The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-04-08
Inclined to Believe In a Peaceful
Solution of Crisis.
UNDERGONE OF FIRMNESS
ALTHOUGH LETHARGY MARKS
OPERATIONS.
Small Losses In Face of the Generally
Threatening Aspect of the Situa-
tion-Money Market Is Fortified
Against Any Severe Shock-Bonds
Almost Wholly Neglected.

New York, April 1.-The conviction IS
evidently unaltered in Wall street lhat
the delay in presenting the president S
message 10 congress adds 10 the posSi-
bilities of a peaceful solution of the
Cuban question. The market closed d
shade lower today in the average price;
Individual losses were in almost all
classes confined to fractions. and there
is fair sprinkling OF gains among lead
ing stocks. Only a small proportion OF
the sharp advance which came with yes
terday's news that the message was TO
be delayed until Monday was wiped out
The professional bears showed no as
position to renew their short contracts
Neither was there any sign or hquldatloh
of long holdings. The only buying de-
mand was caused by some slight covering
of shorts ana q very limited amount or
commission house buying. The result
was an almost stagnant market. There
was no deveiopm ents today winch
awakened II from its lothargic condition.
That this dizziness is due to an attitude
of waiting was evident from the sudden
activity when II became known yester-
day that the presidents message would
be delayed, and when it was supposed
that the delay indicated probable con-
cessions by the Madrid government. The
impression in Wall street. is that the I'M
dertone of firmness in the market is due
posed to be the expectation that Spain
will yield to pressure from the European
powers and from the pope, and will con-
cede the demands of the United States.
srally-threatened aspect of the situation
can only be explained on the hypothesis
hat a peaceful solution is still hoped
for.
WATCHING FOR DEVELOPMENTS.
There was. however. a demonstration in
Yesterdays late bulge that large offers
10 realize are brought out by any sharp
advance in prices. Professional opera
tors on either side are watching for the
definite development Of the situation. 1t
usually incident to a var scare is wait
ing for the expected hervy demand from
large short interest which undoubtedly
exists in the market. This snort IN
of war to cover. On the other hand there
are those who hold that actual war has
already been sufficiently discounted and
that the firmness in the market is due
TO this cause.
MONEY MARKET FORTIFIED.
The situation in the money market is
felt to be one fortified against even
severe shock. Bank reserves all over the
country have been greatly strengthened.
The gold reserve, both of the government
and of the New York banks is large. I'M
precedentedly so, in the case of the latter.
and is constantly growing. large pro-
portion of the payments at the custom
house are made in gold and the clearing
house balances are in a great part set
tied in the same metal. Their is no i'm
mediate prospect of international ex-
changes turning against the United
States, and until this occurs there will be
gold imports TO replenish the money mar
ket. Today.s advance in the Bank of
England rate did not check the engage
ments of gold. but served to shift the
demand somewhat from London TO Berlin.
The rise in money in London resulted in a
rise in the Berlin and Paris rate of eX
change on London.
BONDS NEGLECTED.
The bond market was almost wholly
neglected. but prices were firm.
Total sales. s1.050.000 United States
new As advanced l per cent, the old As
registered H. and the 5s 4 per cent in
the bid price today. and the ends de-
clined y per cent. There were sales of
the new As coupon at 1.22A, an advance
of q over yesterdays sale price. Today's
last price was l.22.
MONEY MARKET.
Money on call steady. 2d2as per cent;
last loan. per cent. Prime mercantile
paper. 5i@a6 per cent.
Sterling exchange, steady. with actual
business in bankers bills at 4.S3Mm4. S315
for demand. and 1901 for so days Posted
rates. 4.SO1za4.S11s and 4.S414. Commercial
bills. $50.
Silver certificates. 55a57. Bar silver.
55%. Mexican dollars. 40.
Government bonds irregular, state
bonds, dull; railroad bonds, dull.
SALES OF STOCKS.
The total sales of stocks today were
2a7. 200 shares, including 3165 c. B. & O.:
%. $50 Burlington. 6795 l.. & N, 1901 Man
haitian. 1875 Metropolitan, $3.50 Missouri
Pacific. 4.l05 Northern Pacific. 9.l35 North
ern Pacific preferred. 1850 Rock Island.
q. $50 ST Paul, 1885 Union Pacific 3675
I. P. d. & G.. :435 American Spirits, 4,21O
Tobacco, 1913 Sugar.
BOND QUOTATIONS.