Evening star., 1901-09-12
Special Dispatch to TIE Evening star.

Special D1spafeh to TIE Evening Star.
NEW YORK. September l2.-American
railway shares were extremely duh In
London this morning. operators there de-
string to await the action here on 81. Paul
dividend. Atchison. Union Pacific and steei
issues were a shade above our closing on
bid praces.
The local stock market at the opening
was only moderately active and prices were
fractionaliy lower than last nights clos
ing.
After slight hesitation prices began
showing a tendency to harden. and some
rallies occurred In the more prominent rail-
way shares, st. Paul. Union Pacific and
Missouri Pacific leading In the improve
ment. The former stock, after opening OF
u per cent. was bid up over a po.nt By room
traders after London had absorbed most OF
the early offerings.
At the higher level, however. some very
good selling was noted, and the stock again
receded to below opening figures A great
deal Of uncertainty was apparent In regard
to the dividend on the common stock to be
declared later in the day. Missouri Pacific
on small transactions advanced over q
point from the opening. and strength was
also noted In other southwestern issues
Union Pacific and Southern Pacific gained
a point on vague gossip Of favorable de-
veiopments in these properties.
The strength in Mexican railways was
attributed to the expectations Of the build
ing up OF the neighboring republics. Some
o. the railroad specialties. among them be-
Ing Chicago Terminal. Chicago, Indianap-
oils. Louisville and Evansville and Terre
Haute. were taken in hand by bull pools
and advanced 2 per cent.
In the local traction shares Manhattan
showed the most strength, gaining over /
per cent. while Brooklyn RAPID Transit
held fairly well on reports that the an
nuai report would be more favorable to the
company than had been expected.
The Industrial list WAS somewhat neglect
ed, but prices held fairly firm The gem
eral tone OF speculation In the early deal
tngs was arm. notwithstanding the prevail
Ing dullness. and to the fact that London
traded very lightly here owing to the
slight difference In the parity of prices.
Around the room the bears. seemingly
firing OF their efforts to depress railway
shares. devoted more attention to the in
dustrial list, attacking Amalgamated Cop
eased OF 1h per cent on quite heavy trans
actions. while the latter lost nearly per
cent.
There was no unfavorable news on either
OF these specialties, and at the decline some
support was given to both of them.
In the early afternoon trading another
determined attack was made on st. Paul.
the stock yielding two points. This was
based on the belief among the traders that
only the regular semi-annual dividend Of
per cent would be declared.
This drive somewhat unsettled the gen.
eral list prices declining from Y to z per
cent generally. The weakness in ST. Paul
did not last long, however. and the stock
quickly rallied after the selling pressure
was lifted to above it's opening price.
At 2:1O p.m the dividend on st. Paul was
announced as being the usual 3 per cent
semi-annual distribution, and the stock
Immediately declined 21s points from the
last rally to 1909. with the rest OF the list
also In a reactionary mood.
Iron and steel stocks were not as strong
today as they have been for the past few
days. This, no doubt, was owing to the
class OF stocks at the delay in settling the
strike and to the sales of their holdings in
consequence.
Speculation is largely professional lust
now, while traders, as a rule are inclined
to work for a further reaction in the mar
ket.