The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-08-15

New York, Aug. 14-Wall street has
again proven it is not entirely safe to
take it for granted that speculative
movements on the New York stock ex-
change are certain to be made upon
lines which public opinion might re-
gard as a logical sequence of crop
conditions As a matter of fact, the
street finds delight in furnishing sur
prises to its habitUes. from which no
profit ever accrues to the outsiders.
Last evening the share market closed
strong, and there was a buoyancy to
the little trading with a promise Of in
creased strength. The tariff bill had
been passed by both houses of the ma
tional legislatures on lines laid down
by the Senate, the bears were jubilant
and trust stocks in nad repute; the
crop reports were more favorable, rain
had fallen in the corn belt, the grang-
ers were being bought back by the SELL
ers Of a few days ago. The general sit
uation was improving; sterling eX-
change was easier and the flow of gold
was a bout to turn westward. These
We're the conditions which confronted
Wall street this morning, and as if to
give a still more rosy hue to the situa-
ton, the London market came in
strong. and there were good foreign
buying orders on the board at the
opening. 1t was expected that the first
prices made should be higher than
those of the night before, ana as a rule
they were. Some of the shorts were
urgent to cover and there was not a
little buying for the long account. The
amateurs. doubtless, believed a steady
and healthy appreciation in values had
set in. but the professional spectators,
the cliques Of insiders. Were not ready
yet to let the market go out of their
hands. and so the usual tactics We're
employed to check the upward move
ment, which has been in force.
The Sugar pool took a turn at ham,
mering their own shares. The Secre-
taTy Of the trust had given out a let
Ter he had written denying the com
pany had purchased SIP, 100000 worth
of raw sugar and putting their pur-
chases at only St2. 00,000 thereby cut
ting down the alleged prospective prof
its 10 a comparatively insignificant
sum. II was rUmOred. too that the
free sugar bill was dangerous. An
early advance of lie on the stock was
quickly wiped out and a break of Is
per cent. was engineered with interVen-
ing rallies, SO as to let holders of the
shares down easily. A big stop order
was caught on the way down, for which
very likely the clique was cunning. At
the lower figure there was good buying
and a recovery was made. the closing
prices being 3-S to ! "a below the clos
ing sale Of yesterday. Sugar preferred
lost 81.
The grangers opened higher. except
for Burlington. which was unchanged.
The ranges were fractional. EXCEPT in
st. Paul which was up IA. The whole
group took an early drop in common
with the rest of the market. the entire
list becoming unsettled and nuctuating
widely in many cases and with much
frequency The irregularitv continued
until the late afternoon. when a strong
tone was infused into the TRADING and
rallies We're made which wiped out the
early losses and in a majority of in
stances were recorded on the days
1ransa ctiOns.
The bond market was strong and ac-
tive all day and most of the issues
traded in largely.
Government bonds firm: state bonds
quiet: railroad bonds steady
Petroleum steady; PENNSYLVANIA oil
sales none; September option sales
none closed at so ID bid. Lima oil
sales none
The passage Of the tariff bill caused
a break in rates of sterling exchange.
Posted rates for bankers bills have
been reduced 1-201d. and concessions
Arbitrage houses are in the market as
sellers OF bilis drawn AGAINST purchases
of stocks here for London account. 1t
is not unlikely. therefore. that sterling
exchange will gradually decline to the
gold export point. and there will be a
return Of gold more speedily than has
been anticipated.
Money on call easy at l per cent.
Prime mercantile paper. 3G15 per CEN.
Sterling exchange was weak and
lower owing 10 the passage # the tar
ift bill and actual business in bankers
bills is done at S4S714 6D4.S7JS FOR de-
mand and $4S614 S615 for sixty DAYS
Posted rates S4.S71a64SS and S4S81I a
4.S9- Commercial bills. 81. $50 G4Se
Silver certificates at 64G65c. The total
sales of stocks were 1876. 1876 shares in
Guiding: Atchison, 1000; Sugar. III 300.
Burlington, $4,000: Chicago Gas. II 000,
pisdlling, $4,000; General Electric
4,500; National Lead. 100: Re9 ding
1000; Rock Island $500: ST. Paul. 40
600; South Railroad. 1900; Texas Paci-
1ic, $500; Western Union, $780,
NEW YORK GENERAL. MARKET.
New York, Aug a.
.HOPS-Dull; state common to choice
5G l0c; Pacific coast Sale.
MOOI.-Firm.