New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-30

" BEARS BEGIN THE WEEK WE'LL

Monday, Oct 29-p m.
A week or two ago we remarked that the
bears did not leave their coaborefo in the
newspaper field in the lurch if they coald help
it; that they endeavored to make the market go
the way it was written, for one day at least.
To-days operations were not exception that
proves the rule. The labor of paid agents and
the columns Of padfor advertisements were backed
by free onslaught on values. Philadelphia and
Reading, on its poor return for the month of
September; Union Pacific, on its new loan." and
New-York and New-England, on what? were the
special stocks selected to drive at in the vain at
tempt to make q depression that would permit
covering Of other Stocks such as Lake Shore. New
York Central, Northwestern, St Paul, ETC. In a
dull market devoid of any speculative" support,
such as exists now, and has existed for a long
time such depression as was made could have been
accomplished without the efforts of writer's Any
and every market may be depressed, temporarily,
by offerings in excess of the immediate demand.
For eighteen months we have witnessed just such
bear' manipulation; yet the average value of
good stocks is considerably higher than 1t was
year ago, and it, speculatively, has been bear"
Beginning with the raid on Union Pacific
stock, which was began last Saturday, that
was fizzle. 1t was sold down to GA prior TO
October b about 62 was about top for the stock.
Hundreds of dollars have been expended ID ad-
vertising and circulating an alleged illegally III
the issue and guarantee of the Union Pacific, Lin
coin and Colorado bonds. 1t Is pretended that
its effect is reduction in the price of the stock to
GA. 1t has no other effect than perhaps to
check buying and enable the marking down of
the the syndcate said today that the
did not affect the Union Pacific Company. 1t
has got our money" he added, and we have
the walking" But although the subscription
books do not open till 10 o'clock tomorrow
morning the subscriptions already received IN Bos-
ton are equal to nearly one-half the issue. In
London, subscriptions 1-4a1-2 per cent
premium, and in Amsterdam "a per cent premium
Is bid In the last annual report of the company
issued in March,, 1888, President Adams at pages
eleven and twelve announced the intention OF
disposing Of the bonds as follows: Of the sum
of $6,S18,794 invested chiefly in the c0nstruc-
ton of new branches and of s1,23S, TIA for new
constructions and equipment of main line,
s448,00O was derived from the sale of company's
securities, SO, 100000 from tue surplus revenue,
and So, 100000 was provided by temporary loans.
The continued agitation in Congress and the ex-
amnatons of the United States Commission and
later unfavorable monetary conditions required
the securities issued for the new branches TO
be carried floating debt Whenever the
financial conditions are favorable for negotiating
securities, the loans can be placed and the CON-
pany put at once on dividend basis" What
a silly thing it is to raise all this fuss seven
months after the above notice.
With New7England the 4" bears did just as they
liked, and were aided by dispatch from Boston
Staun8 tnat TWO members OF tne present. manage
ment were believed to hold enough stock TO carry
the election for directors. The stock met with no
support and was sold off from As 5-S TO 40 rs.
Philadelphia and Reading was more washed than
sold down from 80 38 TO 40; but what stock was
sold fell into strong hands, which did not at
tempt TO stem the decline The 1reat Southern
trust in Richmond and West Point stood behind
their properties and sustained them very well.
1t was not good day to continue their selling
of them. The declines in the general market
were small and significant and even Norfolk and
Western preferred without support stood up better
than did the Richmond and West Point stocks.
1t is the same old story duh market, scarcity
of stocks, but a market without speculative sup
port and therefore, easily raided.o The sequel
OF to-day's operations is yet to be developed but
there are apparent reasons why il should not
be like those of former desperate efforts for de-
preston. The stock loan market this morning
developed an enlarged short interest in all the
active stocks, and 1t is not probable that today's
operations have reduced it, Although the whole
market closed at about the lowest prices OF the
day. the character Of the operations constrains US
to quote il strong.
THE DAY IN THE BOND MARKET
The Treasury purchased s12s,000 1-2 per
cent bonds at l07 l-2a1Os 1-2. The rejected
offers included As: Sl0S,400 at 1913, 81 600 at
1913 5-s, and 81 100, 600 at l. 80. The local market
was duh with the nominal quotations as follows: