The Saint Paul globe., 1898-08-24
The Stock Markets.

Cdll money, new Y0rk. 1b l1p
NEW YORK, Aug 2S-There was nothing
in the general situation either in the politi-
CAL or business world to account for a
reaction in stocks today. The market was
simply over-bought, and was subjected to a
process of testing which, whether desired to
do SO or not. evidently readjusts prices to
the true basis of value Yesterdays heavy
powerful interests who had been buying
stocks in the confidence that they would
advance in price led the way naturally to
today's movement 1t became less evident at
the opening that the strong support OF the
leaders have been withdrawn In the gran
gers even the outside buying, which has so
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
a large part of the recent public interest had
SIDE speculative public failed to show the
aggressive confidence in their holdings re-
Gently manifested by the powerful bull
clique. Neither had they the combined re-
sources at their command to come in and
support the declining markets. Weakness
into which the railroads and grangers had
fallen was made evident by the heavy stop
loss orders which were uncovered by the de-
cline of 1A@1A in the grangers at midday.
But the torrent of orders at the low point
caused substantial rally on comparatively
The railway list moved in sympathy with
the grangers, the break in them putting an
end for the time being to the strong up
low priced Southern and Western railway
shares. The early weakness was accentuated
by the persistent sagging of Manhattan,
which has fallen about points on the day.
Brooklyn Transit was also under severe
pressure, and Consolidated Gas and some
other specialties suffered from withdrawal
Of support. The early weakness of Peoples
Gas and the subsequent strength probably
reflected the phases of efforts to adjust busi-
ness disputes. Metropolitan Street Railway
rose at one time several points without any
news to account for the movement.
ern, Chicago Great Western, Chicago Ter
mfnal preferred and number of other stocks
. gave evidence Of special strength in the face
of the general tendency of the market. There
after the midday shaking up scarcely pausing
to take breath: The greater part of the day S
+ business was done at much lower prices than
The disposition to take profits was chiefly
responsible, though there was a general de-
preston in the bond market. Total sales,
s. 900 900. United States As declined H. and
the old As advanced 1a in the bid price
s. Total sales of stocks today 53S 200 shares.
Including 14,S47 Atch1son preferred, $3.50 c.
& o. s155 = &C C. B. : g. 7SlS O. C., G., g; &
1880 Missouri Pacific, 9,12O New York Cen,
trail, Il, $40 Northern Pacific 9,S25 Northern
Pacific Pa preferred, 20,72o R: l., 4,OS5 U. P, 5e-
Southern 9,s75 Southern preferred, $3.50 T.
& P. 26,S90 U. P. preferred, 9,795 Cotton
OIL; S,SSo z o. Tobacco, 1890 Chicago Great West
Gas, 1880 Lead, 1880 Sugar, 1O,s4S r, G.
l., $500 Leather preferred, 1870 Rubber,
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
of trade: