The age-herald., 1898-08-28
Tn w all Street.

New York, August 27.-The bears mani- fested considerable confidence that a reac- tion in the prices of stock was due today and they sold at the opening advance and carried prices at one time materially be- low last nights close. They had on their side disposition by many holders to take profits. But the demand was so consider able as to absorb all offerings at the de- cline and the bears were forced to cover quite heavily, lifting prices sharply above the lowest in many cases of last night. The drop in Sugar at the opening was an un- settling factor, and a determined drawback In Peoples Gas knocked off 11a in the price of that stock. It was evident also that there was an abundant supply of stock of the grangers and of Northern Pacific to be had on any considerable advance in prices. The opening high prices were partly manip- ulated for purposes of realizing prices of Americans having been advanced in Lon don by cable orders from New York. A number of prominent stocks showed vigor- ous resistance to the declining market and were potent factors in effecting the rally Most conspicuous of these were the Union Pacifics. The common rose 1ss on the open ing demand and sold down nearly point on the reaction. The recovery carried it up an extreme 1s The preferred stock was firm above last nights figures. Denver and Rio Grande preferred showed continued strength, as did Southern Railway prefer red. Erie first preferred Norfolk and Vest ern preferred and the Wabash secuieites The heavy decrease in surplus reserve or the banks was an unSettltng influence Ill the closing was somewhat irregular, some stocks showing effects of renewed buying, while others suffered from continued proht taking.
 Railroad bonds were active today and closed rather fevrish at reactions III the speculative issues.
 The stock market has gone through an extensive process of liquidation of profits during the week and has demonstrated such firm basis of unvaryfng strength as to have encouraged the re-entry into stocks of. many of the influential financial inter ests who had sold out to the public after having manipulated the rise to the ex- treme point they considered possible. But the weeks events showed that other out side spectators were waiting to take stocks at any marked recession in prices It is also shown that the profit-taking had resulted in the actual digestion of large amounts of dividend-paying stocks and bonds and the consequent reduction or the floating supply in the market. The active return in the dividends makes these at tractive investments while money cont1n- ues cheap.
 Today's bank statement shows that the amount of the increase in loans has been more than withdrawn from deposit limit It has, in fact, been diverted to the United States treasury and there have not been sufficient government bonds available TOT banks to offer security to maintain gov ernment money on deposits. The result Is a loss of cash amounting to $9,95OS0O, al- though New York banks have had net re- cepts in the interior currency movement during the week. The consequence Is a decline in the surplus of $7, ,495, ,950 even after a reduction in reserve requirements or S1 950 If the demand from the interior for moving crops should rise to normal proportions, surplus reserves would nave to be promptly replenished from some source. There is, however, a likelihood that in terior demand will prove lighter than usual, owing to abundant interior reserves. The fall in sterling exchange makes it evident also that the money market would find relief in gold imports without necessitat- ing any great contraction of credit.
 United States 2s have advanced l, the old As registered have declined F. the new As A, and the 3's, when issued, $ in the bid price,
 Total sales today, 2S7,9OO shares including 9.6S6 Atchison preferred; 5,S12 Burlington; 489O Louisville and Nashville; 6,350 Man preferred 29745 Union Pacific; 12964 St. Paul; s,625 Southern preferred 27.35O Union Pacific preferred; 9345 Wabash preferred; 15,47S Peoples Gas; 34,79O Sugar.
 Money on call firm, 21s per cent; last lean per cent.
 Prime mercantile paper, 3%G4A per cent.
 Sterling exchange steady; actual business in bankers bills, $4.S5@$4.s5B for demand, and s4S21k@$4S3 for sixty days.
 Posted rates,, s4.S41s and $i.S6.
 Commercial bills, $4S2%.
 Silver certificates, 591s@61.
 Rar silver 60.