New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-11
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Doeful predictions Of disaster are current IN
Wall Street. The atmosphere in speculative CIR
cles is saturated with pessimism, and dismal
forebodings make up the greater part Of the
days talk in brokers' Offices Bull factors. SUCH
as growing railroad earnings. easy money ana
advancing prices for wheat are put aside as
worthless, while misgvings about the election
manipulation in the Industrial stocks. foreign
political uncertainties and incredible stories
about various properties are apparently con-
sidered the real influences back Of intrinsic
worth. OF course solid investors and big capt.
talists are not concerned over the depression
prevailing in speculative circles. but the pubic
operator who is interested in the market. or
would like TO be holder of stocks for rise. is
somewhat frightened and discouraged by the
clouds now lowering over the Stock Exchange
community Of professional Spectators. The
category Of unfavorable occurrences exhibited
20 the speculative mind yesterday included the
spread of yellow fever in the South. weakness
in the London market, owing to the SITUATION
on the Upper Nile; reports of hitch In the
peace negotiations at Faris, and renewed bear
talk about the elections.
With such a supply Of paatabe bear nour-
ishment it was not surprising that sales for the
short account were resumed, and public opera
tors were still less inclined TO enter the market
While short selling is now popular and senti-
ment depressed. it is well to bear in mind
that the investment value of securities is grad
ually Improving And it is pertinent to remark
that the present is one of those periods familiar
TO all followers of the market, when the merit
or worth of a security has little to do with the
fuctuation in its market price. The best part
Of yesterdays market was the bond department
in which transactions exhibited improved in
dot a number
issues The most interesting feature of Wall
Street business however. was the advance and
activity in wheat. due to increased demand
from abroad. and not TO the vagaries Of specu-
lation. 1t is interesting to note that grain re-
ceipts at Chicago last week amounted to 1876
600 bushels. an increase of 100000 bushels
over the preceding week. and 2,SS0,000 bushels
over the same week in 1891
The European markets were depressed yes
terday although recovering in part at the close
The Bank of Germany raised its discount rate
] per cent TO 8 per cent, and London discounts
made sharp advance Accompanying the ad-
vance In discount rates consols moved lower
ard French rentes were quoted per cent under
the high level in August. This movement doubt
Jess reflected uneasiness over the European
political situation but it did not lead to any
selling of American held securities. 1t was used.
however as a bear card in this market. and in
conjunction with other so-called bear factors
helped depress prices of the more active rail-
road stocks. Sugar Refining made net loss of
nearly per cent. and American Tobacco after
advancing 9 per cent closed unchanged from
Saturday Lake Erie and Western preferred
lost "a per cent selling induced by reports
that the company would either pass or reduce
its dividend The Granger shares were weak,
but dull. and Northern Pacific common again
declined in the fear Of growing friction among
the leading interests in the property. From all
that can be learned about Northern Pacific af
fairs the present talk OF dissension in the COM
pany is greatly exaggerated.