New-York tribune., 1898-09-23
BONDS
THE DAYS OPERATIONS IN STOCKS.

The stock market enjoyed few minutes OF
strength and buoyancy at the opening. Dut lo
the greater part Of the day values saggen'
while operations were small ana contneu Al
most entirely to the transactions Of professional
Traders Interest In the general list has sub
sided. Certain stocks are kept alive by pear
and bull cliques. but there is little, II any. pub
lie support noticeable. II is traders market.
Excellent opportunities are presented for max
ing profits by quick transactions buying on
recessions and selling on rallies. but with the
exception Of n few stocks IN wnich active
noonjpuIation is AZ work there appears no chance
for big profits at present. And the same may pe
said Of losses Important interests not selling.
neither are they buying. hoping, however. that
the public will be induced to come into the mar
ket as soon as the fall elections are decided.
The Bank Of England was responsible for
higher open market discount rates abroad on
Wednesday, while yesterday 1t raised its own
rate from ~, TO 3 per cent Gold Withdrawals
from the bank have been heavy in the week
Foreign bankers appreciate the fact that condi
tions here call for large movement Of the
precious metal this way. and the Incl In the
price of bar gold and American eagles ana the
advancing Of discount rates are faithful indica-
tions Of the growing demand for gold shipment
while incidentally rejecting efforts on the part
of London to keep the metal AT nome Inc for-
eign exchange market does not enjoy mucn OF
a demand at present. and with the presence OF
bills which n is reasonable TO exrect NJ TINS
season Of the year. gold imports arc likely 10
continue for some time TO come AddluohaI
ENGAGEMENTS were announced yesterday Inc
presence Of many encouraging factors In 'he
situation had no effect upon market values or
unon nubI,c sentiment az far as interest In Sc
cur,t,ea WAS concerned the total volume ~ busi-
ress amounting TO only 10000 shares. the
greater part OF which furnished by fe"
speculative issues.
Sugar Refining after early strength re
sumed its downward movement declining 10
110I. and closing at Il net loss OF 2As per cent
The professional character Of trading was SHOWN
in the readiness Of stocks TO follow sugar.
American Cotton oil and General Electric were
the only noteworthy exceptions. active buying
advancing their price we'll above Wednesdays
closing. Manhattan open ID point hisher Oh
the optimistic view taken by Mr.. Gould regard
ing the future OF the overhead system. but IN
company with the rest OF the market the STOCK
declined. and closed under Wednesdays hnal
figures Afternoon prices rallied from. the lowest.
but the closing unsettled with more net
losses than gains An incident OF the day show
ing the progress In railway affairs and the sue
cessful reorganizatons following the bank
rup,cies OF 1893 was the declaration ~ the first
dividend on the preferred stock OF the reorgan-
,,od Union Pacific The directors have started
tho prcrerred stock on a per cent basis, de
clarIng IL, per cent semi annual yesterday.
Union Pacific is now in the hands Of experienced
and conservative men VINO will handle its affairs
for tho best interests OF the security owners.