The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1883-08-16
The Wall Street Excitement.

! New York. l5.-GoVernments
| firm. Railways steady.
fhe brokers who live out to-day,
as most brokers do this time of the
year, took the early train to the
city this morning and Wall street
was alive long before the usual hour
for beginning business. In the
Windsor Hotel this evening there
was talk about another serious
break in the market this morning.
Such rum0rs made the brok, rs any =
ious to be on the spot to look after
their own and their customers
interests. Hundreds of Wall
street men who were away on the
recreation, were summoned back by
telegraph last evening, and at 10
O'Clock this morning, the neighbOr-
hood Of tho Stock Exchange pre-
8ented a strange appearance for the
middle of August. There were
groups Of Well-known brokers in
every Office, and the messenger boys
were actually running before BUSH
ness began on the floor of the Stock
Exchange. The visitors galleries
were crowded with persons who
came to see the wild scene and were
disappointed.
There was apparently a restora-
ton of confidence TO a very consid-
cradle extent in the stock market in
the forenoon; the disquieting ru-
mers circulated last night all proved
! without foundation. The market
opened a to l higher; the latter
Canada Southern, and continued
alternately strong and steady
throughout the forenoon. The net
result of the trading up to II 80 was
an advance of Is to 338 on the gen
eral list Of active stocks over the
closing last night, the largest eX-
IRENE advances being Oregon &
Trans Continental, 4 per cent;
| Northern. Pacific, 258, on both com
mon and preferred; Erie. 235; Cen
trail Pacific, "a; Burlington &
Quincy, 2; WABASH, IL to "a
Unien Pacific and Jersey City, / % ;
Texas Pacific, each 1. From these
extreme advances there was a re-
action of from 4 to per cent, about
noon, but this reaction was again
partly recovered by y 80 p. M,
leaving the net advances for the
forenoon only little below the ex-
treme advances above stated. At
one time, about the opening, the
Western Union was weak and
declined ~ from last night,
closing price to 7215, but afterward
advanced to 74]s and AK. This ad-
vance of the forenoon was made in
the face of heavy sales, operators
buying yesterday finding the temp
tation to realize too strong to resist.
The buoyancy in prices was con-
sidered all the more remarkable on
this account. The weakness of
Western Union was attributed to the
operators strike and consequent loss
of business, together with prospect
i've competition in the Work OF
telegraphy.
The total sales up to 1890 were
about $4,000 shares. After u 80
the market was at the first very
strong, and there was further adj
vance of Il to l per cent, the latter
Northern Pacific, common and pre-
ferred, to9 "a and S24; but after /
o'clock the announcement of the
failure of E. G. Steedman & Co.
there was q reaction Of Ato 15s per
cent, the latter on Oregon and
Transcontinental. 635s. Northern
Pacific also lost its entire advance of
2 per cent. The decline of other
stocks was 4 to IS, the latter North
Pacific preferred to S13s; Union
Pacific to 8S2l; on New \ ork Cen
trial 1154. The last hour the
market was generally at decline,
being d to 1ss per cent; the latter
Western Union to 1873, with frac-
tional declines on the remainder of
the list. In the final dealings the
market was strong, and there
was a general advance more than
recovering the decline and marking
the highest point of the day. The
result of the days business was
general advance over the closing
prices of last night, ranging from u
to 81, the latter on Oregon and
Transcontinental, with pa On
Northern Pacific common and On
preferred. Burlington and Quincy
III; Canada Southern, u; Central
Pacific. "a; Lackawanna, /.
London was free buyer in our
market to-day. and st. Paul, Lake
Shore, New York Central, Denver,
Erie and Wabash preferred were
taken for that account.
The Eoe7ltng Post says: The gen
eral sentiment is one of confidence
and that there has been a liquida-
ton which will do no harm, and
that while the market may be few
erish and unsteady for some time
to come, the general tendency of
prices will be steadily upwards for
all stocks representing anything of
intrinsic value.