The daily morning journal and courier., 1898-08-24
E ttlamrtaI.
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 The Stock Market.

New York, Aug. 2S.-There was noth- ing in the general situation, either in the political or the business world, to account for reaction in stocks to-day. The market was simply over bought and was subjected to process of test ing which, whether designed to do so or not, inevitably readjusts prices to the true basis of values. Yesterdays heavy profit 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 to-day's movement. It became evil dent at the opening that the strong SUD- port for the leaders had been with drawn.
 In the grangers even the outside buy ing which has so eagerly absorbed these stocks for some time past showed a marked distinction. TheRe were even selling orders in the commission houses for outside account, thus showing that a large part of the recent public interest has been for speculative account. But the outside speculative public failed to show the aggressive confidence in their holdings recently manifested by the powerful bull clique. Neither had they the combined resources at their com- mand to come in and support stocks on the declining market.
 The financial weakness of the hands into which large amounts of the gran gers had fallen was made evident by the heavy stop loss orders which were uncovered by the extreme decline of 1 A to 1% in the grangers at midday. But the torrent of offerings at the low point fell to interests that were waiting and willing, and which effected a substan- tial rally on comparatively light trans- actions.
 The railroad list generally moved in sympathy with the grangers, the break in them putting an end for the time being to the strong upward movement which had set in in some of the low priced southern and western railroad shares. The early weakness was accen- tuated by the persistent sagging of Manhattan, which has fallen about 8 points on the day. Brooklyn Transit
 was also under a severe pressure and
 Consolidated Gas and some of the oth- CT specialties suffered from withdra wal of support. The early weakness of Peo-
 ple's Gas and the subsequent strength
 probably reflected the passing phases
 of efforts to adjust business dispute Metropolitan Street Railway rose at one time [ points without any news to ac- count for the movement. The interna- tional paper stocks, Rio Grande West
 ern, West Chicago, Northwest, Chicago | Terminal preferred and a number ot other stocks gave evidence of specia
 strength in the face of the general ten dency of the market.
 l There was a very marked falling of in activity after the midday shaking l out suggestive of a pausing to take breath. The days net declines are most ly small but the greater part of the l days business was done at prices ma | terially lower than the closing 1 The-disposition to take profit was alsc manifest in the bond market, where i price changes were irregular on a de. 1 creased volume of business. The tota
 sales were S3,415,000.
 United States new fours and the olG i fOurs registered declined 14 and the olt i fours coupon advanced A per cent, ir ] the bid price.