Evening star., 1898-09-22
Stocks Were Generally Weak and IT.
regular, but Closed Steady.
LONDON MONEY RATES RAISED
Investors Holding Off to Await
Result of Dividends.
GENERAL MARKET REPORT
Special Dispatch to The Ev,n;rg Star.

NEW YORK, September 1.-THE Bank
of England rate was advanced from 2is to
5 per cent today. Notwithstanding higher
rates Tor money in London, Americans
there were active at the opening with not
ably conspicuous buying of the Pacific is
sues. Berlin took Union Pacific preferred
stock freely up to 661s-a gain of a over
New YORK party-in anticipation of divi-
dend action here today. Denver preferred
was also in fair demand in London.
The New York market opened strong al
advances ranging from Is 10 / per cent
the latter gain being scored by Manhattan
which opened at par. Sugar, after opening
up y from last nights close, was offered
down by Content, large trader in this
specially for himself and sometimes used
as a broker by Keene There was only
shgnt resistance to this selling until il
reacted 10 about l211+. where buying orders
were met, rallying the stock to l22
Manipulation in Tobacco al opening car
RED tha5 stock up a point and d half to
l5212- This advance, however was subse-
quently lost on account Of the drive at
Sugar, and some realization sales through
cut the active list.
Brooklyn Rapid Transit scored an adj
vance of 1s at the opening over last nights
close, on official announcement of success
OF Nassau deal but it, too, met realizing
orders, carrying a decline of about one
eral market seemed natural enough, as Il
was very apparent toward the close yes
terday. when covering was going on. that
a good deal of manipulation was also be-
ing done for the purpose of stimulating a
fresh buying movement.
AT II a. m. Union Pacific weakened a Ut-
tle on hquidating sales by people who were
AFRAID that IL per cent dividend on the
stock would be disappointing although
such action in regard to the dividend was
very completely expected in advance.
Commission business too was slack and
most OF the trading was of professional
character. At IL o'clock market dull at the
ueclihe. Consl0erable interest was taken
In the Union Pacific meetings. to be held
at pm, some people limiting the action
on dividends may be pO -tponed. If il is
the market is likely to be affected unfayor-
ably. General expectation, however is for
dividend at the rate of 3 per cent per an
mum.
In the afternoon the market showed a
little strength, the entire list Joining in the
rally. Western Union looked especially
strong on good buying. This Improvement
in the general list, however. was ascrbed
to professional manipulation and covering
of shorts. One prominent trader, while bid
ding up prices. was,it is thought,a at the same
Tune selling through other brokers. Union
Pacific net earnings for six months ended
June 30, 81, ,236.0O0. This is more than Is
required for 1i2 per cent dividend, and 1t
must be remembered that the company op-
Grated only part of the mileage of the sys-
TEN, as part was controlled by the receiv-
ers. The earnings on that part of the road
controlled by the latter though they Will
accrue to the company in due time. do not
appear in the above statement of earnings
Chicago and Northwestern railway re-
ports increase of S2SS, ,230 for August. Read
ing for July shows surplus OF S275. .123
against S15, 800 last year.
Northern Pacific for second week of Sep
tember shows increase of SjS .o43 or 10 1
per cent. While Norfolk and Western for
same period shows decrease of 50 PSI
American Bell Telephone Company yester-
day declared regular dividend of s. per
share.
quarterly dividend of IA per cent on pre-
ferred stock, payable October l. Rock Is
land declared a quarterly dividend OF Il!
per cent, payable November l. Books close
September 30 and reopen October 10.
London pm. reports showed that the
advance in bank rate had caused general
depression in the security market There
was. however, good continental buying of
Americans, with the irmness of the Pacific
issues the feature.
The action taken by the directors of the
Bank of England in advancing the rate to
) per cent was no doubt taken to curtail
in a measure the Importation of gold to
this country. and may cause importers to
procure some of the yellow metal from
Paris and the continent, If money contin-
ues in fair demand here. II looks however
as II the vacuum here is steadily filling
up.
Bank OF British North America has en-
gagged 100000 gold. and Ladenburg Thai
mann & Co. announced that they were i'm
porting $oo0,OOo gold from Europe today
Bank of England has sold fIO5 900 gold
bars and FIGS. 600 American eagles for shin
ment to New York