The age-herald., 1898-08-09
sugar
n Wall Stree..

New York, Aug. S-The stock market today underwent one of the proces -es which is usual in a strong advance. Even where the general trend of prices is up- ward for long period, the movement Is very rarely uninteri upted. Halts and re- actions are normal processes even in a strong market. and are to be looked for even in the continuance of favorable con- ditions. Therc was such a halt for time today and it looked as though the reac tion had gained the upper hand. Profit taking began from the starr in some ot the recent favorites, and held them back even while the rest of the market was rising buoyantly on the outside ordels which had come into commission houses during the Sunday interval. The volume of these orders was large, and indicated a growth of confidence by the outside puU- lie in the value of securities. But the dis position to take profits on the strength of ..--. ~->-.-,o ,-~n.an0 caused feeling cf doubt ill the minds of room traders, and the rumor got into circulation that the large monied interests which bought stock last week selling out The profess sional bears thereupon rushed to sell about the time when accumulated commission house orders had been executed. The bears were also inclined to take skepti- cal view of the reported acceptance or. Spain, and they had a detailed report in circulation that new questions were opened up by the reply which endangered the whole negotiations. This was before the receipt of the reply in cipher by the French embassy at Washington, but 1t was effective in causing reaction h spite of the strength of Spanish securities in Paris peace prospects. Early gains were wiped out in practically ali cases, the market falling below Saturdays level. At this poiont very large blocks of stoc.s ~pegan to be taken aG2i1 and before tn, csose lnere was almost complete recov cry. A number of the industrials, notably Tobacco, Leather preferred, the mating stocks and the stocks of some of the irol and steel companies, showed conspicuous advances. The late movement of th market is likely to beget suspicion, but th reaction was looked upon compiaeently bl the monied men who have assumed tn leadership of the market Tho specula tive outlook had become so clearly bullsl that the market was becoming filled witl weakly margined accounts based on =pape profits. The volume of stop loss order dislodged served to show that considera ble bull following for this description wa shaken out by the days movement. Tn later trading showed decline in anima tion and slightly yielding tendency il prices.
 The pressure of funds for investment il securities paying fair rate of interes reasonably gave continued strength tc bonds today. ,..
 Total sales, $4.OO0000. The new govern ment 3's when issued showed a decline o h per cent. Otherwise there was m change in government bonds.
 New York. Aug. S.-3 D. m.-Money on cal steader. 1H G ? per cent; last loan 11a pc cent Prime mercantile paper 3Ac44Ac Sterling exchange, with actual business il bankers bills at 4S5ts O 4 for demand ant at 4S3ss O S4 for sixty days. Posted rate' 4S41b @ 4.S5. Commercial bills 462h O 4.S3 Silver certificates 5s1s O 591k Bar silver 59 Mexican dollars 451a. Governmet bond firm; state bonds dull; railroad bonds firm Pv Private Wire to Paine Murphy & Co.