New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-10-10
r CHICAGO STOCKS
Saturday, October 9-p. n.

The stock market acted In q most disappoint.
Ing manner to-day and reflected the pern,ciOus
manipulation Of number OF unscrupulous
bears. aided by number OF operators. who
made little effort to conceal their desire 10
quire a line Of long stocks at lower figures II
the current rank Manipulation in stocks is al.
lowed to go much further II is safe say that
the public will wait many months and think
twice before trusting its funds to the vagaries
Of stock-market operations. Some OF the much
talked about bull leaders appear to have sur
rendered to the advocates Of lower prices and
important financial interests seem willing to
business conditions march ahead OF stock mar
ket values. The stock market is gettlns be-
hind. and business is forging ahead stock
value. will have to take a move forward before
talk Of business improvement having been dis
counted will be warranted. The Northern Pa
cifc Railroad Company IS earnine full div-
dend on the preferred stock. and early in 1898
a dividend will be declared This statement
Is based upon the opinion Of the men who viii
have the power to say whether or not diy-
dend shall be declared Northern Pacific for
the fourth week In September Increased in gross
earnings more than S2246O0. and for the month
S634'oo. or about Sl19.WO better than the record
Of the NewYork Central. which gave the
enormous gain for the month OF more than
S5l5.Wo Yet Northern Pacific issues declined
to-day. This is sample OF the action or the
whole market and merely shows that manipula-
ton alone Is keeping prices down and driving
the public out OF the Street.
The bank statement to-day was not unfavor.
able. despite loss Of Sc.O6f..NO in surplus re-
serve. II Is known that the actual condition OF
the banks Is better, than shown by the state
ment, and IL Is likely that next weeks gold
imports will be on so enormous scale that
they will much more than offs; the IS sus-
tained by interior shipments. Regarding the
new bear card. namely. he drou:h in the West
the greatest solicitude Is confined Ia the bears
IN the s'no* rn"~Set "'
was quoted to-day by The New-York News
Bureau" as follows regarding the drouth scare
In reality the drouth Is having a beneficial ef.
feet In that the uncertainty Is keeping up the
price Of wheat and giving the farmer good value
for the grain he has on hand. 1t is we-known
fact that the winter wheat crop il often par
TALLY or almost entirely destroyed after being
planted and has to he repanted I'm the spring
There will accordingly be plenty Of time To put
In a paying crop. even IL the weather and SOIL
conditions compel postponement of work until
the spring. II the present uncertainty affected
the spring wheat crop there would be real cause
simply a matter Of congratulation TO the coun'
try at large that the foreigners are compelled 10
pay a good price for our grain
Investors OF the conservative class are not
selling their holdings. They have every con-
fdence In the future Of values and they know
that the intrinsic worth Of their holdings Il
growing stronger every day. That n" real un-
easiness Is felt by conservative investors over
the Cuban situation or possible trouble between
the United States and Spain Is proved by tne
strength OF Government bonds, which are now
selling at about the best prices on record. De-
spite the general setback In other SECURITIES.
Government bonds advanced throughout the
week their closing to-day making the followih6
interesting comparison with final figures or
week ago: