The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-04-19
Wall Street Transactions Were In
significant Yesterday.
BUT FEW TOOK CHANCES
OPERATIONS BASED ON ACTION
OF CONGRESS.
Large Proportion of Small Total of
Sales Is In Tobacco-Banks and
Trust Companies Hold Out For 4
Per Cent For Call Money-Rail-
road Bonds Stagnant.

New York, April 1S.-There was buying
of stocks by professionals in the first
hour this morning which raised the prices
| of most of the limited number of stocks
traded in a point or over after mid
| day the traders sold again, wiping out the
! early advances The days changes are
insignificant and are mixed between gains
and losses.
The amount of business done was al
most the smallest in the history of the
exchange and a large proportion OF the
small total was made up of Tobacco. This
stock continued to reject the contest be-
tween insiders and shorts, and the indi-
were in distress After falling off more
than point, the stock mounted in an &C.
centric way points and closed a point
! below the best.
TAKING CHANCES.
The buying of the morning which adj
vanced the general list was apparently
based on the presumption that the differ
ences at Washington on the Cuban ques-
ton added to the chances of peaceful
solution by delaying war. There were
slight advances in the price Of Americans
in London before the opening here, which
helped on the rise
The selling was due 10 the action of the
mouse OF representatives in reced1ng from
its resolution and -concuIring in the SEN
ate resolution after eliminating the indie
Dendence of the Cuban republic. The
feature is the small floating supply of
stocks This makes an ideal market for
professional operations on account OF the
ease with which prices move. But it is
evident that the present market is but
tressed with buying orders below the
present level of prices.
Any considerable advance is met with
large selling TO realize. It is this that
produces the almost unyielding steadiness
of the market. A 1-point turn seems to
be about the utmost that the professional
a fO
MONEY AND BANKS.
The gold received by Saturdays steam
ers still further fortified the cash reserves
OF the banks and enga gementS announced
for today were over 1000, 900, besides ST.
100000 engaged late on Saturday. The
position TO yield, although call money was
loaned on the stock exchange at per
cent Banks and trust companies gener-
ally hold out for per cent for call money
and per cent for time money. The move
ment to the interior continues, but it is
regarded as very significant that outside
banks are beginning to lean money here.
The expectation of a government loan
without doubt influences the banks to
hold their reserves. and the marked weak
ness of governments today was taken as
indicating the approach dof new bond
issue.
The market for railroad bonds was al
most absolutely stagnant today. and there
was no change of significance in prices.
Total sales, $3.50 00e.
United States new As declined IA, the
old As registered IL, the old AS coupon
u and the SIS coupon a in the bid price.
MONEY MARKET.
Money on call steady, 2931a per cent;
last loan per cent. Prime mercantile
paper 5i&G6 per cent. Sterling exchange
steady, with actual business in bankers
bills at 4. S3l5 al. S3l2 fol. demand and f. 1884
Q4.S0 for GO days. Posted rates 4.S01sd4.S1
and 4.S4Q4.S415. Commercial bills, Asa
4.7912.
Silver certificates 56656lh. Bar silver
So. Mexican dollars 45A.
Government bonds weak. state bonds
dull, railroad bonds steady.
SALES OF STOCKS.
Total sales of stocks today, $780, GOO
shares. including lbs c.. B. & O., 3240
Northern Pacific preferred. $3.50 St. Paul.
9.251 Union Pacific preferred, 4,450 U. p.
d. & G., 1886 Tobacco, 1855 Sugar.