The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-06-28

NEW YORK, June 27.-The stock
market today developed pronounced
weakness under a renewal of liquida-
ton and heavy short offerings. There
appeared to be a widespread dfstribu-
ton of stop orders, and in the street
generally a degree Of nervous tension
prevailed that was not satisfactorily
explained as due to specific reports or
rumors. prominent operator, who
is generally identified with efforts on
the bull side of the market, was today
considered mainly responsible for the
attacks on several of the leading rail-
way properties. One factor in the de-
preston was the gratuitous assump-
ton of some of the bear traders that
the traffic returns Of a number Of the
leading properties to be submitted next
week viii be unfavora bic. The market
was Indifferent to Improvement in
London prices of American securities
based on the more assuring return in
the Venezuela controversy and the
more important concessions in the
railway list were scored in the inter
national stocks. The bear contingent
redoubled its efforts on the attempts
to unload Long stocks. The first APP
pearance of weakness occurred in the
industrial shares with Sugar the main
point of attack The market as g,
whole appeared to be unsupported and
yielded readily to pressure Dealings
in Sugar were on a smaller scale than
recently. but a decline of rs per cent
occurred. Pacific Mail lost ia per cent.
The market closed weak at about the
lowest points generally, although in a
few instances sharp fractional rallies
from the extreme declines were noted.
In the weeks operations there was
decided irregularity of movement with,
however, a dropping tendency we'll
defined. The predominant factor was
the SILVER agitation. The industrials
were the leaders of the speculate
with Sugar in the foremost position in
point of activity and extent of fluc-
tuations, The ostensible cause OF the
slump IA this speciality was the col
lapse OF over extended speculation in
the product of European dealers. This
condition resulted in a break of i'm
portance in domestic sugars. Heavy
lines of long stock were thrown on the
market by insiders, who usually are
not satisfied with a narrow range after
changing their market position. 1t
would not be surprising. however. in
any event, if the shorts were compelled
TO cover their lines. The extreme
decline was 81 per cent to 113; suhse-
quently a. recovery in the foreign pro-
duct and a renewal of inside support
caused a rally to 116A. From that
figure fresh liquidation effected a recess
sion TO within a fraction of the lowest
point The movement in the stock APP
peared TO dominate the course of the
speculation in the general market.
Liquidation was pretty general and
material losses were scored despite oc
caSional purchases for foreign account.
The grangers and southwesternS were
the greatest sufferers and closed with
the week about the lowest points. The
market was decidedly nervous through
out. The aggregate sales Were 1,203,-
S39 shares
The bond market today held fairly
steady until near the close, when
values yielded in sympathy with the
heaviness of the stock market. The
sales were $3.50, 600.
The weeks trading displayed irregu-
iarity. with prices tending toward a
lower level There were few features
OF interest aside from acute weakness
in a few issues, which were depressed
by specific causes. Oregon Improve
ment firsts fell off AZ to 631e, mainly
on the opposition to the reorganization
plan. The tranSa ctions We're SIS, 500, 000
Silver certificates were prominent in
the weeks dealings and rose III per
cent to 20 with subsequent reaction
to 691z. The animation was largely
attributed to speculative purchases.
The dealings were 81, 366, 000
Governments were quiet, with an
easier tendency. especially to the new
fours, which yielded per cent n 11ef'i
Money on call. steady at . per cent,
last loan per cent, closed 2 per cent.
Prime mercantile paper, 4@51s.
Sterling exchange steady, with actual
business in bankers bills at 4SS04. sSIz
for demand. and 4.S7@4S714 Tor sixty
DAYS.
Posted rates. 4S094SS1s and 4.Ssa
4S915.
Commercial hills se1k