Evening star., 1898-08-26
Professional Demand Made Sharp
Advance in Union Pacific.
PROSPECT FOR THE GRANGER ISSUES
Pronounced Tendency to Sell Bonds
and Invest Funds in Stocks.
GENERAL MARKET REPORTS
pocial Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, August o6.-The advance in
London's prices on the curb last night and
active trading at that center today encour-
aged a spirited commission house demand
in the local market this morning The
foreign transactions for the day were about
evenly divided between purchases and
sales.
During the early morning purchases OF
the Pacific stocks We're the feature OF the
foreign demand. but at the advance profits
We're taken on the bulk of the earlier pur-
chases. In spite of this selling. the prices
for the Union Pacific issues were well sus-
tanned, the demand for the common stock
being especially confident.
Rumors of per cent quarterly dividend
on the preferred stock gained some Gre
dence in the board room and the price ad-
Vanced sharply under the influence OF a
professional demand. The meeting TO act
upon this dividend has not yet been called,
however, and the announcement mas no
foundation beyond possibility. Should
the original intention of making the first
disbursement at the rate of 8 per cent pre-
Nall there is every reason for believing
that the stock viii make a record OF 1 per
cent for the full year.
The Northern Pacific issues were given
good support, the common stock selling UP
over L per cent from yesterdays prices.
Atchison preferred. Southern preferred
and stocks of this class are expected to find
a good market from now on.
The Granger issues We're in good demand
and there is evidence of an intention to
make the most of their dividend prospects
Should these issues come to the front as
the actual leaders Of the market new
nigh level for the entire list would almost
certainly follow.
The advance in American Sugar and To-
bacco was credited TO the covering of a
large line of short stock, the active buying
Tor the account of prominent operator.
known TO have recently entertained views
against further advance, giving rise to the
presumption that covering was in progress.
The settlement of the tobacco war, ii is
now thought, will make the stock of that
company yield a good return at lao. An ad-
journment of the Minnesota Iron consolida-
ton proceedings until next Tuesday gave
rise to a belief that some difficulty had
been encountered which might upset the
whole project This argument was officially
declared to have no foundation, however
but the real cause of the day was kept
secret.
one of the principal developments of the
day was the extensive realizing in the bond
market. Prices stood the pressure reTpark-
ably well, but there is a pronounced ten
dency TO take profits already accrued In
the bond market and put them into stocks.
The bond market achieved prominence for
the double reason that the revenue tax
did not operate against II and because
money was SO cheap that investments were
almost forced into that department.
The ease with which stocks are adyanc-
iEg and the low prices of certain issues
whose merits have been kept in the back
ground, are now Offering superior induce
ments to the owners of idle funds. Money
rates may advance temporarily at any
time now, but such a movement must in
the natural order of things. bring US gold
from Europe to cOunteTact the ordinary
interest consequences.