The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-08-19
WEDNESDAY. Aug. 1s.

"WEDNESDAY. Aug. 1s.
Tho indisposition of tho public to trade in
stocks except at advancing prices was shown by
the falling of In the volume Of business on the
Stock Exchange to-day. The market on Mon
day and again yesterday showed some diminu-
ton OF aggressive outside interest in Sc
~curities, and it was more pronounced to-day.
presumably because the public has begun to
realize that for the moment the market lacks
leadership. 1t should not be inferred. however.
that the operators and combinations that helped
to stimulate the market during the last few
weeks have retired from the speculative
arena. They have doubtless taken profits
to an extent for a number Of rea-
sons. They realize that the pace last
week was too rapid. that it was desirable for
them to be in q position to repurchase stocks
should o sharp reaction occur. and that the
time was at hand when alarming reports re-
garding the maturing staple crops are likely to
be circulated for speculative purposes both in
Chicago and in Wall street. Present indications
are that the interests referred to completed their
selling last week and have left the market tenn
porarily to the public and professional traders;
and the last for three days past have devoted a
good deal of energy toward bringing about a de-
cided reaction In prices. By endeavoring to
emphasize q natural setback, the professional
element has helped to place the market upon a
HOTG buubltuLlhiD uoib thah y ObtCo wi Auob
| week. A short interest has been created in tho
| place of the one that was eliminated. and the
market is safer for that reason. Besides tho
speculation now enjoys the support of those
who took advantage of last weeks high prices
to realize a part Of their profits.
Although the quotations for American securi-
| ties in London this morning indicated an indifS
ferent attitude there toward those securities,
local operators for q decline did not attempt to
press the advantage they gained yesterday.
1t looked very much as II they had reached
tho limit of their ventures or of their
courage on tho short side. They made sew
eraI attacks upon prices. but were very
careful not to lose stock. This was a confession
of weakness, which became the moro apparent
in the last hour of business when efforts to cover
shorts caused q sharp rally. 1t does not follow
that a further decided Improvement in prices
will take place at once. for 1t Is possible that
tho more important interests In the market
which are permanently to the Iona
side, arc not satisfied with the extent of the
reaction. They. however. are not infalliblt
judges of the situation, and 1t may be thai
tho frmness and the final strength o.
to-day's market. In spite of comparative
dulness, may induce buying that will
disarrange tho plans of the bull leaders
A sharp advance In the price of wheat. caused
partly by higher quotations for the cerea
abroad and also by q renewal of yesterday
rumors of damage to the crops, was not withou
effect upon the stock market. Tho rumors re
ferred to still lack confirmation from trust
worthy sources. They certainly are not sub
Stimulated by the Government Weather Bureau
A hrmer market for sterling exchange wa
another noteworthy development to-day. sine
II probably precludes an advance In the Bank o
England's minimum rate of discount tomorrow
Tho decision OF the management of the Chicago
Burlington and Quincy Railroad Company no
to increase tho quarterly dividend. dc
clared to-day. caused disappointment Il
certain quarters. 1t was hardly to b
expected, however, that the company woul
increase its rate Of dividend at this time, for
has had to draw upon It's surplus several time
of late TO maintain dividends at the rate of 4
cent. y annum. The stock led the list /
respect TO activity; but st. Paul was dealt 1
nearly as extensively. and both closed a shad
higher than last night. The dealings 1
Sugar Refining were on q larger seal
than yesterday, and the stock enjoyed u
exceptional net gain OF . points. An increase {
SB2, 900 in tho gross earnings OF the Missoul
Pacific system for the second week in the cul
rent month stimulated purchases Of the stoc
that left 1t liz y cent. higher than last nigh
Other stocks that showed q disposition Ito r.
cover recent declines were Atchison ~preferre'
Chicago Great Western Chesapeake and Obi