The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-08-24

New York, Aug. 23.-There was nothing
In the general situation, either in the
political or the business world to account
for a reaction in stocks today. The mar
ket Was simply oVerbought and was sub
Ject TO a process of testing, which,
whether designed to do so or not. newt
ably readjusts prices to the true basis
OF value. Yesterdays heavy profit TAX
ing Oh the part Of some Of the powerful
interests who had been buying stocks I'M
der the impression that they would ad-
vance in prices, led the way naturally IN
today demand. 1t became evident at the
opening that the strong support for the
leaders had been withdrawn In the
granGerS even the outside buying which
has SO eagerly absorbed these stocks Tor
some time past showed a marked dimlnu-
ton There were even selling orders IN
the commission houses for outside ac-
count. thus showing that a large part OF
the recent public interest has been for
spectators failed to show the aggressive
confidence in their holdings recently man
ifested by the powerful bull clique.
Neither had they the combined resources
at their command to come in and support
stocks on the declining market. The
weakness of the hands into which large
amounts OF the grangers had fallen was
made evident by the heavy stop loss or
GERS which were uncovered by the decline
of from IA to l% in the grangers at mid
day. But the torrent Of offerings at the
Low point fell to interests that We're walt
ing and willing and which effected a
substantial rally on comparatively -hgnt
moved in sympathy with the grangerS,
the break in them putting an end for the
time being to the strong upward move
ment which had set in on some of the low
priced southern and western railway
shares The early weakness was accen-
tuated by the persistent sagging of Man
haitian, which has fallen about points on
the day. Brooklyn Transit was also I'M
der. severe pressure and Consolidated Gas
and some of the other specialties suffered
from withdrawal of support. The early
weakness of Peoples Gas and the subse-
Quent strength probably reflected passing
pute.
Metropolitan Street Railway rose at one
time I points without any news to ac-
court for the movement.
Rio Grande Western, Northwestern and
a number of other stocks gave eVidelce of
special strength in face of general ten
dency of the market. The days net de-
clineS are mostly small, but the greater
part of the days business was done a
prices materially lower than yesterday s
closing.
The disposition to take profits was also
manifested in the bond market, where
creased volume of business. Total sales,
$s.4I5, 00c.
United States new As and the old As
registered declined L and the old 4rs
coupon advanced a in the bid price.
The total sales of stocks today were
5SS. 800 shares. including 1887 Atchison
preferred, 16,lS1 c. B. * @, ?, 40 l.. & n,
$50 Manhattan, l2.340 Metropolitan, 4.S5J
Missouri Pace, L. $40 Northern Pacifis
9525 Northern Pacific preferred. %, 40
Rock Island, 1850 Union Pacific. $1,000 st.
Paul. S.2S0 Texas * Pacific. $3.50 Union
Pacific preferred, 3. 1875 Cotton Oil. $3.50 To-
50 $3.50 Consolidated Gas. 1850 Lead. SS,S2
Sugar 10 $40 Tennessee Coal & Iron, $500
Leather preferred, 4570 Rubber, 500
Western Union.