The Washington times. (Washington [D.C.]) 1901-1902, 1901-08-28
A CHECK TO THE ADVANCE.
Heavy Profit Taking Sales Bring
About a Reaction.
Uneasiness Over the Monetary Stu
alton Evident = ST. Paul still n
Leader of Acfi-ity-Jnited States
steel Issues Uufayorabiy Affected.

NEW YORK. Aug. 27.-After an ad-
vance in prices extending over more than
n weeks time IL was not unnatural that
proft-taking sales should today have at
tanned a volume that was sufficient TO
check the advance in prices and further
to lead to a material reaction.
The disposition to take profits was very
pronounced in Yesterdays market. and
today the process was continued. Super
ficially, there was little news and no
fresh developments of consequence which
could he cited in connection with the re-
versal of tone shown in the trading. The
renewal of the friction between France
and Turkey attracted some little atten-
tion, and some uneasincss was apparent
also in regard to the monetary situation.
Since Friday last the banks have lost
to the Sub-Treasurv alone. in their deal
ings with that institution, over s., 009 600,
and there is no relief in sight in this
respect up to the interest disbursements
Of the first of the month Notwithstand-
ing, however, the withdrawal OF this sum
from the open market money rates were
somewhat easier today for ali periods.
There was no alteration in the conditions
prevailing in sterling exchange. and the
cay S returns of railway traffic continued
encouraging. The grain market was
somewhat irnler, but no disturbing in
formation respecting the weather condi-
tons in the Western States was received
Some disappointment was evident at the
absence of any combinations of the ru-
mors current late yesterday afternoon
that an early settlement of the steel strike
could be counted on. As was the case
yesterday, the market was best under
stood through being considered along
strictly technical lines. No matter how
favorable the conditions bearing upon the
market may be, and notwithstanding the
absence of any developments calculated
to. disturb confidence. it is seldom that
prices advance so urinterruptedly as they
have done since last Monday week, and a
reaction was virtually involved in the sim
pie technical aspects of the trading
London furnished a generally higher
range of prices for American stocks and
on balance was buyer of a fair amount
of securities here, its purchases being
largest on Louisville and Nashville and
The anthracite coal issues.
speculative interest continued expressed
chiefly in the railway list. As has been
the case for a number of days, the move
ments in st. Paul were remarkably err
ratio. The stock, indeed, covered an ex-
traordinarily wide range of quotations
and the trading seemed to be again based
altogether upon the varying notions as to
the rate of dividend to be declared on
September Il. The bulk of opinion at the
moment seems to be that the regular
per cent semi-annual VIII be declared and
in addition l per cent extra.
Other conspicuous TEXTURES of the rail-
way list were PENNSYLVANIA, Louisville
and Nashville, St Louis and San Fran
cisco, Union Pacific, and Southern Pa
CHIC, but the movements in all these in
stances were decidedly cratic. The an
thracite coal stocks We're all unfavorably
influenced by the uncertainty as to the
upshot of todays convention of United
Mine Workers at Hazleton. Pa. The deal
ings in Southern Pacific were particularly
heavy, and while the stock participated
eral market, 1t showed a remarkably
strong undertone. There seemed to be
disposition to revise recently expressed
opinions that no dividend will be declar-
ed upon the stock for another twelve
MONTHS
Among the lower-priced stocks. Texas
and Pacific was conspicuously firm. az was
Railway issues were well supported.
Little was done among the local traction
issues, except in Brooklyn Rapid Tran
sit, which was weaker on the expectation
of poor traffic returns. The so-cailed
specialties moved pretty much in line
with the general market, particular pres
sure appearing in Amalgamated Copper.
Pacific Mail was strcng in the early deal
ings, but ii subsequently reacted along
with the general market. The United
States Steel issues We're unfavorably in
fuenced by the absence of definite infor-
nation as to the .rumored negotiations
for the settlement of the strike and there
was little activity elsewhere in the indus
trial quarter of the market.