The herald., 1897-08-26
ON CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK, Aug. 25.-The weekly crop
report of the agricultural department at
washington was the depressing influence
In the stock market today, as it was a
stimulating influence upon the prices of
wheat and corn. The opinion expressed in
the government report of unfavorable con-
dition of the crops and of impaired yield
in spring wheat was of some import to the
grain carrying roads, not to have a marked
effect on the values. There were various
times during the day when a struggle was
made against the prevalent depression,
and when prices seemed embarked on an
upward course. But the. fact would recur
that a large part of the long advance in
the price of srain-carrying roads has been
predicted upon the abundant grain crop
which it was expected was to be moved
and prices would turn downward again.
Prices above yesterdays closing at any
time during the day are exceptional, and
those where they remained above at the
close are still fewer. The fact that settle
ment day on the London exchange de-
Veloped no short interest or covering de-
mand was to some extent disappointing to
the bulls. The heaviness in all depart
ments of the London exchange growing
out of the evidence of serious affection
in the northwest frontier of the Indian
empire exercised more a sympathetic in
1uence in the local market. Commission
mouse buying was on a much reduced
scale, and there was lull of the activity
on the part of the large moneyed interests
which have been prominent in the marke t
recently. The sales total not more than
one-third of that shown by the dealings
on some days of the recent period of ac-
tivity. The extreme dullness at the de-
cline indicated a healthy tone of the mar
ket, the liquidation at no time being heavy
and the resistance at given point being
firm. The market enjoyed an occasional
rally under the leadership of some indi-
vidual stock which was influenced by de-
velopment especially affecting it, A SIM
ultaneous rise in Sugar Tobacco, Starch
and Bay State Gas at another time rallied
the market. A selling movement in the
last hour of trading carried prices to the
lowest of the day and left the general list
fractionally below last nights level. North
ern Pacific preferred was a weight on the
market owing to it's poor showing of earn
ings. The bond market showed less weak
ness than stocks, being generally higher.
Governments were dull and slightly firmer
Total sales were 81, ,275,000
There was a pause in the downward
movement of wheat prices today, and at
the lowest point Of the session there was
a rise OF cents bushel from yesterdays
close, but this was still 31s cents under the
highest figure of the year on December.
troll and spirited competition for wheat
between local shorts and continental
houses. Prices ran up to 9S cents on this
bulge, against 95A cents last night, but
on succeeding cloud = selling orders in
realizing and for short account dipped to
961a, from which it rose steadily reach
ing 99A in the early afternoon on good all
around buying, led by Chicago. Local
speculation reused into pronounced activ-
ity several times during the day, not only
at the opening. but. as was the case YES
terday, there was little or no feverish ex-
citement in the pit. The big bulls who
engineered the recent advance were all
understood to have secured their profits,
and trading developed in favor of the
small operators, who, likewise friendly
to wheat. were afraid to persist in aggres-
sive actions. Gable news was bearish,
with the single exception of Liverpool
which, after opening lower, rallied 1ha11ad
and then, easing off slightly closed at 21s
Q224d off from last night. Paris markets
opened and closed lower, the final figures
being 35G40 points off on wheat and 65
centimes to l franc lower on -four Ant
wcrp was one point lower for the day and
Eerlin unofiicially marks lower, so that,
with the exception of early foreign break
ing and the rally, today's cable news was
detrimental to confidence to the bull side
The publication in q prominent American
trade journal of an estimated requirement
of between 500 0C0, 900 and 400, 000, 900 bushels
by Europe this year was a confirmation
OF the most extreme bullish views on ex-
change. Near the close the market was
firmly inclined by rumors that exporters
had picked up something like 800, 600 bushels
at New York and out ports today. Final