The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-08-18


be conceded to have won the honors of
the day in today's stock market. Prices
were never more than fraction above
those Of last nights close during the
day, except in a few cases, and most
of the days sales were made at a level
quite sharply below last nights close
The holders of stocks kept one eye on
the wheat market all day. and were
keenly alive to the heaviness mani
tested in that market. and to the not
able decrease in the export demand for
wheat on account of the high range of
prices reached for that cereal. The first
erect OF this was to impart dullness
to the stock market, owing to the de-
termination of holders not to sell at a.
low range. This dullness settled upon
the market soon after the nights &C
cumulatlon of commission house orders
had been worked off, but the bear trad
erS took possession of the market in
the absence of an active buying de-
mand. and sold it down to catch stop
orders. They were hampered in their
efforts by the existence of buying or
ders On a scale down which have been
placed in various stocks; but the buy
ing ceased on a marked advance. and
Lilo IllNOOI d2CQ lIlC DCdIS ~ DCISISl,
with the result that they finally sue
ceeded in shaking out a large amount
OF weakly margined stock and precip-
itated heavy offerings of the stop loss
orders These were quite readily alb
sorbed without rallyiag the market.
There was a noticeable falling off in
commission house buying, and the total
sales fell off another 10000 shares be-
low yesterdays record. and consider
ably over 100 shares below the record
of any full day last week.
The bond transactions were also in
very much diminished volume. The
average net decline in the prominent
railroad stocks is over a point. and in
individual cases is considera blv more
The fall was assisted by reports of
damage to the spring wheat crop and
prices for Americans in London were
decreased ON these reports, anGb0n the
belief that he minimum rate of dis
count would be raised above 2 per cent
by the Bank of England, The grangers.
the coalers, the international stocks,
and, in fact, all western railroad stocks
were notable sufferers.
The bond market was moderately ac-
tive and displayed considerable firm
ness. Some of the usually neglected
issues f1uctuated quite widely, but the
variations in the speculative liens were
restricted to narrow limits. The ag-
gregate sales were S1.425.000
Governments eased off slightly for the
new tours. The other issues were fairly
steady The transactions were S35, 900.
Money on call firmer, at 1A@2 per
cent; last loan, ~; closed offered at
IL.
Prime mercantile paper, 315@4A per
cent.
Sterling exchange steady, with actual
business in bankers bills at 4.Sh1a@
485% for demand, and at 4.S9A S3k
for so days. Posted rates, 4.S4@4.S6, and
4S61h@4.S7.
Commercial bills, 1929.
Silver certificates, 54@5412.
Bar silver. 54as.
Mexican dollars, AK.
Government bonds weak: state
bcns dull; railroad bonds firm.
Petroleum-Pennsylv crude. no
market
IN WHEAT.
Leading operators today made a rush
to secure profits, with the result that
wheat prices dropped 2 cents a bushel
from last night, or 25sc from the high
est point of yesterday. The trade was
loaded up with wheat, producing top
heavy condition, readily suscept ible to
any adverse influences. The fact that
English markets showed a weaker I'M
dertone this morning, therefore. created
big connection among holders. Wheat
began to pour into the pit from all dl-
rections Reaching its greatest volume
in the afternoon, the selling pressure
forced September down to 1924, it hav-
ing sold at 911A shortly after the open
ing. At the decline Europe was only
a. moderate buyer of wheat. taking
about 40 loads at New York and out
ports, which fact contributed to the
general heaviness of the afternoon
Home crop news was bullish. but was
unable to offset the depressing foreign
situation. Spring wheat advices were
decidedly unfavorable. Local specula-
ton was about half the volume of yes
terday. sales reaching 5,425,0Oo bushels