Evening star., 1898-10-08
Weakness in Northern Pacific Unset
ties Railway Stock List.
BEAR ATTACK WAS UNWARRANTED
Fall Elections Continue to Be a
Depressing Influence.
GENERAL MARKET REPORT

Special Dispatch to The Evening star
NEW YORK. October s.-The hest feat
ures of the weeks trading in the more
active railway shares fail TO find full re-
hectio7 in prices. owing to the depressing
effect Of the weakness in Northern Pacific
The erratic fluctuations in the industrals
were not specially alarming I'm any way.
the public having come to a full apprecia-
ton of the manipulative movements in
those shares. The decline I'm the Issues
which have heretofore attracted widespread
attention because of their strength, and
upon which such great hopes We're centered.
had disturbing influence on all classes OF
speculative stocks
Rumors Of dividend complications were
s. pplied to make a background for the
decl;.e.
New that proflt-taking has proceeded to
satisfactory limits, and an opportunity to
buy some cheap stock has been estab-
lshed, II suddenly becomes possible to ad-
just whatever dissensions there may have
been and good buying is again inaugurated
The recovery Of the common stock today
for a net gain Of . per cent from its low
price yesterday gave appearance OF
strength to the entire market. The gen
eral list is far from being sympathetic with
declining tactics. More force and more
stock is essential to q l per cent decline
than TO per cent advance.
There Is little wrong with the financial
situation. and individual happenings are
not likely to more than temporarily in
huence the q neral list. The short account
has helped to depress prices, and & will
perform an opposite service in another
cause later on.
The fall elections are disturbing factor.
and many new contingencies are 20 be
counted in the list Of probable results. but
caution in buying and not indiscrminsts
selling is the most that should logically fol-
low from this cause.
American Sugar and Tobacco showed
some improvement during the day. as the
result of covering but these issues have
not yet settled down to anything like con-
servatiVe action. 1t is hardly likely that
the price of either stock will be allowed to
remain more than temporarily. The cirec-
ton. always, will be determined by the
dominant speculative interest.
The demand for bonds has been one OF tho
chief features of the weeks financial opera
tions, the inquiry for investment. issues
exceeding the demand for stocks toward
the end of the week. This class Of buying
has almost always preceded a stock de-
1nand and should be well considered in ar
ranging for sales Of borrowed stock.
The bank statement is very satisfactory
in all of its features.
The gain in lawful money is S1,4S6300,
the greater part Of II in specie. The loans
have increased $so7 800. which added 10 the
reserve brings the deposits up more than
s., go Opp The surplus reserve above legal
require ments is consequently Increased 70
SIS 743. 600. The fall financial and com
mercial operations should ali have ten-
dency to insure a satisfactory monetary
condition. The public must come into wall
street however before the market takes
definite shape along the line Of improve
ment The date of this appearance seems
to be approaching, but is. OF course, enc
of the uncertain features Of the moment.