The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-08-30

New York Aug. 29.-Prices of stocks
broke sharply today and showed depres-
sion throughout. The first rally showed
considerable vigor, but later in the day
the Tecuperative power of the market
became feebIer and the close was barely
steady, at slightly above the lowest. Net
losses ranged from / to over points in
leading stocks. There was a growing dis
position to realize profits both by pro-
fessional traders and by outsiders The
latter was shown by the steady stream OF
selling orders that came from the com,
mission houses all day. Professlonai
traders quite generally took the Slde OF
the market and the bears sold with grow
ing confidence. the demand to cover at
the close being very light even with the
substantial reduction of prices
There is evidently a large growth OF the
powerful trading element which mas
lightened its holding of stocks ana IS as
anxious for lower prices to huG pack
again There was palpable manipulation
al the opening to fix Il low level Tor
prices. In some of the leading stocks the
opening was about the lowest of the day.
Others held quite firmly for the rest OF
The days session, but eventually yielded
TO the persistent demonstration of the
bears in other stocks Buying for Lon
don account was distinctive factor IN
the flrmneSS in number OF international
fGVoTiteS. There was q steady abSorp-
ton of stocks at the decline, which was
especially marked in Burlington and St
L
buying orders below the level of the
market for traders account as well as
from commission houses. The same thing
was evident in the Pacifics and other
stocks here and throughout the list The
tendency to sell was undoubtedly due to
the prospects of tight money. The min
imum rate for call loans was held at 2
per cent, and per cent was paid in some
cases.
The London money market was marked
up sharp fraction today, and there was
said to be for shipment to New York
No engagement was announced. however
in Wall street.
The poor rates for money caused de-
preston in the bond market even. more
acute than that in stocks. Some of the
special bonds that have been recent IA
vorites showed marked reactions. and
heaviness predominated in all issues.
Total sales. 50, $1,000.
[. s Is when issued declined 1s per
cent in the bid price and i per cent on
actual transactions.
The new Is coupon sold at l.26S4, de-
cline Of y per cent. but the closing bids,
except for IS. We're unchanged
MONEY AT CLOSE.
Money on call frmer, 26S per cent; last
loan 212 per cent.
Sterling exchange, weak. with actual
business in bankers bills Is, at t. 4 s.
posted rates, 4S4d4S41h and 4S6; CONNER
cial bills. 1924. S214.
Silver certificates 591a061. Bar silver,
597s. Mexican dollars, 1872.
Government bonds, steady; state bonds,
dull railroad bonds, weak.
SALES OF STOCKS.
Total sales OF stocks today were 472.9O0
shares. including 1880 Atchison. 20, 40
c. B. & O.. 3.4G0 d. & r. c., $3.50 l.; q
N lG,OS6 Manhattan. 1880 Northern Pa
cific. 1888 do. preferred, n,240 Rock
Island, 81 SO Union Pacific, 1850 St Paul,
II. 73S Southern preferred, 400 Texas q
Pacific "a $50 Union Pacific preferred, S775
Wabash preferred, 4S40 Cotton Oil. $3.50
Tobacco, $50 Chicago & Great Western,
II. S26 Peoples Gas, 1920 Illinois Steel, Is.
100 Sugar. $40 Leather preferred, S.345
Rubber $3.50 MINI. iron.