The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-08-24
The Stock Markets.

NEW YORK; Aug. 2S.-There was nothing
IN the general situation either in the politi-
eau or business world to account for
simply oyer-bought, and was subjected to a
process of testing which, whether desired to
do 50 or not. evidently read5usts prices to
proft-taking on the part of some Of the
powerful interests who had been buying
stocks In the confidence that they would
advance in price led the way naturally to
todays 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leaders have been withdrawn.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
been for a speculative account. But the out
side speculative public failed to show the
aggressive confidence in their holdings re;
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 lA@1A in the grangers at midday.
caused substantial rally on comparatively
light transac tions. ...==
The railway list moved in sympathy with
the grangers, the break in them putting an
end for the time being to the strong up
ward movement which had set in in some of
low priced Southern and Western railway
shares. The early weakness was accentuated
by the persistent saggfng 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 bust
ness disputes. Metropolitan Street Railway
rose at one time several points without any
news to account for the movement.
The International stocks Rio Grande West
ern, Chicago Great Western, Chicago Ter
minal preferred and number of other stocks
gave evidence Of special strength in the face
OF the general tendency of the market. There
was a very marked falling off in activity
after the midday shaking up scarcely pausing
to take breath. The greater part of the day $
business was done at much lower prices than
yesterdays closing.
The disposition to take profits was chiefly
preston in the bond market. Total sales,
81, ,O00 United States As declined ", and
the old As advanced Is in the bid price.
t., Total d,s sales Of stocks today 63s 200 shares,
St. i L. ~ $50 L. n e $50 u Manhattan AMI IT a
IL. $40 Metropolitan, sos Reading preferred,
1850 Missouri Pacific, 3,12O New York Cen
Pacific preferred, 20, 72O R. l., 40S5 U. p, &c.
$50 St. Paul. 5000 St. P & Omaha, 81 40
Southern, $3.50 Southern preferred, $3.50 T.
E. p: 1880 U. P: preferred, 9,795 Cotton
ern, ,A.125 Peoples Gas, $3.50 Consolidated
Gas, ESQ Lead, 1880 Sugar, 1O,S4S T., c.
& l., $500 Leather preferred, 4,37O Rubber,
8.675 W. U.
leading railway and Industrial shares fur
nished by c. Fl. F. Smith Co., members
New York stock exchange and Chicago board
of trade: