The herald., 1897-04-20
N'CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK, April 19.-Nothing oGt-
side the news of the war between Tur-
key and Greece had much interest in
Wall street today. Traders In stocks
are accustomed to look with reticence to
the course on the foreign exchanges to
guide them in their dealings In proper
ties likely to affected by European af-
fairs. The absence of this index to-
day on account of the closing Of the ex-
changes In London and Paris over the
Baster holidays, left the minds of trad
ers In some confusion, and as a result
the movement of prices was at times
very erratic without any correspond
ing change In the tenor of news to justi-
fy 1t. 1t was evident at the opening,
however. that this market was bearing
the brunt of whatever selling was a
result of the war not only by
local holders, but by those in London
and Paris -461d in Boston where
the exchange was also closed. The
scene at the opening was an exciting one
and there was heavy pressure to sell
throughout the whole day. Foreign
houses. local traders, outsiders and
everybody who had clamored to buy
wheat at the opening turned sellers.
Large profits were represented en- most
OF the wheat thrown over and by mid
day the unloading process was in full
swing, with prices going down hill as
fast as they had ascended. May tum-
bled to 80B before the selling movement
could be checked. From this point there
was a later rise to S23s, followed by set
back to 81A and subsequent rally, the
close being extremely nervous. At the
best point today May was at 12A above
the bottom and 8h cents higher tim the
closing Thursday.
There had been many stop orders
placed before the opening in anticipat tion
OF a slump and these were speedily un-
covered, running sales of from 1900 to
1000 shares being made at the opening
in many stocks. The International stocks
of course were most affected, and de-
clined the most, Louisville & Nashville
being the most conspicuous example.
with fall of 3%. Other international
shares lost over a point In the initial
dealings and of the Vanderbilts, New
York Central and Lake Shore were
each off 20. The Grangers showed
marked declinings. extending to 1ss in,
st. Paul. The whole list sympathized
and lost from a fraction to nearly 2
points.
An apprehension OF gold exports had
its added effect in depressing prices. the
rates for exchange having notably har-
dened on the war news. The rally in
the stock market was consistent with
the reaction in wheat and both were
more or less due to the knowledge of for
eign operations against the current.
But the rally In stocks failed to hold, al
though wheat continued at the lower
level. The net losses on the day ex-
tended to a point or over in many stocks.
The bond market also ruled depressed,
with the International liens the chief
sufferers. The market displayed quite
a little resistance to the selling move
ment in the early dealings. but later sue
cumbed with average losses about q
point on the principal issues. The ag-
gregate sales were s.. .263. 900. Govern
ment bonds were strong and higher dur
ing the forenoon with the fives regis
tered gaining one~half per cent The
gains were subsequently lost, and the
market closed weak. Sales. $4,000.