The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-09-24
SPECULATION IRREGULAR.
Professionals Occupy the Field, the
Public Reing Scarcely Factor.

NEW YORK. Sept 23.-Bradstreet's fnan-
cial review tomorrow will say:
Irregu arity has been the chief feature or
speculation. Professional trading and manip-
ulatitn furnish the bulk of the activity and
the public is hardly a factor, although com
mission houses are fairly busy. London has
bought a few stocks on balance, but as
whole the market has represented a struggle
between bull and bear speculative interests,
in which the money market and the gold
impor tations have been used with some effect
to influence sentiment. The principal move
ments OF the week, however, have been in
stocks like Sugar, Manhattan, Tobacco and
few others which have acted in accordance
with particular conditions or especial manip-
ulaton.
The reduction of the New York bank
plus reserves to $4,000GO0 shown by last
Saturdays averages, was followed by calling
Of loans early this week and by a per cent
call money rate. This last, however was
only momentary and not only were assur-
ances given by banking authorities that con-
ditions were being satisfactorily adjusted but
the week progressed the fall Of exchange
rates and the engagement of Sc 400,G COO gold
in London for shipment to New York. assist
ed in bringing about easier rates for call
loans. and a more confident feeling in regard
to money. This belief was not shaken by the
advance in the Bank of England discount
rate Thursday, and the sharp advance In
interest in London, which would indicate that
opposition will be offered to further large
American Withdrawals Of gold.
Probably the most important event of the
week was the declaration of IL per cent half
yearly dividend on Union Pacific preferred
last Thursday. Yet a portion of the street
seemed to be disappointed with these results
because the company had earned in the first
six months of its existence not only two per
cent for the preferred, but something for
the common stock. Both the common and
preferred sold off on the announcement OF the
conservative action of the management
Northern Pacific stocks were strong through
out the week. They had excellent foreign
support. Manhattan active and after a
depression TO 9bSsc, rallied sharply to 1OOtS
on reports Of impending and favorable de-
yelopments about the electric equipment OF
the property, 1t afterward, however reced-
ed again to 9619. The & o securities were
strong early in the week on the announce
ment of the deal by which Mr.. j. J. Hill and
a Western syndicate acquire an interest in
the road The industrials were, however the
active part of the list and the feature of the
market was sugar stock. Its break to 1867
tion of long stocks and by reports that the
trade was at last nearing an acute stage
The large short interest created at the de-
cline was responsible for the subsequent rally
to 1913 but the stock again reacted and has
been very irregular and sensitive in view of
the uncertainty surrounding the trade stu
alton American Tobacco has been violently
manipulated both ways. 1t has, however
excellent support and rumors are current
that a partial combination of plug manufac-
turers Is probable. American cotton oil
stocks are strong, the buying being based
on reports about the excellent forthcoming
annual report and a probable dividend on the
common stock. United States leather pre-
ferred yielded somewhat to reports of an OPP
position to be started by people hitherto in