Evening star., 1898-09-20
FINANCE AND TRADE
Bears Made an Attack on Sugar, but
We're Repulsed.
MET MANY BUYING ORDERS
They Then Turned Their Attention
to the Pacific Shares.
GENERAL MARKET REPORT
Special Dispatch TO The Evening Star

Special Dispatch TO The Evening Star.
NEW YORK, September 2O.-Americans
In London were steady at general advances
OF l-s and S-s per cent, and this in the face
OF an increased demand for gold for ship
ment to this country. A moderately good
business was done in al! active American
issues. while Readings were IN good quest
Our market opened heavy, with some
pressure from the bears to sell stocks
They attacked Sugar as the most vulner-
able stock, but meeting with supporting
orders in that speciality. they turne.1 their
attention to other speculative industrials
and to the more active Pacific stocks. caus-
irg temporary decline in those reclr.-
ties. The resistance the bears met ,n Su-
gar at the opening caused them a: about
1890 to do some covering in that stock
which rallied quite sharply from low fig
ures. llSi2 to lisa. the general list also re
spending fractionally to the better feeling
In Sugar.
At IL am. sugar had lost some Of It's
buoyancy. reacting TO nearly opening
hgures. where covering orders were again
met and another rally ensued. carrying g.
to 120.
At about 12:45 pm. American tobacco
broke from i52 to las on stop orders. and
only 1000 shares sold between these prices
This sudden break of four points in the
only stock that has remained strong
throughout the liquidation in sugar had a
demoralizing effect upon the rest OF the
throughout the list-a natural sequence to
the break in sugar. which has been going
down Tor Sc 'eral days at the rate OF hve
points per day.
The weakness In Union Pacific securities
was attributed by some people in the street
TO board rumor, started this morning
that 20 dividend would be declared on the
preferred stock for some time. Traders
sold the stock quite freely. There is no
reason, however. to believe that there has
been any change in the plan of the direct
ors- The dividend meeting will be held or
Thursday at pm. and a dividend II is
expected. OF at least III per cent will be
declared.
The money market. while firm, was not
strained. and brokers generally are Of the
opinion that this week will see a turn In
the tide. although a further slight decrease
In the surplus on Saturday Is looked for by
some Practically one looks for any
trouble In meeting the demand of borrow
ers.
Rates were unchanged this morning. and
not much movement is looked for. AT 2:la
m. money loaned at G.
Ihe Bank OF England has sold today
ttSi 900 bar gold and f215.oO American
eagles for shipment to New York
One of the leading importers of gold an
nounced that his house was importing
si.WO,oV0 additional gold from Europe TO.
day. 1t is said that large banking house
IN thls city has made an offer to the par
ties in control of the Chicago and Great
Western railroad 10 purchase their prop
e1ty at prices considerably above those now
ruling in the market. Talk is current in
Chicago today that National Linseed Oil
reorganization plan will reduce the capital
stock to S6p0,0U and call for an assess
nlent of SO per share.
Market in London for Americans closed
quiet and above the lowest quotations of
the day. There was good buying of Erie
issues Our market at the close showed
nrrnness at the decline and a great many
people are inclined to think 1t a purchase
now on any weakness. There has been
some very good buying in the market today.
especially in the later dealings Chesapeake
and Ohio net earnings for July increased
I,1Sl.