The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-06-08
Lively Selling Movement, Which
Effected Sharp Declines.
VIGOROUS ATTACK ON U. P
TRADERS LOADED UP AT THE
LOWER PRICES.
Prices Recovered at the Close, and
the Net Changes Were Mostly
Small Further Declines In
Wheat Caused By Reports of Big
Crops-Live Stock Markets.

New York, June THE stock market
showed the same conflicting tendencies
as for several days past, but the reaction
airy element gained the upper hand during
/ the afternoon and effected sharp declines
all through the list, dislodging quite a
large amount of stock, wiping out the
margins on which it was held. There was
a Significant period of dizziness succeeding
this lively selling, and then quiet ana
| steady absorption of stocks, offerings be-
] ing taken at the ruling prices with an en-
/ tire absence of any effort to mark up
quotations.
1t was sufficiently evident that the pur-
pose of the reaction was to secure stocks
| at the lower level.
There was quite a lively commission
| house demand at the opening, which lifted
| prices of many stocks small fraction.
There was special show of aggressive
! strength in Brooklyn Transit, the Read
! ing stocks, Erie, first preferred and some
of the lower southwesterns. Metropoli-
/ tan street railway and Consolidated Gas
were also centers of strength. The bears
met this by VirogouS attack on Union
Pacific preferred, Peoples Gas, Louisville
| q Nashville and Kansas & Texas pre-
ferred, all of which were driven down be-
tween 112 and points. This combination
proved vulnerable TO attack and weakened
the market at its salient points. The re-
coverieS in the final hour were over a
point in a number of important cases and
net changes were mostly small and losses
predOminated
The war news was without infence on
the market. London was quite a heavy.
seller here, and was a factor in weaken
ing prices and in giving a firm tone to
sterling exchange The decentralization
of wheat prices may have aided the re-
action. The worlds heavy receipts of
wheat gave rise to a question as to
whether Americas next crop can be
marketed to the best advantage.
Although money continues abundant
and cheap, it is inevitable that the APP
preaching government bond issue should
absorb money and harden rates tenn
porarily at least. There was realizing
in bonds today in speculative issues and
the tone was heavy. Total sales, 81, 100 Co.,
Z. s. old As registered and the new is
were per cent lower and the IS Is lower
in the bid price.
The total sales of stocks today were
45l, 400 shares, including 3, 500 Atchison.
$500 G. q o.. 400 G. c. c. & St L.. IL 500
Manhattan, 3,509T Reading preferred. $500
M. K. & T. preferred. 500 Northern Pa
cific preferred. $500 st. Paul, $500 Texas
& Pacific, $500 American Spirits, 1900
S,4OO st. L. & S. w. preferred, 800 Atchi-
son preferred. 800 Burlington. H. 700 L. &.
N. 4,9OO Metropolitan, 400 Missopri Pa
CHIC, 15,3OO Northern Pacific. II 900 Rock
Island. 1900 Southern preferred 1850 u
r F; preferred: S'490 U P preferred, $500
Electric. $500 Western Union.
LOANS AND EXCHANGE.
Money on cali, steady, at 1AG115 per
cent; last loan at liz per cent. Prime mer-
camille paper, BOA per cent.
Sterling exchange, steady, with actual
business in bankers bills at 4S6AG S61k
for demand. and at 4.S4lkG4S4$ for 80
days; posted rates, 4.S5Q4S7; commercial
bills, 4.SS14d4S3&4
Silver certificates, 5S1z659; bar silver,
5SA; Mexican dollars, 451a.
ROM OTTOT ATOMS