Evening star., 1898-08-12
FINANCE AND TRADE
Furry in Call Money Rates Caused
Irregularity.
TRADING ELEMENT TOOK PROFITS
Strong Belief in Substantial Ad-
vance in the Future.
GENERAL. MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, August I2.-The furry in
call money rates at the close of yesterdays
business. followed this morning by an ir-
regular tendency in the London market.
resulted in a further liquidation Of speeu-
latiye accounts. TIE trading element took
profits freely during the opening hour con-
cessions extending to l per cent being re-
corded in several instances. There was no
pronounced weakness. however. the delfv-
erinS tendency being aided more by a with
holding OF buying orders than by aggres-
sive selling. the Gould shares were no.
ticeably lacking in improving qualities
Manhattan Being especially weak at times
on the prospect of serious competition from
the -e-equipped surface lines.
Tho influence of such arguments by reduc-
ing the price OF the active member Of the
group provoked a sympathetic decline of
practical proportions in Western Union and
Missouri Pacific
The buying of Northern Pacific common
was again the feature Of the trading in the
regular list. one house which yesterday
bought upward of 10000 shares. duplicat-
ing the transaction today. 1t is confidently
expected that this issue will have per
cent earned and applicable to dividends
but II is somewhat early to decide upon the
date Of the initial payment The mere fact
that one is earned Will hepl the price by in
or easing actual value.
The Union Pacific issues are relied upon
TO come forward as conspicuous members of
the active list merit and manipulation
eelng combined in advancing the price.
The granger shares were the subjects of
considerable realizing, and were irregular
in consequence. The natural tendency to
take profits at the end of the week was
emphasized by the attractiveness Of the
present Of nricee fat a.
yances have been made in this group dur
ing the week, and the prospect of a large
spring wheat crop, coupled with increas-
ing commercial activity n the west, en-
courage the various holders and pools to
await even higher prices.
The iron shares are attracting attention
OF kind which not infreouently is prelim-
mary to manipulative advance. Recent
movements reported in the iron markets
furnish satisfactorily background for such
enterprises.
In the industrial list American Tobacco,
Sugar and Rubber were the features, the
iatter property being especially responsive
to the demand.
A contest is taking place in the Leather
issues. Two factions, prompted by opposite
motives. being active in the property Dur
irg the final hour prices yielded in eli de-
rartments, successful renewal of the SELL
ing in Manhattan resulting in proft-taking
IN all parts of the room. In the shares
which had been active during the previous
advance it was evident that the declines
were accomplished by the selling of small
!ots. This circumstance was taken as On
indication of a further Withholding of .he
demand until the professional element conn
pleted its realizing process
The delays incident to the signing of tho
Spanish-American protocol worked against
speculative buoyancy, but a reactionary
tendency at times is not Incompatible with
strong belief in 2 substantial advance
from present prices. The money market is
believed to be entirely in sympathy With
this view in spite of the call rate furry.