The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-08-19
FENCING FOR POSITION.
Bulls Quiet and But Little If Any
Buying Done.

Buying Done.
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 de-
velop the position of the opposing ele-
ments. The bulls were not in an az
gressive mood, and there was no time
during the day Of any buying demand.
The invitation to an attack thus af-
forded was accepted by the bears, and
the efforts to precipitate decline was
unWearied. They succeeded in keeping
prices slightly below the level of last
nights close during large part OF
the day, after a higher opening, but
hardening tendency just before the
close brought the market back to a
level above last nights close.
Some adverse effect was produced
upon prices by the hardening on rates
of sterling exchange, and there has
been some disposition to discount the
effect of the importations of gold in
the buying of stocks. The course OF
exchange today was in response TO a
hardening of the discount rate in Lon
don and a belief that the Bank OF Eng
lands minimum rate of discount would
be raised today.
Sugar was actively traded IN, ana
the price moved quite freely over
range of more than two points, and its
latest range was a factor IN rallylng
the market The sensational jump IN
the wheat market also had a sustain
ing influence in the late declines
There was a falling off of 41,QOO
shares in the volume of trading as
compared with yesterdays, and trans
actions in bonds were also much ol-
minished.
The bond market displayed firm
undertone throughout and dld not par
ticipate in the feverishness noted IN
the stock market. Business was rather
light and gains generally trivial. Ihe
aggregate sales were S1,470,O00
Governments were well held, WITH
dealings confined to $4,000
SENSATION IN WHEAT.
High water mark for the season was
reached in the wheat market, TO-DAY,
not only on values, but as TO the VOL
ume of transactions as well. Prices
advanced 4Ac to sc for the day and
sales reached the big total of 14,31O,OOO
bushels.
Excitement prevailed in the market
from start to finish, but particularly IN
the last hour, when wheat advances
became so rapid that frequently the
fluctuations were marked by Ac frac-
tons instead of &c and l-l6c, changes
that are ordinarily SEEN A lot OF OBJ
orators who had been fighting the ad-
vance all day we're again the foremost
! BUYERS in the afternoon. The phenoIl-
| email upward movement and the scar
! city of wheat for sale fairly staggered
them. The demand was particularly &C
five in the December option, which,
from a discount of 11sc under Septem-
Der at the start, narrowed the diner
ence to 80 at the close. The total range
on September was from 9b4 TO So34
against S63s, the lowest price OF yes
/ terday, and 92A, the previous top llUt'n
| for the season.
The advance today began with
sensational rise in Liverpool quotations
! this morning instead of the weakness
generally expected. 1t was followed VI
! by rumors of a big jump in curb prices
of Paris. that market being closed or
account of holiday. On top OF THESE
factors was a big demand from forelgI
houses, reports that all OF last nlght
offers to the other side mad peen &C
cepted, including three cargoes o.
American. Spring wheat news also
brought in lots of buying orders, 1t De-
! ing considered very bulllsh repor
nv the trade, as the weather is toC
! cold and wet for harvesting prepare
tions. Not in years has there beel
such an extraordin2sy movement II
wheat values as took place today. Ever
The old traders were amazed at TIT
Stubborn sr1 o5r advances, while those VIII,
have heretofore secuted the dolla
wheat theory were obliged to ae aal
that there was every prospect OF Sep
t TENT reaching that price on the m ne,
theory of supply and demand. Tn
market ,5 closed On at th sn cu nqVs sep
~ ~. soid from 945s down to 1894.
Mo Money on call, easy at 1@11A per cent
last loan. ~, closed at 1914 per cent
Prime mercantile paper .s1 f slz@4z w pc
eot,,a1 business in bankers bills a
a aS5Ssd SIX for demand, and at 4.Ss5s@
4.S$ls for 60 days Posted rates. 4.S IS,
@4ss and 4S51A@4S7 Commercial gnsfed P 5as
Bar silver. .521k. Mexican dollars, al
Government bonds, firm; state bonds
dull: railroad bonds, firm.