The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1898-08-28
1875
1000
1850
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10000
ON CHANGE
Conditions as Shown by transactions
on Wall Street

NEW YORK, Aug. 27.-The bears mani
tested considerable confidence that reac-
and they sold at the opening advance and
carried prices at one time materially below
last nights close. They had on their side
disposition, by many holders to take pro
fits, but the demand was so considerable as
to absorb all offerings at the decline, and
the bears were forced to cover quite heav-
lily. lifting prices sharply above the low
est level and in many cases above last
nights closing. The drop in Sugar at the
opening was an unsetting factor and de-
termined drive against Peoples Gas finally
knocked off 11s from the price of that stock.
1t was evident also that there was an abund-
ant supply Of stocks of the grangers and of
Northern Pacific to be had on any consider
were partly manipulated for purposes of
realizing, prices of Americans having been
advanced In London by cabled orders from
New York. A number of prominent stocks
showed vigorous resistance to the declining
market, and were potent factors In eifecting
the rally. Most conspicuous of these were
the up nd sod dane ne p pose M
the reaction. The recovery carried 1t up an
extreme of 1N. The preferred stock was
firm above last nights figures. Denver and
strength, as did Southen Railway preferred
Erie first preferred, Norfolk and Western
preferred and the Wabash securities. The
banks was an unsettling influence in the
late trading. The closing was somewhat
irregular, some stocks showing the effects
Of renewed buying, while others suffered
from continued profit taking.
Railway bonds were active today and
closed rather feversh at reactions In the
speculative issues. The stock market has
gone through an extensive process of liQui
datton Of profits during the week and has
demonstrated such firm basis of underly-
ing strength as to have encouraged the re-
entry into stocks of many of the influential
financial interests which had sold out to
the public after having manipulated the
rise to the extreme point they considered
possible. But the weeks events have
shown that outside spectators were wait
In prices. 1t also showed that the profit
taking had resulted In the actual digestion
Of larger amounts of dividend paying stocks
and bonds and the consequent reduction of
the floating supply in the market
The actual returns In interest and divi-
while money continues cheap. Today's bank
statement shows that the amount Of the in
crease In loans has been more than with
drawn from the deposit account. 1t has, in
fact, been diverted to the United Statesy
treasury, and there have not been sufficient
to offer security to maintain the govern
ment money on deposit. The result Is loss
Of cash amounting to 1850, 800, although
New York banks have had net receipts In
the interior currency movement during the
week. The consequence is decline in the
interior for moving the crops should rise
to normal proportions, surplus reserves
would have to be promptly replenished from
some source.
United States seconds have advanced
per cent, the old fours, registered, have de-
and the threes, when issued, v per cent in
the bid prices. .'t.D.