The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-03-01
THE BANKS
WALL SrRE Er

New York, Feb. ga renewal of The
heavy selling movement inaugurated YES
terday in anticipation of the vote in the
senate favoring the recognition of The
! independence and belHgerency of the Cub
+ 4nds, inarhea the resumption of trading
tooay. London prices for Americans
we're shaded and foreign sales in this
market were fairly large. The early de-
cn1e extended to a point or Whereabouts
and We're most important in Sugar RaIti1
more d Ohio, Louisville e NashviIIe 81
! PauI, Chicago Gas and Leather preferred
/ 1he reaction was soon stemmed nv the
execution OF fairly large purchasing or
GERS Tor both accounts resulting in smart
advances IN number of cases. The dis
turblng reports and assumptions regard
ing ,iaE5,,i me outlook of the Baltimore & Ohio
1 rssgliea IN IN an outpouring of stock, de-
pressing the prices. There was renewed
pressure against the market in the final
hour and nearly all of the early improve
mont was lost. Speculation left off active
OF fractional extent.
Speculative conditions at the opening
ana close Of the week were in marked
contrast, Illustrating the proverbial uncer-
talnty attending operations in Wall street
"A decrdeoly bullish tone prevailed at the
outset, based upon liberal purchases of
our securities for foreign account. The
cheerful sentiment was heightened hv the
large increase In the treasury gold re-
serve, bringing the figures up to S123. 522-
90. commence was also derived from
the easier tendency of railroad earnings
ana from predictions that the treasury
operations for February would show =
small gain in revenue apart from re-
suits on bond account Another favorable
raetor was the opinion that sufficient i'm
proYement will occur in our foreign trade
movement this spring to appreciably les
sen the outflow of gold usually incident
to that season.
Some stress was also laid ,inor a ,-;sa
IN bullion. An upward movement was
SldTleQ Wnlcn attained considerable pro
portions in the Vandebilts, prominent
international stocks and some of the
fndustrials. Commission houses bousb4
literally and the distribution of trade was
unusually good. Owing to a series of inn
portant disturbing developments, the
favorable influences noted were subse-
quently overcast and prices began a
downward trend which, toward the end
OF the week. gained such force in GER
tam securities as to arouse considerable
apprehension regarding the possible
sympathetic effect upon the general specu-
lation. The annual report Of the limited
states Leather company looked a storm
precipitated a flood of selling orders An
prehenston as to the possible effect of
the practically unanimous vote in the
United states senate in favor of the rec
ogniGon of Cuban belligerency and indie
pendence. PROVIDED wholesale liquidation
and persistent and effective raids by the
bears. One leading commission house was
credited with sales on Friday and Satur-
day of between $4,000 and 5000 shares,
The severest losses were scored in Sugar.
the grangers and Leather preferred and a
few other shares. The breaks in Balti
more q Ohio and Leather preferred were
sensational. The first named fell to 81
as against So last weeks final sales, rallied
TO 30 and eventually receded to 21sk with
the final transaction at 221z. Leather pre-
ferred slumped to 1914 as against GO, the
top price OF the week. The total sales
were 1,476.17 shares
The railway bond market today was
affected by the depression in stocks with
the more important business in the specu-
lative issues. The volume of business was
above the usual aggregate and was well
distributed. The dealings amounted TO |
S109o,0o0. Among the leading net declines
were Northern Pacific consoI f1ves, 2 per
cent; Northern Pacific trust receipts, ~; |
Texas & PACING adjustment tours, / per |
cent.
Governments were slightly easier in tone |
and sales were made of S101500. The rail- |
way bond market for the week responded I
to the course Of stock prices and decided |
were noted in some instances
particularly in Baltimore & Ohio issues.
The Northern Pacif1cs were also con- I
spicuous in the dealings and advanced /
materially on expectation of active steps
in the near future looking to the rehabil- I
tation of the property. The aggregate
sales were 1898. 600
The final figures show concessions as q
rule, with declines in speculative issues