The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-08-20

New York, Aug. 19.-The stock mar
ket today continued to show itself SEN
sitive to unfavorable influences to a
marked degree. At no time during the
day did the course of prices indicate
any aggressive strength.
The liquidation at times was quite
heavy, especially in the internationals
and the Changers. The principal factor
in the situation was the heavy selling
for foreign account of wheat, sales for
that account being estimated at be-
tween 100000 and 100000 bushels for
the day. SO much stress has been laid
for several weeks past on foreign need
for our grain crop, as giving the best
assurance for prosperity to the farm
ing population and better times for ALL
that it was but natural that depression
should be caused by the disposition of
foreigners to sell back to us the wheat
they have purchased.
This development in the situation
gave the greatest aid to the profess
sional bears, who have been working
so persistently for a reaction in the
price of stocks.
They were also assisted by the re-
dictionary tendency in the London Stock
market, which embraced all securities,
Including those of American railroads.
and which was due to the hostilitieS
which have broken out on the Indian
frontier. London also sold quite heay-
lily in this market of all the internation-
ais. Another depressing influence was
the reports which are industriously
kept in circulation of continued cold
weather in the west, causing danger
of lessened spring wheat crop and a
delay in the maturity of the corn
crop.
The course of the exchange market
today caused disappointment to those
who have been locking forward to early
imports of gold as al additional bull
factor in the stock market. Actual
rates for both long and short sterling
arose about &c. in spite of the fact that
the open market discount in London
showed an easier Tone and the Bank
of England refrained from advancing
it's minimum rate of discount today.
The foreign selling of grain and the
continued selling Of American securi-
ties for foreign account helped to stiff
fen exchange rates. The failure of the
Bank of England to advance its rates
of discount is regarded as evidence
that no fears are felt of an immediate
drain of gold from London. These
marked reaction in the price of stocks
generally, and this was accelerated by
the discovery of stop orders. But the
selling movement seemed to lose it's
force in a short time and the market
turned into extreme dizziness. Support
ing orders were found to be forthcom-
ing at the low point and those who had
sold out apparently wanted TO BUY
stocks again and hold for rise.
a ant fQqTIIPQ
and touched a new high record at l5O,
aiding materially in rallying the mar
ket. 1t sold again to near the lowest.
The bears raided the market again
lust at the close, causing prices to ease
off after the rally. Nevertheless net
losses, though general, are for the most
part small.
The bond market yielded on moder-
ate realizations in the speculative liens.
The weakness in the general market
was not pronounced, and in the late
dealings a better tone developed The
aggregate sales were S1,93OO0
Government bonds we're easier at the
outside, but subsequently firmed UP
and closed steady.
Money on call, easy, at lAWI12; last
lean. IA; closed offered IA
Prime mercantile paper, 3% @41s per
cent.
business in bankers bills at 4.S0A for
demand and 4S31a@4.S3a4 for 60 days;
nosted rates, 4S41a@4.S6h, and 4.SI;
commercial bills, 4,S2.
silver certificates offered SO.
Bar silver, 50.
Mexican dollars, 39k.