The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-08-20
VARIETY OF DEPRESS-
ING FACTORS
CLOSE ABOVE THE LOWEST.
THE DAYS PRICE MOVEMENT A
SERIES OF RALLIES AND
SLUMPS.
SUGAR AT A HUNDRED AND FIFTY.
A New High Record for the Trust
Stock Followed by u Sharp
Tumble.

NEW YORK, Aug. 19.-The stock market
today continued to show itself sensitive to
unfavorable influences to marked degree. At
no time during the day did the course Of
prices indicate any aggressive strength. The
liquidation at times was quite heavy, espe-
cially in the internationals and the grangers.
The principal factor in the situation was the
heavy selling for foreign account Of wheat,
sales for that account being estimated at be-
tween 100000 and 100000 blu for the day.
So much stress has been laid for several
weeks past on the foreign need for our grain
crop as giving the best assurance for pros
perity to the farming population, and better
times for ALL that it was but natural that
depression should be caused by the DISPOSE
ton of foreigners to sell back to US the
wheat they have purchased
This development in the situation gave the
greatest aid to the professional bears, who
have been working so persistently for re-
action in the price of stocks. They were
also assisted by the reactionary tendency in
the London stock market, which embraced
all securities, including those Of American
railways, and which was due to the HOSTILE
ties which have broken out on the Indian
frontier. London also sold quite heavily in
this market of all the internationals. The
depressing influence was the reports which
are industriously kept in circulation of con-
unued cold weather in the West, causing
danger of a lessened spring wheat crop and
delay in the maturity Of the corn crop.
The course of the exchange market today
caused disappointment to those who have
been looking forward to early imports of
gold as an additional bull factor in the stock
market. Actual rates for both long and short
sterling rose about Nc in spite of the fact
that the open market discount in London
showed an easier tone and that the Bank
of England refrained from advancing it's
minimum rate of discount today. The foreign
selling of grain and the continued selling of
American securities for foreign account helped
to stiffen exchange rates. The failure of the
Bank of England to advance its rate of dis
count is regarded evidence that no fears
felt of an immediate drain Of gold from
London. These combined causes effected
quite marked reaction in the price of stocks
generally, and this was accelerated by the
discovering of stop-loss orders. The sell
ing movement, however, seemed to lose its
force in a short time, and the market turned
into extreme dullness. Supporting orders
were found to be forthcoming at the low
point, and those who had sold out appa-
rently wanted to buy stocks again and hold
for a rise. Sugar was quite a prominent
feature, and touched new high record at
15O, aiding materially in rallying the mar
ket. 1t sold again to near the lowest. A
buying demand for the coalers late in the
Jay was also Oh material ASSISTANCE III rails
ing prices from the low point, as was also
sharp rise in the prices of local gas stocks.
The bears raided the market again just at the
close causing prices to ease off after the
rally. Nevertheless net losses, though gen.
eral, are for the most part small. Good
traffic returns for the second week Of Au-
gust from the Southern railway, Chesapeake
& Ohio, Chicago Great Western and Louis
vile & Nashville gave firmer tone to those
stocks, and helped to steady the market.
Brooklyn Rapid Transit showed strength on
account of plans for crossing Brooklyn bridge.
Losses of point occurred in Erie list pre-
ferred, Illinois Central, Lake Erie & West
ern, Minnesota Iron, Rubber and Lake
Shore, and of "a in Rubber preferred; Con-
solidated Gas gained 3k, Brooklyn Union Gas,
Chicago & Eastern Illinois and Lackawanna
over, and Brooklyn Transit and St. Joe
and Grand Island over point.
The bond market yielded on moderate reali-
cations in the speculative liens. The weak
ness in the general market was not pro-
nounced, and in the late dealings a better
tone developed. The aggregate sales were
81, $3.50, 600. Government bonds were easier at
the the outset but subsequently frmed up
and closed steady.
The total sales of stocks today were 327,-
ISL shares, including: Atchison preferred, 49,
K. & T. preferred, $3.50; Missouri Pacific,
$780, Northern Pacific, $500; do preferred,
16200 Reading, II, $40; Rock Island II, 1888;
st. Paul, 1890; Southern Railway preferred,
7,436; Texas & Pacific, 3,720; Union Pacific,
1900; Pac. Mail, 4,870; silver certificates, 5000;
Sugar, 2S,35S; Western Union preferred, 1880;
Chicago Great Western 4,245
The following were the fluctuations of the
leading railway and industrial shares fur
New York stock exchange and Chicago board
of trade.