The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-08-05

NEW YORK, Aug. 4.-The failure of
Moore Bros. of Chicago was q complete
surprise to Wall street, and was at
first assumed to include the collapse
of the Diamond Match company of
Chicago and the New York Biscuit
company, which had been promoted by
the firm. The sensational character of
the failure and the unusual step taken
of closing the Chicago stock exchange
pending a. reimbursement, led the finan-
cial community at large to accept the
most startling disclosures. 1t was
feared that tine New York banks might
be involved as holders of collateral
and that also wholesale liquidation in
the grangers and other shares might
result
Lower London cables previous to the
opening also created an unfavorable
impression
Accordingly there was a rush to sell
at the sound of the gong, and during
the first fifteen. minutes the market
was demoralized under liquidation, bear
offerings and sales for foreign account.
The situation was aggravated by eX-
pectations of a sharp advance in rates
for money and commercial paper.
III LIE TINE S3SC4llSQ QeCllIl2S were
scored all along the line with the gran
gers. the favo-ice objects of the at
tack. The selling pressure aibated la
ter, and sharp rallies occurred on a
clearer understanding of the situation.
Leading bankers were heard from to
the effect that the New York institu-
tons were not involved. Chicago dis
patches were received reporting that
measures had been taken to support
11a Of az +al
pany and quoted prominent capitalists
as saying that the trouble would be
over within a. comp aratively short time.
Nevertheless it wa 5 learned later that
the New York banks had called loans
in order to send money TO Chicago. The
result OF this action, although the fact
that it had been taken did not become
public, was tlae withdrawal of offers
of short fund.- and the making UP of
rates to 6 per cent for ali periods Call
money was advanced to 80 per cent
as the maximum figures with the bulk
of the transactions. however, at 215@3
per cent A stifiening in commercial
paper rates also took place, lower quo
tations than 615 per cent for prime pa
per being the exception. The market
became extremely dull at the recovery.
owing TO the continued depressing eff
feet of the railroad rate disturbances,
disappointing traffic returns and ex-
pectationS of poor exhibits vet to be
published AS the day progressed. frac-
tional variations either way occurred,
frequently as a result of trading oper-
atoms. A further rise in actual and
posted rates of sterling exchange failed
to create q. ripple The rallies had ex-
tended TO 2ss in Burlington. Around 1
o'clock the ADVANCE was checked and
under light offerings by the bears, to-
gether with realizing sales. prices re-
acted to near the initial low figure The
closing was Irregular at net declines of
162 per cent in the leading shares.
The railway bond market was dull
with a saqgIng tendency. The sales
were S47S, 900.
Government bonds were dull. but
lower. on sales of $4,000
cents.
Money on call firmer at 2G3 per cent;
last toans. .; closed, ?.
Prime mercantile paper. 615671k per
cent
Sterling exchange strong with act
ual business in bankers bills at 1880
1891 for demand and 4.SS04SSA for
so DAYS: posted rates. fSS1504S9, and
1891 @4.9O-
Commercial bills. 4.S91a.
Silver certificates. 6S3z 869.
The ton al sales. of stocks today were
1q5. 900 shares, including: American To-
bacco. $500; American Sugar. As. 600:
Burlington, $500; Chicago Gas. IL, 100;
l. & N. $500; Manhattan, 7oGO: North
western, AGO; Rock Island, $500; St.
Paul, Al, 700.