The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1898-01-14
The New York Stock Market

New York January 12.-Today's mar
ket for securities was Of much the
same character as yesterdays. The
principal interest was conferred in
Union Pacific and a number OF It's.
affiliated companies and in Northern
Pacific. whfch were the beading factors
of strength. while on the other hand
Sugar continued under a weigh. OF
depression, as was the case yesterday.
A new feature of special strength was
Chesapeake and Ohio. which advanced
a point on heavy buying. Transac-
items were on a very large scale and
the heavy dealings cf large operators.
backd by powerful interests, were
manifest all through the market. These
large operations attracted a consider
able following. both ~ainongst the small
err traders and from OUTSIDE sources.
Commission house business was, in
fact. quite noticeable in the days
trading. Tt was abvious. however,
that realizing on a large sca.e was go
ing on in different parts ~ the list
coincidently with the strength in other
parts.
The anthracite coalers We're weak
and continued the decline. but the
OlASo NDaA SAt az
recent show of strength. Union Pa
cific rose at time over 2 points, but
recent buyers commenced to AXE
profits as soon as a report was pub
lished that the new company hal Sc
cured control OF Oregon Short Line.
The stock reacted over a point. The
| recent strength OF the stocks CT the
disintegrated portions or the old
Union Pacific system is fully explained
by today's announcement. This buy
ing was evidently founded on a belief
in the f~ar-reaching plans Of the COM
bination and extension which. accord
ing to some prevalent rumors. viii
en- brace one vast system from the At
lantic to the Pacific. Much was made
on a reported bond issue by the Chess
apeake and Ohio. though the view Of
benefit TO accrue seem to he somewhat
exaggerated, considering the amount
Of transactions. Advices from Lon
don and the continent showed the tone
of American securities in the foreign
financial market TO be excellent. Lon
don bought in this market no less than
0.000 shares of the favorIte interna-
tional stocks, and the marked strength
Of Union Pacific, Denver Rio Grande
preferred and Northern Pacific was d.
rectly attributable to This demand The
in Sugar seemei to be con-
nected with the annual meeting Of d.
rectOrs in progress today, though no
news regarding the company reached
the public.
Money declined to yield today below
2lz per cent. but the tone Of the mar
ket reflected the prevalent feeling that
rates will yield in the near future.
Large amounts Of money also found
their way into investment and specu-
lation today. The available possibility
Of relief to the money market was in
Dictated by the fam Of kc in posted
rate or sterling exchange and the de-
cline Of nc in the actual rates. the
decline not being prevented by the ex-
pected arrival tomorrow at San Fran
cisco 90 another 81. 900. 900 in gold from
Australia The par. value of today's
transactions in bonds IL not as large
as that OF yesterday. but business was
remarkably well distributed all through
the list Gains were the rule. but there
were some declines. Total safes were
81, 115. 000. United States old As coupon
and the 2s were hc higher bid today.
There was a sale Of the new As cou-
| pon at 1894, which is the highest on
record. The total sales Of stocks were
400, 400 shares.