The times., 1899-08-30
BEARS RULE THE MARKET
Transactions on the Stock Exchange
Largely Professional.
General Declines Here a Reflection
of Weakness in London-Foreig
Traders Frightened by the Critical
Situation in south Africa Sharp
Declines in the Tobacco Shares.

NEW YORK, Aug. 29.-The dealings on
the Stock Exchange today were marked by
a number of very irregular price move
ments. The trading was in fair volume, but
seemed to be more largely professional than
for some time, as the general course OF
prices was not such as to attract fresh out
side interest to the market. Bearish oper-
ations on an extensive scale were noted
throughout the market although on the
other hand there were sharp advances in
certain quarters that could hardly be ex-
planned otherwise than by the forced cover
ing of short contracts. The standard list
in the main was heavy. The market de-
rived its opening tone from London, where
general declines were reported. The weak
ness there was attributed to the critical Sit
uation in South Africa, and upon the OPEN
ing of business here, there was heavy sell
ing for foreign account in practically all
OF the internationally listed stocks, about
80 600 shares being disposed of in this way.
The local situation comprised nothing more
than the somewhat frmer money market.
which would account for the renewed activ-
ity of the operators for decline 1t was
rather the apprehension in regard to the fu-
ture of the money market, than the day 5
conditions of themselves upon which the
most stress was laid, for the bulk Of the
days borrowing on call was effected at
about per cent. The railway earnings re-
ported today were all satisfactory showings,
and the advices of the crops were encour-
aging.
AS was to be expected, the London listed
stocks showed the most pronounced de-
clines, though in no instance were the
losses al all sensational. The conspicuous
features in this respect were Louisville and
Nashville, Southern Pacific, the Atchison
shares and to a less extent the Northern
and Union Pacific stocks.
In the industrial quarter there were
sharp reactionary movements in American
Tobacco and Continental Tobacco, which
has no other than technical explanations.
The industrial quarter, on the other hand,
furnished some rather smart advances that
were not, however, fully retained with the
course of the day. The local traction is
sues were ali firm.
AS had been commonly expected the
Union Pacific directors at their meeting
today declared a dividend of per cent
upon the preferred stock, the declaration
being at the full rate to which the security
is entitled. The announcement of the Union
Pacific dividend occasioned a temporary
rally in the general market and quite a
smart recovery in the Union Pacific stocks,
but the general market continued very dull
and the trading retained an unsettled tone
throughout the day. Comparatively firm
features of the market at all times were
Missouri, Kansas and Texas, Chicago Great
Western, and the Hooking Valley stocks.
the advance in the latter quarter reason
ably rejecting the tremendous earnings the
property is making, together with the fur
ther prospects for Improvement that are
contained in the bituminous coal situation.