The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-04-29

New York. April 2S.-The market for
stocks was lacking in animation today
and sank at times into a condition of
unusual dizziness. although evidence of
firmness and strength were not lack
ing, and the small net decline was due
rather to the sympathetic effect of the
manipulation of the bears in the spec
ial stocks than to anything in the gen
eral situation. The dullness was in a
small part due to the Inauguration of
the gold export movement today, first
generally admitted to be due to nor
NAL causes. Interest in the gold move
ment was confined in a very large part
to those having TO do with the market
for exchange, as it is now generally
understood that the gold movement
has been held back for several days
at least by an agreement of the ex-
change houses, which agreement it
was found impossible to maintain
when the engagement of Saturday for
Sl,OOO,OOO for shipment to London on
an order from that center was made.
There was little apprehension aroused
in Wall street by the report that $780,
600 in gold coin had been withdrawn
from the sub-treasury for export to
Europe. For one thing it is felt that
the present period of excessive imports
of merchandise, which is now throwing
the exchange situation against us, will
necessarily be limited by the enact
ment into law of the new customs
tariff. The return of gold that may
go out now is, therefore, confidently
expected with the normal merchandise
export movement later. Furthermore,
it is believed that besides the large
treasury gold reserve a portion of the
1ra,-
would be forthcoming for export pur-
poses rather than that they should
have their stock of legal tenders de-
pleted. The extent of the demand here
growing out of the demand of Japanese
and Austria on London, is somewhat
problematical, but no apprehension is
manifest in Wall street that the gold
exports will be sufficient to deplete the
treasury reserve to a point that would
give ground for apprehension regard
ing the treasury. The market for
Americans in London was weak today
in the face of an advancing tendency
for consols. and the New York market |
took its opening tone from London. |
After the opening loss the general |
market advanced to a point a fraction !
higher than Mondays close. The bears !
then sought successfully to stem the |
by attacks on individual |
stocks. The net declines were, how
ever, generally only fractional.
Standard Oil sold today at 2991s. the |
highest price on record. The general !
bond market lacked feature, but was /
generally higher. Aggregate sales /
were $766,OO
Governments were neglected, but
were steady at Mondays closing
prices. Sales, $1,000.
Money firm at l4@11k; last loan, ~;
closed " OLE per cent.
Prime mercantile paper, 915@4 per
cent.
Sterling exchange weak, with actual
business IL bankers bills at 4.S712Q |
4S7& for demand. and at 4.S6G4.S6A
for 60 DAYS; posted rates. 4.S7@4S712
and 4.SSl5 04.S9; commercial bills, ASH.
Coffee-Options opened steady, SOLO
points lower. closing barely steady;
April sc. higher; other months 10@15
points lower; sales, 21.750 bags. includ-
ng; May, 5.25@7.25; Sept, 7.45@7.55.
Spot coffee steady; No. I invoice, rs;
iobbing, SIS; mild, quiet; Cordova, 10
IS%.
Sugar-Raw. steady; refined steady.
WOOl-Firrnlv held