The herald., 1897-08-31
ON CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK, Aug. 30-The stock market
moved up this morning and down this aft
ernoon, weakness being due to heavy profit
taking in the grangers, which had moved
up buoyantly in the morning. Chicago
Great Western suffered most form the
liquidation, and shows a net loss Of IL.
Omaha showed great strength and moved
up IL above Saturdays close, but lost 1t
all. Rock Island alone of the group closed
fractionally higher. The selling movement
in the grangers affected the whole list more
or less, and many prominent stocks closed
below Saturday after having been mate
rally above at one time during the day.
Some of the recent speculative fauorites
had achieved so large an advantage that
the decline left them something to the
good, and Missouri Pacific closed at the
best, with net gain of 11s. Wabash pre-
ferred closed with a net gain of 11a, and
Chesapeake and Ohio closed rs below the
top, with net gain of nearly a point.
Atchison preferred, Western Union, Union
Pacific also showed fractional net gain.
These are the notable exceptions to the
general of net losses in the list of active
and prominent stocks. The group of iron
and steel properties were all strong. There
were also remarkable gains shown in the
inactive list. The days market was almost
wholly technical, the news continuing en-
tirely in favor of an increase of prices.
London prices for Americans came some
what lower, but improved during the day
without apparently having the slightest
effect on this market one way or the other.
The buying was on large scale by prom
inent operators, supplemented by execu-
tion of commission house orders and the
selling for profits, the liquidation being en-
couraged also by some talk of damage to
the corn crop. Railroad bonds were strong
and generally higher. The total sales were
Tr,tf 49,
1s toA all around.
Total transactions in wheat today were
only 4,165. 900 bushels. During the height
OF the bull boom they ran up to 16, OOO 900.
Thus speculation is fast getting back into
its normal condition, with sentiment not
so favorably disposed towards the long side
of the account, except in a scalping way
News. on the whole, today was bullish,
but the market did not respond There was
heavy selling of the nearby deliveries in an
effort to switch transactions over into De-
cember AS result the difference be-
tween September and December which a.
few days ago was something like 4c, mar
rowed down to &c at the close today. The
latter option closed unchanged from Sat-
urday, against 1ss@17s decline on other de-
liveries The domestic visible supply lost
1, ,256, 900 bushels last week, and the English
visible decreased 1,1S5, 900 bushels. Private
cables to prominent exporting house here
reported the annual crop statement of the
Hungarian minister Of agriculture as show
ing European necessities of IA, ,0OO, 900 quin-
tails this year. To supply this deficiency
exporting countries can only furnish "a, ,000-
900 quintals. leaving shortage of 50,000 900
Quintals. The report did not have the ef-
feet on our market which many traders
thought its Importance justified, the Hun
garian minister's figures being generally
regarded as ofncial for calculating pur-