New-York tribune., 1888-08-31
1T WAS, INDEED, A RAID.

Thursday, Aug SOP. m.
a. 1t was raid pure and simple That is what
we wrote Of yesterdays late decline at the Stock
Exchange The correctness of the diagnosis was
demonstrated to-day in the first fifteen minutes OF
business The Bank of England did not advance
its rate for discount, neither did Mr.. Cleveland
issue any further paper fulmnations in behalf Of
distressed America. Probably one who yestcr-
day afternoon predicted that he would believed
his own report; but that adds only one more pre-
varication to the long list OF those which have
been utercl TO save IA per cent on purchases for
the short account. The fraction is small, but
when applied to lines Of $4,000 or $4,000 shares
of stock which must be purchased its amount Is
not despicable. The market opened quiet and
steady. And that despite of lower quotations from
London, which, however, carried evidence OF
manipulation from this side. 1t was extremely
dull all day, ard yet there was strength exhibited
and generally appreciation in values over the
closing prices of yesterday, and the final prices
average higher than yesterdays closing figures.
Delaware, Lackawanna and Western which on
Tuesday was called strong when 1t passed l4l, tc-
day was mentioned as being weak at l42 because
Yesterday the hurried purchases OF bears carried
its price to 144 the stock sold up, to l43 anl
closed at 1921 On Tuesday it sold at 40 80
and closed at l43 IA. week ago it sold at ~ as:
After an advance OF per cent there Is nothing
startling in an extreme reaction OF per cent, Dut
two-thirds OF the local operators Will
point to decline of "a per cent
from Tuesday night as an indication ot
the course of the marfct. Union Pacific. which late
Yesterday was sold OFF from 81 TO 90 la, today
was op, ned at co l-s and quickly rose to GO o-s
the subsequent transactions were at 80 3-la"la
so 5-s This column is not used for giving special
points on particular stocks. but If II ever was
Justified in doing So it is now in saying that the
late movements in Union Pacific indicate a scarcity
of stock for sale and a late appreciation ny me
large short interest IN il of the company earn
ing capacity. That ea.hii2 capacl'' mas o'eu %
largely increased by its Northc connections ana
IL is the Oregon Short Line Railroad which Is the
connecting link between the Union iaclic ana
the Northern traffic. The stock OF the oregon
Short Line lately has acted peculiarly IN the mar
kct two weeks ago ii sold up to 81 - ana theh
was offered at 81 -2, but sales were made under
:S2l-2 Tuesday II sold At 33 - ana since tnen
the nominal quotation has been 32 ;2a@3 =
without business Evidently the manpgiatlon> of
the quotations arc for the purpose OF buying the
stock but they have brought no oilers to sell und,r
those made by the insiders. hc medicine j. work
ing slowly hut in time even the small operator, ~
the Stock Exchange will awaken to the fact tlat
stocks have dcp,rfcd from the Street. and thht
their dealings principally IN each other con-
tracts Tho market closed dull ana strong
WHAT WAS DONE IN BONDS.
Tho offerings Of bonds to thc Treasury to-day
amounted only to S225.000 as follows: 4s
500 600 at l2S l-2, and ! lis S23J.oOO at
IOs Is All offers were rejected.