The herald., 1897-08-14
ON CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK, Aug. 13.-Quite a number
of factors combined today to exercise a
rather depressing influence of values on
the stock exchange. There also were other
incidents which, while not calculated to
have any effect on intrinsic values, served
to put damper upon the speculative ardor
which has become rampant in all the
street. The tone of weakness and hesi-
fancy in the wheat market on account of
lower prices abroad and a diminished ex-
port demand were most keenly felt in the
market. The grain carrying roads. of
course, showed the most sympathy with
the wheat market, being most Immediately
affected. But every department of the
market was more or less influenced on the
ground that the return of general pros
perity will be more greatly helped by prices
to the farmer for his crops than by any
one thing. Besides this very important in
huence towards halt in the rise of prices,
the more substantial and solid element of
speculative buyers looked decidedly
askance at the speculation which broke
out yesterday and today in what the street
aptly terms "cats and dogs" meaning dis
carded odds and ends of stocks and Sc
curties which no longer represent any
thing of any appreciable value in the
whole world. There was more or less
movement in this class of stocks, as was
the case yesterday but advances were by
no means effected as yesterday. Even the
recognized bull operators discouraged the
movement in this department of the mar
ket, 1t being an accepted maxim that activ-
ity in 1t presages the elimination of a bull
movement and subsequent reaction. This
consideration combined to induce some
large selling to realize on many of the
stocks which lead in the speculation The
only aggressive strength displayed during
the day was by some of the great Industrial
IL.
neglected, Sugar being the most notable
example. These succumbed with the rest
of the list to the downward tendency be-
fore the day was over. No little effect
was produced on the market by the heavi-
ness in Northern Pacific preferred which
has recently been prominent for strength.
The liquidation which set in in this stock
yesterday on the announcement of the new
presidency continued today. Friends of
the property called it profit taking. The
stock sold down 1S4 and lost IA net Union
Pacific. which continued quite active, re-
ceded at one time 1ss, but partly recovered.
The extreme decline reached near or over
a point in a large number of active stocks.
A fairly strong tone permeated the bond
speculation during the greater part of the
day. but in the late dealings the marked
depression in the stock market exerted an
unsettling effect upon the speculative is
sues generally. The aggregate sales were
81 S25, COO. Governments displayed a sag
ging tendency on moderate trading.
Wheat values today tumbled cents from
last nights close and cents from yester-
days high point of 9Oa4 cents for Septem-
ber. The decline was attended by heavy
unloading of long wheat. 1t piled into the
market from all quarters, influenced by
weakness abroad particularly at Paris,
where flour prices broke IS points from last
night. The best traders here were pre-
pared for the decline, but the rank and
file of bulls opposed 1t vigorously and even
succeeded in forcing September at the
opening up to 80 cents. 1t was useless.
however, for with unsatisfactory news
from abroad and loss of bull leaders at
Chicago. prices declined ana the weakness
continued with few reactions, right up