The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-07-16

NEW YORK, July i5.-The volume of
business in stocks today was consid-
erably larger than for some time past,
and the movement of prices was almost
uninterruptedly downward At times
the market presented a rather ragged
appearance, and material declines were
numerous ranging between and I
per cent The trading was unusually
well distributed, with the main pres
sure against the industrials and grang-
ers. Some of the more extreme losses
occurred, however, in the unusually
active stocks and on nominal deal
ingS. At intervals heavy blocks OF the
leading active shares changed hands.
The slump in value was due to aggreS-
sive bear raiding and to liquidation
by tired holders. The advocates of
DOVER prices made effective use OF
lower London quotations for American
securities, the reported severe 1ndlspo-
sition of the head of the Vanderbilt
family, engag ements of gold for export
tomorrow aggregating $500, 0e0, and
further advances in foreign. exchange
rates. Another sharp break in United
States government new tours eXerted
a decidedly depressing influence on the
general market. Actual rates for Ster-
ling were advanced &c. to 1874 and
4.SSs4, and cables worked close TO 4-S9-
Some leading dealers also advanced
posted quotations TO 1852 and 4.S912.
The strength of the market was cred
tied to the disturbing rumors of gold
boarding and to apprehension regard
ing the decreasing gold reserve OF the
United States treasury. The gold with
draWals eXerted the greater unfavorable
a a dement's
nounced shortly after some of the lead
ing gold shipping houses had publicly
expressed doubts as to shipments The
break of IL per cent brought the new
government tours down to liz, the
lowest price recorded for the bonds
since their issue. A factor in the gen
eraI decline in the stock exchange mar
kets in addition to the influences not
ed, was the liquidation of securities
held in loans. Ir this connection rumors
were current of heavy blocks of sugar
stock in loans with various financial
institutions. At the extreme low points
some inside buying was noted, and also
purchases for short account, but they
failed to create ripple.
The semi demoralizatio in stocks
Sympatnelicany affected the railroad
and miscellaneous bond market, and
material losses were recorded in many
instances. The Vanderbilt stocks were
especially depressed The closing was
weak at the lowest point and at de
clines ranging from l 10 z per cent.
The market for railway and miscel-
laneous bonds was weak on increased
dealings, and declines scored ranging
from l TO 3l2 per cent in the active is
sues. More material losses occurred
in the usually Inactive mortgages.
Among the more important declines
were: Atcbison adjustment fours, S1a:
Atchis0n general tours, "a; Northern
Pacific thirds, 3; Northern Pacific con-
sui fives, 3l2; Northern Pacific collat-
eral trust notes, i; oregon Short Line
union consuls trust receipts, 312. The
sales We're 81, 415,S00
Government bonds We're active and
weak. The new tours declined an eX-
IRENE IA and the old tours and five
per cent bonds A@12 per cent. The
dealings were 1886, 900. In silver certifi-
Gates, $4,000 changed hands at 6S24 G69.
Money on call firmer at 1908 per
cent; last loan. ,; closed, 2 per cent.
Prime mercantile paper, 4Q5h per
cent.
Sterling exchange firm, with actual
business in bankers bills at 4SSl5@
4.SS$4 for demand and 4.S715@4S734 for
sixty days.
Posted rates, 4SSQ4SS1a and 1890
4S912
silver certificates. 6Ss4 @6s.