The age-herald., 1898-08-19
Tn Wall Sure e..

New York, Aug. 1S.-The reaction in prices of stocks which has been looked for for several days came in the late trading today. The professional traders have been eagerly anticipating this action of the mar ket and have several times sought to bring 1t about by attacking stocks with short sales. They were having fair success yesterday when the announcement of Increase i nthe Burlington dividend put them to route. The subsequent upward surge of the market served to make it all the more vulnerable to bear attack, and they opened their guns this morning with an onslaught on Tobacco, Peoples Gas and Brooklyn Rapid Transit. Although this assault came with very heavy realizing of nnnnnnnnnnnnnd shrd emf hr Inf milf ferings in the grangers and Pacifics and some other recent favorites, the outside de- mand for stocks was so enormous as to take the market away from the profess sionals and lift prices upwards in furiously active and very wide distributed trading. But there came a time later in the day when the outside demand was for the time satisfied and when the recent purchases of stocks were still anxious to take the handsome profits accrued upon them. The bears kept nibbing at the list and made an aggressive attack in the last hour which carried prices down sufficient to widen out weak margins, and bring stop loss orders. The group of low priced railroad stocks and industrial specialties into which the tide of speculation shifted this morning had not sufficient strength to hold the market in face of this liquidation although they held stubbornly through most of it. Some of them finally succumbed with the rest of the list which fell generally below last nights level. Teh bull clique apparently offered no resistance to the decline, but support was forthcoming before it had proceeded to any great length. The activity of the market greatly decreased and the volume of business was materially smaller than yesterday. It is striking evidence of how far the New York market has cut loose from the leadership of London that todayS decline came when London for the first time practically ceased to sell stocks in New York and turned buyer of many of the leading internationals. Sterling ex- change weakened in response to this de- velopment.
 Money rates continue easy and un- changed. but there is a growing demand for funds from the interior .s-.
 The treasury statement shows an actual decline in the government deposits in na- tional banks. notwithstanding the continual losses of New York banks to the sub treasury for payments of bond subscrip- tions. The explanation seems to be that the banks prefer to use the new bonds for circulation in the form of bank notes to meet the interior demand rather than as security for government deposits, which would keep only additional gold in the
 
 bonds are made all too slow to meet the desires drtresss- ttrRs banks with the newly ut-> Veloped requirements for currency to move the crops.
 There was a good market for railroad bonds today and a slightly yielding ten dency to prices in the late dealings. Total sales, ss, ,155,COo. Bid price for government bonds were unchanged, except for threes when issued which advanced f. =
 Money on call steady at 11a@1&; last loan 1% per cent
 Prime mercantile paper, 9A@i per cent.
 Sterling exchange easy, with actual busi- ness in bankers bills at $4.85A for demand and at $4.S3%@4.s4 for sixty days,
 Posted rates, $4.S4iz94S5 and $ASe44S6
 Commercial bills, $4.S3.
 Silver certificates 5S%Q59h. .
 Bar silver, 59as.
 Mexican dollars, 46.
 Government bonds, irregular. Z
 State bonds, dull.
 Railroad bonds firm.