The herald., 1897-08-27
ON CHANGE
What Was Done Yesterday on Wall
Street


about todays stock market was the alb
serce of any large offerings to sell. A
sharp rise of prices at the opening of the
market was ON a very moderate volume of
purchases. The buying demand fell off
almost Immediately, but prices receded
very slightly and held firmly in the face
of an almost stagnant demand. The big
buyers were practically out of the market,
and even the small demand showed few
stocks forthcoming, so that prices moved
easily in either direction. Even with the
condition so inviting to manipulation, the
market was apparently neglected by all
interests. and many stocks which have
| been active in the recent trading did not
move at all during the entire day. The
| total sales, 220, 900 shares, is the low record
for several months past. Much more ami
nation was manifested in the bond mar
ket and prices there were strong exercis-
ing sustaining influence on stocks. The
quietness which has fallen upon the stock
market is due to a somewhat unsettled con-
viction as to the safety and final dimen-
sions of the corn crop. The mercurial con-
dition of the grain markets has aroused
a condition of doubt in the minds of stock
traders, and they are waiting for more
| fixed conditions before putting further
money on large scale into stocks. The
strength of Individual stocks helped to sus-
tain the market which was in that respect
almost repetition of yesterdays. The
buying at the close, which was most prom-
nent in the grangers, carried the market
to the highest level of the day. The sales
for the day for London account were esti-
mated at 1900 shares. Net gains of a
sharp fraction were all through the list
to the close. The railroad bond market
was active, speculative issues at higher
prices. Government bonds sold a fraction
higher. The total sales Of bonds were
So, PIP 900.
| NH
| cles today was the foreign market. The
ring was surrounded from start to finish
| by a large crowd of brokers, most of whom
were bulls and had buying orders which
ran the total days business up to $50 900
bushels A tip had been given out that
corn was good for a big rise in the next
few weeks and the investment buying on
this and other influences was feature of
the day. Many of the biggest operators are
now in corn. Word came from Chicago
that the corn ring there would not hold the
crowd Of traders who were trying to
execute orders. The country is interested
| in the predicted boom and bought freely
today. When wheat sold off in the after
noon corn broke loose from it's higher
priced companion and had little bulge on
| its own hook. Crop news is Enthusiastically
gloomy. The frost season Is near at hand.
and from all accounts the grain is so far
behind its average growth at this time of
the year that even with the most favor
able weather from now on, it will enter the
danger period at a disadvantage. The
days news was exceptionally bullish. Ne
braska and Kansas complained of drought;
Iowa has suffered from cool weather, and
wired that frost earlier than September
10th would do immense damage. The Price
Current filled out the list by predicting that
the crop is likely to be somewhat short of
the years probable distribution. First
prices today on September were S5%,
against 345s last night. The level then
shifted to 351s. and after reaching $685. in
the afternoon, closed firm at 36, or 1A@D1%
higher than last night. Gables were
stronger. The wheat market had rather a
wild opening. but cooled off in half an hour
and was without important development
for the balance of the day. An early scare
among September shorts furnished about
the only sensational features. The violent
gyrations in that option around the OPEN
ing affected the whole list. 1t opened strong
at 102. flared up to 1.03A with scarcely a
breathing spell, and then drifted for the
remainder of the day, touching 1O17s at
the close. Sales were 1886, 900 bushels De-
cember closed at so. after having sold at
1.OOh earlier in the day. AS compared with
last night. the day closed with a net ad-
vance of 1sG1A per bushel The export
trade was disappointing, only a few loads
being reported. On the curb further pres
sure was brought to bear on the market
and December broke to 97z.