The herald., 1897-08-17
ON CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK, Aug. 16.-The wheat mar
ket developed pronounced activity and
strength today, breaking the best previous
price for the season by 11ac bushel. All
day the market was in a nervous, erratic
condition, with quotations moving violent
ly over a range Of about &c bushel. Shorts
were completely demoralized by the search
ty of offerings and abundance of bull news
and their excited efforts to even up was
one of the features of the day. At times
realizing sales reached proportions suf-
ficiently large to break prices sharply, but
the markets inherent buoyancy caused a
prompt rally on each occasion and the
close was very firm, although unsettled,
at 28Q23s net advance. Foreign houses
added to the general bull feeling ON
change. They bought in fifty loads, of
which sixteen loads were of guaranteed
No. red for France. On top of this de-
mand was a strong set of English cables
and a decrease of 1926 900 bushels in the
English visible. Paris cables came high
er, but half holiday prevented any later
news being received. Many traders con-
nected the French report today with the
lowering of the duty in that country. Sep
tember opened at 914, advanced to 92s4,
then eased off a trifle closing at 915s The
transactions were the heaviest in many
days, reaching 11,655,000 bushels. Cash
wheat was quoted at from 95B to 961s for
y, L. D.
The total stock of wheat in New York is
093 bushels. of which about 2S5, 900 BUSH
els is contract. The strength in other
markets of the country had bearing on
local prices, particularly the Chicago
advance.
There were periods today when the mar
ket for stocks had an appearance of actual
dullness, but this was only by contrast
with recent markets. The total sales fell
a m ch hU
shares. which is what 1t did not do for
any whole trading day last week. There
was a large falling off also in activity in
the bond department. Whatever striking
animation there was was in the first half
hour of trading. The buying during this
period was general. London was buying
some of the interest shares at the same
time it was selling others AS a result of
these tactics, prices bounded lightly up to
new record prices for the year in a num-
Der of prominent stocks. The grangers
were actively traded in at the higher level.
The upward bound of prices at the opening
invited realizing sales. The professional
bears added their utmost efforts. They had
in their favor some reports Of crop damage
in the west and the result was soon shown
in reaction in prices of the grangers and
southwesterns. which had a sympathetic
effect upon the whole list. Prices of many
stocks were carried below Saturdays close.
Although there was tirmer tone later and
slight recoveries. the market failed to fully
regain itself before the close and conse-
quently prices of most of the active lead
ers OF the market show only slight changes
from Saturday. The net changes, though
slight. are mostly gains. one or two o.
the grangers being exceptions. The under
tone of strength in the market was again
strikingly manifested by the dulness that
set in upon the decline in prices. Sugar
again assumed prominent part in the
dealings and touched new high record
price ut 1889, but receded nearly a point
near the close. While the early strength
carried many stocks TO point or two
above Saturdays close, the gain was in
most cases practically wiped out The
bond market showed a marked diminution
in the volume of trading as compared with
recent averages. the total falling short of
s.. .000,0 900. The speculation also lacked ag-
eressive strength. but the market was
fairly well supported and some substantial
gains were registered in the less known is
sues. The aggregate transactions were
81 925 COO. Governments were heavy. and
receded fraction on light offerings