The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-08-10
PRICES LOW AT CLOSE.
GOVERNMENTS WERE DULL,
BUT FIRM.
Money On Call Easy-Sterling Ex-
change Weak = Bond Market
Generally Sympathizes With the
Share Speculation-Chicago, Kan
sas City, Omaha and Denver Live
Stock Markets-Silver Is Still
Low.

| -NCN Orh, aug. J-(lQlle violent
liquidation set in in the stock market
in the last hour and a half of trading
today, and prices came tunbling from
their high places, the decline from the
i high point being in many cases very
wide What the professional traders
have been predicting for some time
came to pass, namely sufficient de-
cline in many stocks to uncover stop
loss orders by weak holders of stocks
1t looked for a time as though the
market was going to pieces under the
weight of heavy offerings to realize
But after it was over, a taking of ac-
count of the day revealed that the net
changes of Importance were confined
to comparatively few stocks. 1t was
the stocks that had enjoyed sensational
advances in the morning, notably the
grangers, that suffered most severely
in the afternoon. The selling to realize
started in the CHANGERS, and as the
market is more sensitive to the influ-
ence of this group than any other, the
selling movement soon broadened by
sympathy until it included pretty much
the whole list. 1t was notable that the
grangers steadied and rallied. even
While other prices were still falling.
Burlington recovered over a. point from
the lowest, and there were exceptions
to the weakness all through the list,
some prominent stocks holding firm in
the midst of the heaviest selling of
other stocks. The buying of the morn
ing on the raise was of enormous pro-
portions, exceeding in volume that for
the whole day of ordinary trading.
There was large falling off in the
early period of the decline, which was a
hopeful indication that the prices would
resist the pressure and resume the ad-
vances. But the faint-heartedness took
increasing hold on the minds of the
holders, and the selling movement
developed into something like a throw
ing overheard of securities. Sales for
the day exceeded 757 900 shares.
There was no news of the general
situation to account for the decline, all
factors continuing favorable, London
buying as we'll as selling stocks, the
price of sterling exchange registering a
still further decline, and crop news all
continuing favorable. The early adj
vance carried many stocks up over two !
points, but the slump in the market |
wiped out all but small fraction of
the advance in nearly all cases and |
carried some below the last nights |
close.
The bond market sympathiZed with |
the share speculation in general tend |
ency, but the variations were exceed
ingly narrow. The transactions We're
in enormous volume, with the demand ,
very keen for the lower grade liens.
The sales We're 4,515, 900.
Governments were dull but firm. The
We're 1900.
Money onoeal easy at 1@115 per cent;
last loan ~ per cent, closed offered at
l per cent. Prime mercantile paper
30415 per cent. Sterling exchange
ho- |
bills at 1854 @4.S6 for demand, and al
aS4@4S41l. for so days, posted rates Ass
a4S7 and 4.S71k@4.SS. Commercial bills
iS4 Silver certificates 56Q57. Bar sill
YER. 55s4. Mexican dollars. 42%.
Total sales of stocks today were 1885,,
800. including: Atchison. 64.400 Atchi- 2
son preferred, 3S,SOO; Canadian South
srn. $500; Chesapeake & Ohio, 1O,500;
=, B. & O., 40, $50: D., L. & W.. y 400:
Erie new, $500; Illinois Central,
{, 200: Louis & Nashville. 80, 100; Man
haitian, %, 920; Missouri Pacific. 14.900:
W. Z. & T., 200; do. preferred. 400;
New York Susquehanna & Washington
preferred $4,000; New Jersey Central,
4. 200; New York Central, 10000; North
.rn Pacific, $500: do. preferred, SO, 12O;
Terminal, $4,000; Ontario
Z Western, 5000; Reading. 1900; Rock
sland, &c, 500: St. Paul, 50, 800; St. Paul
Z Omaha, 1900: Southern Railway.
200; do. preferred. $4,000; Union Pacific,
I. 800; Wabash preferred. 1890; Amer
can Spirits. 1900: American Tobacco,
Z, 900: do. preferred, 1900; Bay State
las, 6100; Chicago Gas, 142, 200; Colorado.
Tuel and Iron, 1900; General Electric, ]
200; Laclede Gas, 1920; Lead s,sO9;
pacific Mail. 5000; Sugar. 26,620; t. c.
. I. 900: United States Leather, 1890;
10. preferred, 1920; Western Union,
& 500