The San Francisco call., 1898-08-24
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK Aug 23.-There was nothing in the general situation either in the political or the business world to account for a re- action In stocks to-day. The market was sim ply overbought and was subject to a process or testing which whether designed to do so or not, inevitably readjusts prices to the true basis of value. Yesterdays heavy profit-taking the part of some of the powerful interests who had been buying stocks in the confidence that they would advance in prices. led the way naturally to to-day's demand. It became eyi- dent at the opening that the strong support for the leaders had been withdrawn. In the Grangers even the outside buying, which has 80 eagerly absorbed these stocks for some time past, showed marked diminution. There were even selling orders in the commission houses for outside account, thus showing that large part of the recent public interest has been for speculative account. But the outside specu- latIve public failed to show the aggressive con- f1dence in their holdings recently manifested by the powerful bull clique Neither had they the combined resources at their command to come in and support stocks the declining market. The weakness of the hands into which large amounts of the grangers had fallen ders which were uncovered by the decline of from 1AG1&c in the grangers at midday. But interests that were waiting and willing and which effected substantial rally on compara- lively light transactions The railroad list generally moved in sympathy with the gran gers. the break in them putting an end for the time being to the strong upward movement which had set in on some of the low priced Southern and Western railroad shares The early weakness was aocentuated by the persist ent saSging of Manhattan, which has fallen about points the day. Brooklyn Transit also under pressure and Consoli- dated Gas and of the other specialties suffered from withdrawal Of support. The early weakness of Peoples Gas and the subsequent strength probably reflected passing phases Of efforts to adjust e business dispute. Metropolitan Street Railway rose at time [ points without any news to account for the movement. Rio Grande Western, Northwestern and number of other stocks gave evidence of special strength in the face of the general tendency of the market. The days net de- ollIes were mostly small but the greater part Of the days business done at prices material ly lower than yesterdays closing.
 The disposition to take profits was also man. ifested in the bond market, where price changes were irregular on decreased volume Of business. Total sales. $3.4l5000.
 United States As and the old 4s regis tered. declined A. and the old As, coupon, ad- Yanced 1a in the bid price.
 Total safes of stocks to-day 53S, 200 shares. including: 14,437 Atchison preferred, 16,l97 Burlington, 22 450 L. & N, 29s5 Man haitian, R S40 Metropolitan 1850 Missouri Pa cihc, 12, ,440 Northern Pacific, s625 do preferred, 20.720 Rock Island. 4S00 Union Pacific 56 OS0 St. Paul, 92So Texas and Pacific 25 Ss0 Union Pacific preferred, 9755 Cotton oil. S2So Tobacco, 1S.3 300 C. G. w, 24.125 Peoples Gas 30, 9s0 Con soidated Gas, 7250 Lead, 8, ,S20 Sugar, 10 $40 Tennessee Coal and Iron, S900 Leather pre- ferred 457O Rubber, 3s75 Western Union.