The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-02-29
WALL STREET.

New York, Feb. 28.-The volume of bust
ness in stocks today about doubled Thurs
days record, the total footing up 10000
shares as against 212, 600 yesterday. De-
cided weakness characterized the trading
during the greater part of the day and at
times the market took on a ragged APP
peardnce. Wholesale liquidation Was
noted and there was also vigorous pound
ing by the old time bear leading and his
following. The selling movement receiy-
ed its chief original impetus from Wash
lngton and leading houses having WIRE
connections with that city threw over
large lots on the leading Broadway com
mission houses, putting out 10000 TO 10000
shares of stocks for both accounts, IN
GLIDING Sugar, st. Paul, Chicago Gas and
Tennessee Coal. The first mentioned
stock figuring for nearly one-quarter of
The large aggregate OF transactions ana
scored a decline on the day OF 69s per
cent. The extreme decline was per cent
and the closing showing loss as COM
pared with yesterdays final figures of "a
per cent. The greater part OF the seiling
was for account of the inside pool which
has for several weeks past been active
in advancing the stock. The only at
tempted explanation for the slump was
that large interests were apprehenslVe
or possible disturbance of the market IN
the event of the expected heavy vote in
the senate in favor of the recognition OIL
the belligerency and independence OF
Cuba. Nevertheless. shrewd observers
have for several days past regarded the
market as toppy, believing that stocks
had passed into weak hands.
The market opened strong ana hlgner
in sympathy with advancing London quo
tations and by liberal foreign purc5as-
ing. The gains at the outset extended TO
IA in the active list. The upward move
ment soon eliminated and depression sue
ceeded and continued without interruption
The Northern Pacific shares, common ana
preferred, made display of strength at
one time in marked contrast to the other
market and rose La per cent, respect
lively on the unfounded assumption that
a reorganization had been officially form
ed and even underwritten. The selling
movement was in full force in the more
prominent shares around 2:S0. among I'M
portant losses were Pacific Mail rs;
Kansas & Texas preferred, 2ls and North
west, IA per cent.
brisk covering movement occurred
about 5:45' in which recoveries were made
of Us per cent. in Leather preferred; Su-
gar, rs; Pacific Mail. l per cent. The
market closed strong in tone but with
heavy net losses in many shares: The
market for every kind of bonds eXh1blted
an improving tendency in the early ses-
sion and under the leadership of North
ern Pacific were helped by rumors noted
elsewhere. The gains averaged about
per cent. Late in the day the market
was somewhat affected by the depression
in stocks. The dealings were $1,1S6,0OO
Government bonds also displayed sag
ging tendency and sales of $1,000 at slight
were made.
Money on call easy, 3q314 per cent; last
Prime mercantile paper, 51ld6lA per
cent.
Sterling exchange steady with actual
business in bankers bills at 4.S7s4G4.SS for
demand and 4S612G4S6a4 for sixty days
Posted rates, 4S71a and 4SS14G4.S9. Com
mercial bills, 4.S5%.
Bar silver 6S.
Silver certificates, 6SAd6S9s