The daily morning journal and courier., 1897-08-18
Bears Won Distinct Victory on the Stock
 Exchange Yesterday.

Bears Won a Distinct Victory on the Stock
 Exchange Yesterday.
 New York, Aug. 1.-The bears must be conceded to have won the honors of the day in to-day's stock market. Prices were never more than fraction above those of last nights close during the day except in a few cases, and most of the days sales were made at level quite sharply below last nights close, The holders of stocks kept one eye on the wheat market all day and were keenly alive to the heaviness manifested in that market and to the notable decrease In the export demand for wheat on account of the high range of prices reached for that cereal The first effect of this was to impart dullness to the stock market owing to the determination of holders not to sell at the lower range. This dullness set tied upon the market soon after the nights accumulation of commission house orders had been worked off. But the bear traders took possession of the market in the absence of an active buy ing demand and sold 1t down to catch stop orders. They were hampered in their efforts by the existence of buying orders on scale down which have been placed in several stocks.
 But the buying ceased on any marked advance and this encouraged the bears | to persist with the result that they fin | ally succeeded in shaking out a large amount of weakly margined stocks and precipitated heavy offerings on stop or ders These were quite readily absorb l ed but without rally the market. There was notable falling off in com mission house buying and the total sale fell off another 10000 shares below yes terday's record and considerably over 100000 shares below the record of any 1 full day last week.
 The bond transactions were also in very much diminished volumes The average net decline in the prominent railroad stocks over point and in in- l dvidual cases is considerably more. l The fall was assisted by reports of damage to the spring wheat crop and prices for Americans in London were depressed on these reports and on the 7 count would rise above per cent The grangers, the coalers, the international stocks and in fact all western stocks l were notable sufferers, Northern Pa cific preferred being a drag on the market all day, Louisville and Nash vile, Atchison preferred, Missouri Pa cific and Union Pacific were also active in. the late selling movement. Notable declines were also shown in Sugar, To- bacco. Lake Shore Jumped points in the early dealings to 17S1s, which is g new high price record, but the gain was mostly lost in the final transac- tions. Burlington shows net decline of 1%, the heaviest loss in the grangers Lake Erie and Western preferred lost 2, Reading first preferred 1B, Erie first I preferred 15s and many other stocks g | point or less.
 I The bond market was moderately ac- tive and displayed considerable firm l ness. Some of the usually neglected is 1 sues fiuctuated quite widely but the variations in the speculative liens were restricted to narrow limits. The aggre, gate sales were $1,42500O.
 Governments eased off slightly for the new fours The other issues were fair ly steady. The transactions were $35,- 900.
 Following are the closing prices re- ported by Prince & Whitely, bankers and brokers, Is Broadway. New York and 15 Center street, New Haven:
 Acr