The daily morning journal and courier., 1898-08-25
The stock Market.

New York, Aug. 24,-Ihere were seV- eral quite important elements ofpositive strength in the stock market to-day, but the preponderating influence of sev- eral weak features and the very heavy profit taking by large holders of lead ing stocks nullified them. The last prices were In nearly all cases below those of last night The London mar ket followed yesterdays New York weakness and affected the opening here, causing declines in some of the interna- tionals. The grangers made a strong opening in spite of selling for London account on accout of the high level of earnings disclosed by St. PauPs state ment for the third week in August, The increased movement of grain in the northwest, which has weakened wheat for the last few days is probably re- flected in these earnings, which were $333 in excess of last year and over $14000 in excess of the high level for the corresponding period in 1892. The grain movement though augmented is not yet up to last years level and the large railroad earnings are due to gen eral traffic resulting from the more liberal outlay of last years profits by the people of the west. The sharp ad- vance in the grangers at the opening due to buying by commission houses and bidding up prices by traders result ed only in bringing very heavy offers to realize There was change of specula- tive interest from St. Paul and the grangers into some of the low priced stocks, with dividend prospects.
 Northern Pacific was. most conspicu- ous in this class and was absorbed in enormous blocks, closing at the top at an advance of i S-S Union Pacific sympathized in a less degree, but the largely taken. Rumors of an agree ment to arbitrate the war with Cana dian Pacific helped to impart strength to the trans continental roads. There was very large demand for People S Gas and marked strength in some in- diVidual stocks but these were not suf- ticient to offset the persistent profit taking. Manhattan was weak and closed two points below last night. The New York banks continue to lose money to the sub-treasury on account of bond subscriptions and there is still difficulty in obtaining the new bonds to serve as security to the goernment for deposits
 of public funds. There is a decided tendency also towards a falling off in
 government disbursements for war eX-
 penses and the interior demands for
 money are increasing this week. A fall of IA cent in the actual price of ster-
 ling exchange is suggestive of the
 source from which prompt relief would
 come for any stringency in money A curious result of the financial strength
 of this country is the strength of Spanish fours to-day. It Is current talk in Wall street that American funds are
 going into these bonds in the belief that the Spanish government will find means to secure the interest on them by pledging some of the mineral wealth of Spain.
 There was marked strength in some of the speculative bonds to-day, but 1 prices reacted to some extent in sym. pathy with the later weakness ir stocks. Total sales, s4,21o,ooo
 United States twos advanced 1, anG the threes when issued declined Is ir | the bid price.
 | NEU FORK STOCK AEA ER EFT.