The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-08-06

New York, Aug. 5.-Todays market
was an inversion of yesterdays. in that
1t displayed heavy tone during most
of the day, and rallied strongly during
the last half hour. The days net gains
were almost all achieved in the last
half hour. while on yesterday a half
hours profit taking at the close wiped
out nearly all the earlier gains.
There was a feverish tone to the
trading and erratic variations. either
of which, coming after yesterdays free
dom of speculative buying, was pointed
to as significant of the elimination of
bull movement. There were evil
dences OF powerful manipula ton in the
market to further this unsettling ten
dency, and TO cause a reaction.
But the heavy short sellers of the day
apparently lost confidence in their the
DRY OF a reaction, and started 10 buy
PACK their stocks on fast rising mar
ket This short covering was the main
cause Of the strong rally at the close.
but there were special causes also at
work to defeat the efforts of the reac-
t1onists. There was nothing unfavor-
able in the general situation which they
could avail themselves of, the crop
prospects and the decline in foreign
exchange continuing to favor a rise.
In addition to this, reports of railroad
earnings for the fourth week and month
of July, especially those of southern
roads, were strong influences for an
advance
The buoyancy displayed by some of
the individual stocks operated against
the efforts at reaction. On the other
hand, the reaction in the wheat market,
due to profit taking, was due to some
falling off in foreign buying orders. and
affected the western railroad stocks
alphabetically.
The heaviness in some of the most
active industrial stocks made the vul-
nerable points of attack by short sell
ing.
Sugar was attacked with especial
vigor, and receded rs from the high
point.
Liberal realizations impaired heavi-
ness to the dealings in the speculative
mortgages, with the losses. however,
restricted to moderate fractions. The
aggregate sales were $2,970.000.
Governments were fairly active and
generally firm.
The bears had a chance at the wheat
n arket today, and employed their OPP
portunity by hamme~ing prices off
more than cents. But confidence was
badly shaken by sharp declines in the
Liverpool and Berlin markets. accom-
panied by liberal selling orders for
foreign account. At one time during
the day there was cent rally on re-
newed rumors of a large export bust
ness, but a wave of selling orders soon
wiped il out and left prices lower than
before.
Speculation was very active at the
start and spasmodic all day, flaring up
at times from positive stagnation to
feverish activity. and fiuctuating rap
idly under changing market conditions.
September opened at 81, fell to S3M,
and after a rally gack to 841s. dropped
in the afternoon to S2%. The highest
point yesterday was Sc. Total transac-
tons were 1O,Ss5. 600 bushels.
Money on call easy at 1Q11s per cent;
last loan l; closed offered at L.
Prime mercantile paper 1904 per
cent
Sterling exchange weak, with actual
business in bankers bills at 4.S6Q4 1864
for demand and at 4.S5A@4. S51A for 90
days.
Posted rates. 4 S611@4.S7 and 4.S71A@
4. IS. Commercial bills, 4.S412.
Silver certificates. 56@57; bar silver,
55%; Mexican dollars, A21..
Government bonds firm, state bonds
dull, railroad bonds heavy.