The herald., 1897-08-19
ON 'CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK, Aug. 1S.--The greater part
of today's proceedings on the floor of the
stock exchange consisted of a kind of
fencing for position, or to develop the posi-
tion of the opposing elements. The bulls
were not in an aggressive mood and there
was no time during the day any buying
demand. The invitation to an attack thus
afforded was accepted by the bears, and
their efforts to preciptate a decline were
unwearied. They succeeded in keeping
prices slightly below the level of last
nights close during a large part of the
day, after a higher opening. but harden
ing tendency just before the close brought
the market back to a level above last
nights close. The heaviness was caused
in part by talk of crop damage in the west
and was in larger part due to doubt as to
whether the rise in prices had not reached
a sufficiently high level to fairly discount
the conditions, present and prospective,
which brought it, though the short selling
by the bears was supplemented by some
profit taking. but the volume of stop loss
orders dislodged was not large. The aim
of the bears always Is to reach these stop
loss orders and thus precipitate a heavy
selling movement. A bear raid to be sue
cessful must dislodge stop loss orders in
such quantities that these cannot be alb
sorbed by the buying orders. The bears
encountered this obstacle at an early stage
| of the decline today. Some adverse effect
was produced upon prices by the harden
| ing of the rates of sterling, and there has
I been some disposition to discount the
| effect of the importatiors of gold in the
buying of stocks. The course of exchange
| today was in response to hardening of the
discount rate in London and a belief that
the Bank of Englands minimum rate of
discount would be raised today. Sugar was
| actively traded in and the price moved
quite freely over range of more than two
points. and its latest range was a factor
| in rallying the markets. The sensational
jump in the wheat market also had a sus-
| tanning influence in the late declines. The
southwestern railroad stocks were all
notably firm all day and strong in the late
dealings. The net changes in prices are
small in most of the active stocks, but are
mostly gains. The bond market displayed
a firm undertone throughout and did not
participate in the feverishness noted in
the stock market. Business was rather
| light and gains generally small. The total
sales were $1,47OOOO. Governments were
we'll held. with dealings confined to $4,000.
THE WHEAT MARKET
| High water mark for the season was
reached in the wheat market today, not
only OH values, but as to the volume of
transactions as well. Prices advanced AZ
| to SC for the day and sales reached the big
| total of 1910. 900 bushels. Excitement pre-
vailed in the market from start to finish,
but particularly in the last hour. when
wheat advances became to rapid that fire.
uuently the fluctuations were marked by
l4c fractions instead of Bc and 1-16c
changes that are ordinarily seen. A lot
of operators. who have been fighting the
advance all day were again the foremost
buyers in the afternoon. The phenomenal
Lupward movement and the scarcity of
wheat for sale fairly staggered them. The
demand was particularly active in the De
| Cemher option, which, from a discount of
1kc under September at the start, mar
rowed the difference to &c at the close.
The total range of September from 91A
| to 9514. against $685. the lowest price of yes
terday. and 92A, the previous high notch
for the season. The advance today be-
gan with a sensational rise in Liverpool
quotations this morning instead of the
weakness generally expected. This was
followed up by rumors of a big jump In
| curb prices at Paris, that market being
closed on account of a holiday. On top of
these factors was a big demand from for
| eign houses, reports that all of last night s
to the other side had been accepted in
| cuding three cargoes of American. Spring
wheat news also brought in lots of buying
| orders, it being considered a very bullish
report by the trade, as the weather is toe
cold and wet for harvesting preparations.
Not in years has there been such an ex-
traordinary movement in wheat values as
took place today. Even the old traders
were amazed at the stubborn advances
while those who have heretofore secuted
the dollar wheat theory were obliged to adj
nit there was every prospect of September
reaching that price on the mere theory
of supply and demand. The official mar
ket closed at net advance of 4AM5c on
wheat. On the curb September sold from
945s down to 93A. Corn advanced %@% and
oats advanced Il for the day.