The herald., 1897-08-13
ON CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK. Aug. 12-The volume of
trading on the stock exchange came near
the hiSh-water mark of last Monday, the
transactions footing up $4,000 shares, as
compared with $4,000 shares on Monday.
1t was rampant bull market all through,
and the most striking feature of it was
the assured touch with which number
of long-buried and almost forgotten stocks
were brought out to the light of day and
very noticeable degree of animation in
stalled into them. The opening showed the
lively speculation in Union Pacific stiIl
unabated, with no specia lnews to account
for it. The price jumped to 145s, as COM
pared with last nights close at -, in the
first few minutes of trading. but did not
hold at the high point owing to the very
lively selling for London account. Sales
were nearly $1,000 shares, and were only
slightly exceeded by those of Sugar The
excitement in the wheat market accom-
pany the continued rise in wheat was still
the predominant feature in the stock mar
ket and helped to carry up most of the
grain-carrying roads point or over. Chi
cago Great Western was an exception and
Jagged all day, receding quite sharply on
profit taking. Northern Pacific preferred
also after substantial gain scored a sharp
loss at the close on the announcement of
the changes in executive officers and the
emphatic statement accompanying it that
as an Independent property. There was
heavy realizing sales all day in a grea.
many stocks and such sales were the de-
cisve influence In heavy close. There
was a renewal of activity in the high
priced industrials, notably Sugar Tobac-
co and Chicago Gas. These stocks made
sharp rises at one time during the day.
Sugar touching new high-price record
at 1855, but all suffered keenly from re-
a od it1f1I in
the market. Statements of railway earn
ings continued favorable. London con-
tinued to sell stocks here and to be ig-
nored in the effect Sterling exchange and
more notably continentab exchange con-
tinues to show weakness and to go lower.
Transactions in bonds embraced an un-
usual variety of issues with the upward
movement which has SO long dominat ed
the speculation unimpeded. The purchases
for continental account were very large
and included the leading investment and
speculative issues Gains of a point or
so were numerous, with bull sentiment
very pronounced at the close. The aggre-
gate sales were $4O00,000. Governments
held firm on purchases of $11, ,000
Wheat prices shot up today in leaps and
bounds. surprising by more than a cent
bushel all previous records since the
bull campaign opened. Chicago at first led
the rise, but gave place to New York later
in the day. Cash wheat in all markets
was very strong. Locally No. northern
was quoted 6R over September and No. /
red Az over, while late in the day the
latter option attained a premium of 15s over
December. Only a few days ago they were
on an even basis. while some of the con-
servative bulls deplored such a remarka-
Bile advance on top of recent speculation.
Popular opinion favored 1t on the idea that
the foreign and home situation justified
dollar wheat in New York. The range
on September was from SS7s. the opening
figure, to S9A. from which it dropped a
cent bushel. only to recover later in the
day. reaching 905s. Right at the close a
lot of long wheat was unexpectedly dumped
on the market. precipitating sudden
break to 9Sss for September. or cent be-
low the highest point Total transactions
for the day were 11.s5O.O00 bushels. Of