The daily morning journal and courier., 1898-08-19
EtnamCIal.
The Stock Market.

New York, Aug. 1S.-The reaction in the prices of stocks which has been looked for for several days came in the late trading to-day. The professional traders have been eagerly anticipating this action of the market and have sev- eral times sought to bring 1t about by attacking stocks with short sales. They were having fair success yesterday when the announcement of the increase in the Burlington dividend put them to rout. The subsequent upward surge of the market served to make it all the more vulnerable to bear attack, and they opened their guns this morning with an onslaught on Tobacco, Peoples Gas and Brooklyn Rapid Transit. AL though this assault came with very heavy realizing offerings in the gran gers and Pacifics and some other recent favorites, the outside demand for stocks was so enormous. as to take the market away from the professionals and lift prices upwards in furiously active and very widely distributed trading But there came time later in the day when the outside demand was, for the time, satisfied and when the recent purchas- CTS of stocks were still anxious to take the handsome profits accrued upon them.
 The bears kept nibbling at the list and made an aggressive attack in the last hour which carried prices down suffi- ciently to wipe out weak margins and bring out stop-loss orders. The group of low-priced railroad stocks and indus trial specialties into which the tide of speculation shifted this morning had not sufficient strength to hold the mar ket in face of this liquidation although they held stubbornly through most of it. Some of them finally succumbed with the rest of the list, which fell gen. erally below last nights level. The bull clique apparently offered no resistance to the decline, but support was forth coming before it had proceeded to any great length.
 The activity of the market greatly decreased and the volume of business was materially smaller than yesterday. It is striking evidence of how far the New York market has cut loose from the leadership of London that to-days S decline came when London for the first time practically ceased to sell stocks in New York and turned buyer of many of the leading internationals. Sterling exchange weakened in response to this development. Money rates continue easy and unchanged, but there is growing demand for funds from the in- terior. AS gold is unsuitable for this purpose and there is almost famine of legal tenders, there is lively de- mand for the new government per cents. for circulation. This bond com- manded 10512 on the stock exchange to- day which is one-quarter above the previous high level.
 The treasury statement shows an ac- tual decline in the government depos- it's in national banks, notwithstanding the continued losses of New York banks to the sub-treasury for payment of bond subscriptions. The explanation seems to be that the banks prefer to use the new bonds for circulation in the form of bank notes to meet the interior de- mand rather than as security for gov ernment deposits which would keep only additional gold in the money market. Shipments of the new bonds are being made all too slow to meet the desires of banks, with the newly developed re- quirements for currency to move the crops.
 There was a good market for railroad bonds to-day and slightly yielding tendency to prices in the late dealings. The total sales aggregated 3,55O, 900.
 Bid prices for government bonds were unchanged except for the threes, when issued, which advanced A.
 NEU fORE STOCK MIRhET.