New-York tribune., 1896-09-29

Monday. September 2S-p. 7


A reaction In the stock market to-day was not
unexpected In view of last weeks continuous ad-
vance. and evidence that heavy interests were
working for d reaction was not wanting in the
days dealings. A readjustment OF values has
been going on. and the operations In the market
last week indicated that the probable election Of
Mr.. Mckinley was beginning to be discounted,
but such a movemen: always carries with 1t fire.
quent reactions, brought about for speculative
reasons and not by any unfavOrablc features In
the situation. Operators for decline, of course,
manufacture depressing stories, but these in no
way can affect the present underlying strength in
the market The market position of securities Is
strong. Nearly everything moves in their favor,
and there is reason for anything but bullish
sentiment. Reactions in period Of apprecating
values are the logical resu. of speculative bus-
ness. Operators in stocks are not without method
In thei- transactions. and frequent declines from
top prices do not necessarily carry losses Doubt
less the declines In values to-day were helped by a
flrmer tone in the foreign exchange market for
the movement Of exchange rates exerts potent
influence on the movement Of security values,
strong foreign exchange market generally being
followed by a weakening tendency in the stock
market. and vice versa. In the present case
stronger exchange has afforded an opportunity
for a reaction In stocks but It is not likely that
the condition Of the exchange market Will con-
tinue for any length Of time favorable for bear
operations In securities. as 1t Is not thought that
the international trade has yet been adjusted 10 a
point where credits are equalized. or very much
less In favor of this country than they have
been for the last few weeks.
Traders began 10 take profits at the opening
OF the market, and there was some selling Tor
short account. the early operations exhibiting
considerable animation. which. however. sub
sequently followed by dulness. A number
Of unfavorabe monthly railroad earnings, al
though expected had some influence In creating
the days reactionary tendency particularly
in the stocks Of the companies directly aNcctsd d
The st. Paul company for August gave a loss
in net earnings of $175.S71. ds compared with
the corresponding time last year; the Cleve
land Cincinnati. Chicago and st. Louis, ret
loss Of S70.I0l. and the Baltimore and Ohio
Southwestern a net loss Of S71. .O77 Chesapeak ke
and Ohio for August increased in net earnings
S20.322. The lower freight rates and the
striction In trade. caused by the frce-slver
talk in August. were responsible for the loss
in earnings In the companies named reduc
tion in the price Of refined sugars and re-
port of the sale Of sugar refineries at Cam
den. n. j.. to interests which would fight the
American Sugar Refining Company helped the
decline in Sugar Refining stock. the net loss
being above ! per cent. Elsewhere among the
active stocks losses were generally small frac
ions, Burlington at net loss Of 1as per cent and
Manhattan at per cent. furnishing the only ex-
ceptions Erie. Ontario and Western Northern
Pacific and Southern Railway were fract.onaly
higher at the close. Last prices a trifie
better than the lowest OF the day. London
houses bought moderately of low-prced stocks
to-day, and the settlement on the London Ex-
change developed no large short interest in
Americans Gable reports indicated q little or
no change in the foreign money markets the
tendency in London. perhaps. being a trife
easier. The Imperial Bank Of Germany made
no change In its discount rate More gold ar
rived to-day. and S2WOO0 was deposited at
the Sub-Treasury for legal-tender notes
Closing prices for number OF active stocks
compared with the final figures Saturday were
as follows: