The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-04-25

New DIRK, April Z4.-Ine guinness OF
the trading continued today and the
marked sagged from inaction. The
lower prices of American securities on
the London exchange gave the tone to
the opening here where prices of the
international shares promptly adjusted
themselves to the London parity, ex-
cepting the cases of Reading and
Southern preferred. These two stocks
were an exception on the London ex-
change in showing fractional gains over
the New York closing. New York de-
clined to adoDt the London view of
them, and they sold here at a decline
about proportionate with the other in
ternationals. Advices from the Euro
pean exchanges indicated a more Sc
rious view of the war than has been
taken since the first trading on Tues
day after the Easter holidays and the
outbreak Of hostilities.
Consols were on small fraction and
cable advances from sources that have
persistently belittled the Greek claims,
admitted serious reverses to the Turks.
The decline in the internationals was
in consonance with the rise in wheat,
consistently with Wall streets new
principles of counting hurtful TO stocks
what is beneficial TO grain prices. For
the rest, the features of interest in to-
days market were exceedingly scarce,
and were confined to peculiar condi-
tioAs affecting particular stocks. The
bears attacked Missouri Pacific with
renewed stories Of financial difficulties
and probability of a receivership. The
stock rallied slightly from the decline
on official denials of these rumors, but
the net loss on the day amounts to IL.
Consolidated off i,xr+ ,,a
continued agitation for legal restric-
ton of the price of gas to 81. and fell
two points without rallying. There was
a slight rally in the list at one time,
but the selling pressure was resumed
and prices declined TO the close. The
average net loss was a sharp fraction,
American Spirits and Omaha being an
exception with gains. Minnesota Iron
sold at A, against 43 hid yesterday, and
closed at 43 bid
The course of the stock market dur
ing theweek might be summarized as anil
extreme decline on Monday on the first
trading after the news of actual out
breaks of war on the Macedonian from
tier, a rally which carried prices above
the level of the previous Saturday and
succeeding stagnation showed little var |
iation and transactions reduced TO the |
smallest proportion.
So far as any general influence on |
the market was concerned, interest has |
centered entirely in the war news.
New York's experience on Monday |
was unique. The Stock Exchange here |
was the only market for securities of |
first-rate Importance in the world that |
remained oDen. The London and con- |
tinental exchanges were all closed in
accordance with their custom of OBJ
serving Easter Monday as d holiday.
The market crisis caused by the out
break of war centered in New York,
and this market had 10 bear the burden
of the worlds sales.
No quotations for British consols,
that unfailing barometer of European
safety. had been attainable since
Thursday preceding. New York was.
therefore, cropping somewhat blindly for
an accurate indication of the real i'm
portance attached to the new turn of
affairs by European financiers. Bear
ing in mind the luGubrious prophesy
that had been INDUCED in by European
statesmen OF the disastrous results
which would likely follow the failure
of the concert of the powers to avert
war between Turkey and Greece, il is
not surprising that New York overdid
the selling of stocks on Monday. Prices
10 sensational degree. The
war might have proved a warning in
the fact that prices reached the lowest
foreign account and some selling of
wheat at the high point here was still
more in evidence. 1t was not until
Tuesday that New York allowed itself
to be convinced that its fears regard
ing the immediate consequences of the
war had been exaggerated.
The railway and miscellaneous bond
markets ruled active during the week.
Business in governments was extremely
light.
Silver certificates rose to 62ss on pur-
chases OF 10000 ounces. but subse-
luently receded below last weeks close
On the bid quotations
Money on call easy at 114G1la; prime
mercantile paper 3lsG4 per cent. Ster-
ing exchange steady: actual business
n bankers bills S4.SSG4.SSk for demand |
and S4.S6d4Ss94 for so days: posted
rates S4.S7GAS71z and $4.SS1zQ COM
nercial bills S4.S5A.
Bar silver SIS