buying is
resumed by the several cliques
Union Pacific directors declared a quarter
iy dividend of per cent on the preferred
STOCK or that company, bringing the rate
up to the full capacity of those shares.
The result generally anticipated and
an impulsive buying movement following
the announce ment was short lived. The
common stock Is now in position to be
made more of a speculative favorite.
The preferred shares sell about per cent
higher than those of Northern Pacific pre-
ferred, with a surplus dividend fund behind
them.
The common stock is about per cent
lower than Northern Pacific. but the latter
has dividend of 3 per cent, while tho
former has such disbuI sement merely in
prospect. Since the prestige due to talk Of
Vanderbilt alliance has given the pre-
ferred share an advantage over those of
its neighbor in spite of earnings. the same
influence may cut down the discrepancy
between the common issues
The Industrial list was moderately active
only and again represented some cross pur-
poses on the part of the professional ele-
ment. American Tobacco was sold down 3
per cent under volume of trading said to
represent both accounts At the decline
was the usual inside buying. The Steel and
Wire stocks were opened high under the
influence of the reported discovery of some
indication of official statements in the
statement prepared for the listing commit
tee of the stock exchange.
The price of the common stock declined
about l per cent under good selling later
in the day. The market failed TO overcome
its vacillatiug policy and closed with ire
gular trading very pronounced in the more
active issues.