The times., 1898-08-13

prOntS ana sell out. Talks with several
of the most careful observers among the
brokers indicate that a reaction is con-
sidered probable today. This shaking
out will not do the market any harm
however, in the opinion of brokers.
Yesterdays market was inconclusive
and unimportan as an evidence of what
is 10 come. It reflected the waiting of
the street with the remainder of the
world, for the actual signing of the pro-
tocol, so that there could bo no slip pos
sible. There was some profit taking on
the almost certainty of the situation, and
this caused declines in some stocks. 9th
erwise there was very little change in
prices. New York is curious about the
Philippine solution. The question of per-
manent possession, as involving great
national asset, is likely 10 have consider
able effect upon future values.
The weakness OF Manhattan was an ex-
ception TO the general tone of the day.
There was aggressive selling of the stock
and the price fell nearly two points. This
bearishness on Manhattan has been man
ifest for several days. The competition
| at present and prospective. of the Metro
politan Traction is believed to be the
| cause of the weakness, though there is
feeling also that there may be manipu-
lation on foot There is much comment
on the possible effect of the return of
Mr.. Gould on the fortunes of Manhattan
Northern Pacific common continued tC
be active and much desired. This stock
has been as strong as Manhattan is weak
The reason is equally good The earn
ings of the road have been excellent anC
| there is every prospect that they will con
| tinue. There was talk yesterday, as /
was suggested there would be, of a div
| idend but opinions differ as to whethel
| any dividend will be declared for some
| time to come. There is a surplus pilinl
! up, however, which is regarded as almos
as good an argument for advancing prices
| as the prospect of an immediate division
The grangers were sold quite freely al
a result of their recent advance and th'
| good opportunity TO take profits. 1t il
| noticeable, however, that the investing
class is not selling the grangers out. Thi
| would seem to indicate an expectancy o
| higher quotations.
The Rubber issues and Sugar were IL
| demand yesterday and there was an ad
vance of point or more in Rubber and
| net advance of 5-S in Sugar. Speculativ
interest in the stocks of the Rubber com
| pany is still marked.
Bradstreet's today will say, in its re
| view of the state of trade:
Changes in general trade and bushes
! have been very generally toward furthe
Improvement. Notable in this respect ha
| been the iron and steel trade, which ha
| passed from the stage of promise to tha
| of fufllment of increased demand ant
marked advances in values. From all tn
! leading iron centers East and West com
reports of more or less improvement II
| tone. demand or prices, especially prom
| inent in the latter particular being stee
billets with an advance of 81 per ton, an
steel rails, with advances ranging from
25 cents TO 81, and sympathetic advance
| are likewise noted in Eastern pig iror
wrought iron pipe, steel beams and othe
| structural material and steel plates.
Further encouraging features hav
| been the accentuated demand on foreig