The herald., 1898-01-13
ON CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK, Jan. 12-Today's market
FOR securities was much of the same char
acter as yesterdays's. The principal inter-
est was centered in Union Pacific and a
number OF Its affiliated companies and in
Northern Pacific, which were the lead
ing factors of strength, while on the
other hand Sugar continued under a
weight OF depression, as was the case
yesterday. A new feature of special
strength was Chesapeake and Ohio which
advanced point on heavy buying. Tran
sactions were on a very large scale, and
the heavy dealings of large operators.
backed by the powerful interests, were
manifest all through the market. These
large operations attracted considerable
following, both among the smaller traders
and from outside sources. Commission
house business was, in fact, quite noticea-
BILE In the days trading. 1t was obvious.
however that realizing on large scale
was going on In different parts of the list
coincidentally with the strength in other
parts. A striking example of this pro-
cess was seen In the two Northern Pa
ci1c stocks, the common being advanced
over point. while realizing in the special
carried 1t before the close below last nights
last sale. The grangers, outside of ST.
Paul, Will also be seen to reflect a supply
of stock fully equal to the demand Union
Pacific rose at one time over two points
as soon as report was published that
the new company had secured control of
the oregon Short Line. The stock reacted
over point. The recent strength of the
stocks of the dislntegrated portions of the
old Union Pacific system is fully explained
by today's announcement. This buying
was evidently founded ON a belief in far
reaching plans of combination and extern
sion, which, according to some prevalent
rumors, will embrace one vast system from
the Atlantic to the Pacific. Advices from
the London and continental markets
showed the tone of American securities in
the foreign financial markets to be ex-
cellent London bought in this market no
less than 10000 shares of the favorite in
ternational stocks, and the marked
strength of Union Pacific Denver and Rio
Grande preferred and Northern Pacific
were directly attributable to this demand.
The weakness in Sugar seemed to be con-
nected with the annual meeting of the di-
rectors, in progress today, though no news
regarding the company reached the house
Money declined to yield today below 21b
per cent, but the tone of the market re-
flected the prevalent feeling that rates
will yield in the near future Large
amounts of money also found their way
into investment and speculation today The
available possibility of relief to the money
market was indicated by the fall of Nc
in posted rates, the decline not being pre-
vented by the expected arrival tomorrow
at San Francisco of another 81. 900. 900 in
gold from Australia. The par value of to-
days transactions in bonds is not as large
as that of yesterday, but business was
remarkably we'll distributed all through
the list. Gains were the rule, but there
were some declines. Total sales. SITS, 900
U. 8. old As coupon and the 2's were NC
higher bid today. There were sales of the
new As coupon at 129%, which is the highest
on record