The herald., 1897-02-16
Local, Eastern and Foreign
Commercial Dealings
WALL STREET SPECULATION
The War News Causes a Sharp Rise in
Wheat
General Slump In Stocks Followed by Prompt
Recovery and Increased Buying Cow
ernment Bonds Strong

NEW YORK. Feb. 15.--The wheat mar
ket responded to the European war news
this morning with an advance of 1A cents
from Saturdays curb. carrying May to
Sas on first sales. There was no little
excitement among local shorts until later
cables bringing in more peaceful accounts
somewhat allayed their fears. Specula-
ton was larger than 1t has been in many
weeks. A mi6-day reaction of l cent was
followed later by a full recovery on large
purchases for export. aggregating 24SO0O
bushels. May wheat on this swell reached
Sly. and then fell off to S05s near the
close.
There was a larger volume of trading on
the stock exchange today than for good
many days. The activity was practically
confined, too, to the first few minutes after
the opening when the whole list tended
downward, to the last hour, which saw a
smart rally and general net gains on the
days transactions. The slump in prices
at the opening was wholly due to the in
fuence of the panicky condition of mind
reported on the continental bourses and
to the fall OF consols and other securities
in London American securities were af-
fected along with others and the option
prices were on a level with London quo
tations. The progress of hostilities re-
ported to have occurred between Greece
and Turkey indicated to the minds of the
traders that an embodiment of the Europ-
can powers was an inevitable consequence,
and they sold accordingly. The bears were
not slow to press the advantage thus Of
fered and they found still further argu-
ments for lower prices in the hearing of the
legislative inquiry into trusts. London also
sold at the opening Although this selling
movement lasted only IA few minutes after
The opening the industrials and the inter-
national stocks all regis tered material de-
clines while IL lasted The volume of sales
fell off at the lower level and a period of
staenation and almost utter apathy en-
sued, quotations only being registered al
long intervals. 1t was not until the clos
ing hour that the rally set In which proved
more general and animated than any move
ment of stocks for many days and which
carried the average price of securities 10
the highest of the day The rally was
doubtless due for the most part TO the
more favorable aspect of affairs in Europe
as reflected from the various bourses and
from London. A conviction seemed pre-
valent that the powers We're ir substantial
accord IN hteir intention to prevent the
bought heavily and general tone of as
surance and confidence pervaded the mar
ket. The increase in the eastbound ship.
ments for the week also had IA sustaining
influence. The bond market fell off In
sympathy with stocks and the subsequent
recoverles were for the most part trivial.
The market displayed q reactionary ten
dency under the same influences as stocks
The dealings were mostly confined to the
low priced issues The market displayed
some Irregularities in the late session. The
general tone. however. was heavy and the
closing weak. Sales 81, ,4J0O O0O Govern
ments were in brisk request with some i'm
provement in prices on purchases by prom
inent banking institutions. The sluggish
ness of the general speculation in forcing
considerable amounts of investment capt.
tai in these securities which fails to give
ket.