The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-05-14

New York, May 13.-There was sin
gle effective rallying point in today's
market and the only interruption to the
sagging of prices was the occasional
brief buying of shorts in some stocks to
cover The strength of American Sc
curities in London and the buying by
London in this market, which have
been factors in the last two days in
sustaining the market, were less con-
spicuous today. American stocks be-
came heavy and dull in London after
the opening here, that market apparent
~ having become diScoura ged at the
persistent distrust displayed by the New
York markets of its own securities.
Quite a serious view was taken In the
street of the developments at Washing
ton and the hints thrown out by parties
to the conferences Of information in the
state of affairs existing in Cuba calling
Tor interference. This, coupled with the
suggestive course of the senate toward
the Morgan resolution and a belief
that it VIII be passed. was taken as
fOreshaQ0Wing more aggressive
Cuban policy on the part OF the adj
ministration and the dealers in stocks
were inclined by these advices to dis
count a possible fall in values, from
strained relations with Spain on this
question. A report also found credence
that ii was in prospect 10 diSplace the
tariff bill in the senate by the Cuban
question, as more urgently calling for
early settlements report Which was
used by the bears with good effect in
adding to the weight on the market.
The announcement of a 81, 900 gold
shipment by Saturdays steamer in face
If a rather weak exchange market
shows that the limit of no profit is not
yet crossed, with demand sterling at
4.S7A. The exchange market stifrened
TO some extent Just before the closing
of trading and further shipments of
gold are felt TO be not improbable. AL
though this probability was discounted
several days ago, by the selling Of
stocks, it had an effect in depressing
values in the narrow and professional
market and in discouraging trading.
Although today's sales were larger
than those of yesterday, there were no
signs Of any outside interest in the
market, aside from the dealings for
London account. There was said to be
some selling as well as buying ftE. Lon
don account during the day. but the
purchases exceeded the sales by 10000
shares, a fact to be considered in con-
necti0n with the exchange situation.
Sugar and Chicago Gas were under
special pressure and although they
were influenced by special causes the
volume of the transactions in them i'm
parted a symDathetic heaviness to the
general list. The grangers We're quite
firmly held in the early trading but
later succumbed and showed a decline
as great as the average. Losses were
remarkably uniform in the active
stocks, the decline ranging from Is to
rs.
Railway bonds eased off on light
dealing, with the recessions unim-
portant in the leading mortgages. Some
marked losses were scored, however.
The aggregate sales were $4,000. Gov
ernments We're in demand and ruled
firmer on purchases of 104, 600.
The total sales of stocks TODAY We're
1510S5 shares. neutrality-suspicious. To-
baccO. 400: American Sugar, 200;
Burlington, 1920; Chicago Gas Trust
receipts, -, 700: L. & N, 1000: Manhat-
tan con, $500; Omaha, $500; Reading.
1880; Rock Island 5,400; St. Paul. 1890;
Tennessee Coal and Iron. 400; West
ern Union, 900; New Jersey Central,
800.
Money on call easy at 1bG11k per
cent; last loan at IL closed offered at
IL per cent. Prime mercantile paper.
3fe@A per cent; sterling exchange
opened steady, with actual business in
bankers bills at 4.S7k CASTE for de-
mand and 46A G46lR fer 60 days: posted
rates 4.S7 and 4.SSQ4.SS1a commercial
bills, 1851.
Silver certificates. 61@61K.
Bar silver, 60% Mexican dollars, Az.
Government bonds, firm. State bonds,
dull Railroad bonds, weak.