Evening star., 1898-08-27
FINANCE AND TRADE
Proft-taking in Nearly ALI the Active
Issues.
ALL OFFERINGS QUICKLY ABSORBED
Union Pacific Gives Promise of
Leadership Next Week.
GENERAL MARKET REPORTS

Special DISPATCH TO The Evening Star.
NEW YORK, August 21.-Today's stock
market started under the influence OF a
good commission house demand but al
most Immediately encountered a liberal
volume of realizing sales. Proht-taking
was in progress In nearly all of the active
| issues, but the market again demonstrated
its unusual breadth by readily absorbing
all offe' ings. London closed strong. hut
was scarcely a factor in the local market.
The continued inquiry for American socks
from continental centers, notably Berlin
and Frankfort. is an encouraging develop
| ment. politically as well financially.
The market has advanced to a leve! fully
Justifying discrimination but there are al
most no evidences of dangerous pyramid
Ing, which, sooner or later. operates in
concluding advancing campaign Real
izing has not Yet reached the proportions
which indicate the passing of all interest
from strong to weak hands. The original
promoters of the recuperative movement
are still behind many of the active shares
and there is no abatement IN confidence
In consequence of the condition, IL is only
reasonable TO presume that the constant
shifting OF interest from one group 20 an
other is inspired solely by desire 10 have
prices reflect merit upon more equitable
relative basis.
The Granger shares were advanced 10
earnings, and encouraging dividend pros-
poets. What was a mere prospect in Rock
Island and Burlington has actually come 10
| pass, and st. Paul is now relied upon TO
add to the seasons Increases In disburse-
ments TO Shareholders.
Having exploited the merits Of the
Granger roads, the leaders in the market
looked about for another group of stocks
| In which there was a discrepancy between
| price and value
The Pacific issues were chosen, and for
good reasons. Reorganzed upon a firm
pasls, fbiy managed. and operating In
district which suddenly burst from de-
spondency into Its old-time optimism there
was every pl aspect for dividends upon the
preferred shares. with something over to
the credit of the common. Northern Pacific
has gone up substantially. and under cover
| of the strength in the common, there have
been frequent periods of realizing on the
preferred. A break OF nearly per cent in
the common today reflected the marketing
of another long line of speculative stock
| traders helping to depress the price At the
| decline new and spirited demand was en-
countered, forcing sharp recovery OF i
per cent
The significance of this action is obvious.
| Profits are to be taken from time Ia tiIne
/ hut the merit of the property at this level
| Is TO be emphasized ana no material decline
permitted.
Union Pacific was stubbornly strong all
Gay, the common stock crossing "a and
| giving promise of leadership during the
| coming week. After the Pacific issues have
| discounted all that their friends claim for
| them IL is likely that the iron industry Will
bring the shares of operators engaged In
| its manufacture to the front.
| Minnesota Iron is Still more than % per
| cent below predicted value, and Tennessee
/ Coal is almost neglected. In less promising
years the shares last named have been I'm
good demand 10 per cent above present
prices.
Sugar, Tobacco. Rubber, Leather and the
| big monopo,ies gene rally have not been
abandoned, and should add TO present
| prices. The Sugar trade war is dwindling
| in Importance, and IL is safe to presume
| that the Arbuckle refneries VIII not be al
| lowed to threaten the present dividends II
| the American company.
The money market promises to become
more active. and AZ to 5 per cent time
| money may yet be announced. There is an
abundance of gold In Europe, which will
| flow in should occasion demand, and stocks
are not likely to be forced out on a money
scare.
The banks have lost 1854. 200 in lawful
money, mostly in specie, and TO the sub
treasury on account Of bond payments.
| Loans have increased s., ,34s 600 and the de-
pcsits have decreased s., 10, 900. The net
result reduces the surplus 81, fs5. $50, bring
| ing the reserve holdings above the lsgal re-
| quirements down to 81, ,243. 800.