Evening star., 1898-08-18
FINANCE AND TRADE
Selling Was Mainly in Small Lots
for Professionals.
ADVANCE has TEMPORARILY HALTED
New York Air Brakes Sensational
Up and Down Course.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star

Special Dispatch to The Evening Star.
NEW YORK, August 1S.-Extensive real
zing in the Granger and Northern Pacific
Issues accompanied by erratic demonstra-
tons In the industrials. were the dominant
features in today's stock market
London traded both ways, but early ca
bles reflected changes mostly favorable and
made good impression on the local market
during thu opening bour For time there
was little effort to counteract the profit
taking on the recently active issues, the
commission-buying serving to make the
decline gradual and void of significant eff
feet. In several groups no effort to hold
prices was made until the liquidation was
exhausted.
Chicago Gas. Brooklyn Rapid Transit and
Rock Island We're neglected for time but
sharp recoveries We're recorded whenever
the pressure was relived. Burlington and
ST. Paul reflected proft-taking, but the de-
mand for them was good notwithstanding
Yesterdays dividend on the former is re-
iled upon TO encourage an initiative move
ment on the part of the latter at the next
meeting.
Crop conditions, where not fully up to
record prospects, are counteracted by an
increase In miscellaneous traffic which in
sures largo earnings and satisfactory dis
bursements to shareholders.
The low-pIiced Issues. notably Chicago
and Great Western, Texas Pacific and such
of their neighbors as have been neglected
in the recent demand seem likely to forge
to the front under cover of the general
strength. The surplus strength of the bond
market became an original factor in moving
the investment list upward and in like
manner, the overflow from the latter source
will improve the market position of prop
critics which absorb their strength from
more favored associates.
extensions and consultations, and the re-
organized roads, by reasons of improving
finances. find favor with the more con-
servative speculative classes.
In the industrial department sugar and
tobacco were features. being strong and
weak by turns. with fluctuations extending
to 2 per cent at times. The room is dis
posed to adhere to its bearish forecasts on
short interest to begin again at a higher
level. Tobacco's n ovement is attributed
by some to expert manipulation and by
others to increased merit.
The latter fact must be admitted what
ever may be said of the means employed in
bringing Its advantages to the public
through the medium of higher prices. New
York air brake made sensational advance
of 13 per cent to par during the opening
hour and duplicated the sensational rea-
lures by declining abruptly to 90. From
this point 1t rallied sharply and destroyed
the usefulness of any previously quoted
price as an index to value.
The entire market is in the digestive
stage which always follows such an enor-
nous day as that of yesterday Total sales.
approXimating 100000 shares cannot fail
to make an impression on the market, and
traders are justified in dema nuing time for
seeking a resting place. The professional
element comes to the front at such times
and the market for a time loses much of
its snap. This was particularly true of to-
days business. the selling being mainly Of
small lots and for professional account.
The scale buying was decidedly good at
times, and there are no reasons for be-
lieving that the advance has been more
than temporarily halted for the purpose Of
taking new bearings