The Saint Paul globe., 1897-08-21
NEW YORK STOCK PRICES SHADED
BY FREE REALIZING
SALES.
SOME SHARES A POINT DOWN.
LONDON BUYER IN SPITE OF THE
FALLING AMERICAN MAR
KET.
OFFERINGS ARE WELL ABSORBED.
Orders Are Apparently Waiting in
the Market to Buy on Every
Scale-DOwn,

NEW YORK, Aug. 20.-The process of rea-
l1zing profits on the long continued advance
In the market went on today and was re-
fiected in a heavy tone and cessation of
active outside buying. The selling was, much
of it, by commission houses and is presum-
ably of holdings by the outside public, who
have grown fearful of a decline Although
offerings on this account were large and
although the days sharp decline uncov-
cred large numbers of stop-loss orders at
times, the offerings were pretty well absorbed.
Orders are apparently waiting in the mar
ket to buy on a scale-down, so that the
prices meet a resisting force before they have
receded far. Prices in the stock market did
not respond to the sensational rise in wheat
as is sometimes the case. AS far as this
rise was due to buying for export and to
the jump in the price of wheat in England
and the continent, it was favorable infiu-
ence on stocks as indicating increased pur-
chasing power in the hands of the farmers
but, so far as it was due to fears of damage
to the corn crop and to lower estimates of
the spring wheat crop, 1t affected the grain
carrying roads unfavorably as indicating a
probable decrease in the tonnage Of the freight
to be transported Reports of such crop con-
ditions were very prevalent in Wall street
all day and the market responded quickly,
especially the grangers.
he continued nrmneSS OF SterllnS exchange
rates was not an encouraging factor in the
market. London and the continental money
centers seem to be fencing to decide which
shall meet the first demand for gold on ac-
count Of the heavy crop movement, but the
exchange market reflected no immediate like
l1hood of imports of gold. The curious con-
tradiction in sentiment which has existed for
months past between the London and New
York markets found a new phase today.
Prices for American securities came higher
from London this morning, indicating a disre-
gard of the reaction manifested in the New
York market. Purchases in New York for
London account were made, also of nearly
all the prominent international stocks. in
spite of the falling course of prices. Sales
for this account were estimated at IL, 600
shares. The New York market equally ig-
nored the sentiment of the London market
and went on selling. Receipts of American
securities from foreign holders have been
very large recently by incoming steamers from
Europe and recent orders to purchase placed
in the London market by New York houses
have developed the fact that the market
has been pretty well stripped of American
securities. Today's movement looked like a
desire on the part of the foreigners to re-
plenish their supply of American stocks.
The extreme decline today was consider
ably over point in a large number of
SHARES, lHcluulnS the SranSerS ana leadlnS
Southern and Southwestern railways and the
Reading issues. Leather preferred was strong
on the rise in the price of the product To-
bacco lost about points. Sugar moved over
a range of about points. but it's net change
was small. Western Union, Pacific Mail,
Chesapeake & Ohio, Manhattan, Rock Island
and Brooklyn Rapid Transit were comparative
ly steady Great Northern preferred declined
points; Rio Grande Western 214, and New
York, Chicago & st. Louis, 1h.
The bond market displayed a heavy tone
on moderate dealings. The speculation was
largely centered in the leading mortgages and
there was a decided abatement in the for
e.gn demand for securities. The aggregate
sales were s1,975,000 Governments hardened
Slightly on light purchases.
The total sales of stocks today were 4O8 200
shares, including: Atchison pfd, 1882; C. &
O., $3.50; Burlington, SO, ,375; L. & N, II, AS;
Manhattan, $3.50; M. K. & T. pfd, $500;
Northern Pacific, 4, ,641; Northern Pacific pfd,
13, 700; Northwestern, 3,07S; Reading, 160So;
Rock Island 1880; St. Paul, 65, 1928; St Paul
& Omaha 1865; Southern Railway pfd, 3,024; ;
Union Pacific; IL $50; Tobacco, $500; Chicago
Gas, $500; Pacific Mail, S925; Sugar II 642
Leather. $3.50; Leather pfd, 1915; w. T.,
AIS; Chicago G. W., 22,075.
The following were the fluctuations of the
leading railway and Industrial shares fur
nished by G. H. F. Smith & Co., members
New York stock exchange and Chicago board