The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-04-03
Condition of Wall Street Operations
In Stocks. a.
UNCERTAINTY AND DOUBT
CONDITION WHICH INFLUENCED
THE OFFERINGS.
History Of a Weeks Turmoil In the
Stocks Market-Part Played By
the Commission Houses In Wash
ington-Timidity of the Shorts
Government Bonds Weak.

New York. April News having an
important bearing on the all-absorbing
question of this countrys relations with
Spain was exceedingly scarce today, as
congress was not in session. The alb
ence of developments left the situation
much as il was when trading ceased yes
terday afternoon and when all classes of
owners were offering stocks for sale on
the presumption that war with Spain was
inevitable. Yet prices show net gains
today extending to over Il point IN many
cases, and the extreme recoVerles from
the lowest show variations Wnicn COM
pare favorably with the violent changes
of last Monday and Wednesday Inc
market was exceedingly feverish and err
ra tic during all of the two hours ses-
sion, in spite of the paucity of news,
varying sentiments being fed by surmises
rather than news. Most OF the actlVlty
was based on the supposition the ao-
sence of all symptoms might itself ne a
symptom" This uncertain state of mind
would naturally beget a Discrimination 10
leave contract obligations outstanding.
BUYING TO COVER.
AS most of the existing contracts on
the exchange are based on short sales OF
stocks, the uncertainty found expression
in buying to cover. The tinlidity of the
shorts was founded on their very severe
experience last Monday. They saw power
full support offered to stem the downward
tendency at the opening. The analogy
close to the course OF IninkS last
Saturday that it had an unsettling effect
Important commission business with
Washington were the. instruments used
for much Of the buying: This gave the
appearance. whether well founded or only
designed to seem so. of orders TO buy
stocks possibly on information obtained
in Washington on some favorable turn IN
the prospect of affairs.
This development or vancouver was not
lost upon the bears. 1t is not improbable
also that some of the buying was due to
hot al Of irFx-a rGTz wi
the market to buy stocks at a low range
of prices for the actual return in yearly
income.
LONDON A BUYER.
London was buyer to some extent here
in spite of the significant weakness of
Spanish As on the foreign exchanges. 1t
is evident that foreign exchanges look
to New York for inititiative for the pres
ent. Il seems remarkable that there
should be d sharp net advance in the
prices of securities on the stock eX-
change in the week which witnessed the
publication of the report of the Maine
board of inquiry and the apparent aban-
Comment of diplomatic negotiations look
ing to the conservation of peace with
Spain.
The facts are that prices are from to
points higher in all of the prancipal stocks
that make up the bulk of the business on
the stock exchange This was due in part
to technical conditions in the market.
FOREsTALLED BY BULLS.
When the bears attempted 10 take In5lT
profits on Monday by buying stocks at
the low level induced by the presentation
of the Maine board report. they found
themselves forestalled by powerful bull
clique who had secured a large part of
the available floating supply of stocks.
Not for years has there been seen so
sudden advance in prices as in Mondays
bear. panic. The bulge IN prices seemed
TO have been designed originally by some
of the large bear operators themselves
with-the purpose of shaking off some of
eli ble following nv forcing
them to cover their contracts and thus
leave the way open for further decline.
The big bears were supposed TO have bean
caught in their own trap. ana II was
generally believed Monday night that the
short interests had been practically elm
mated from the markets
WEDNESDAYS DEVELOPMENTS.
Later developments, especially on We'd
nesday, showed that there was large
outstanding short interest and the belief
prevailed at the end of the week that
this short interest was Still large. me
persistent constituencies of the market to
the faintest suggestion of a peaceful ad-
justment of the. Cuban quetion goes TO
confirm the belief.
The demands on New York from other
domestic centers for money showed
marked increase, and the losses in cur
rency in the latter part of the week are
probably not adequately reflected in the
banks returns. The losses are shown
TO be more than offset by receipts of i'm
ported specie.
But the calilnS OF loans yesterday ana
the marking up of call loans to per
cent indicates that the banks are disposed
TO take measures TO strengthen them
selves.
IMPORTS OF GOLD.
Estimates and opinions vary widely as
to how far the imports of gold. which
now amount to over S40,OOO,OOOO from
Europe have been drawn against current
grain and cotton bills and how much
of the accumulated exchange against
Europe still remains in New York as col
lateral for loans. That there is still
liberal supply OF exchange to be liquidat
ed is generally believed. Large banking
and financial interests in Wall street are
believed TO be in substantial accord re-
garding the course to be pursued TO in
sure the greatest safety and stability in
the event of the shock of war.
Bonds have moved in sympathy with
other stocks. hut have not been so active.
Government bonds have weakened in
the latter part Of the week, but they
show net advances over last Saturday
amounting to 2ss in the new Is coupon,
in the new Is registered, in the old Is
coupon. and y in the 5s and IS
MONEY MARKET
Close: Money on call firm. gas per cent;
last loan. per cent Prime mercantile
paper sac per cent. Sterling exchange,
steady. with actual business in bankers
bills. al 4S5iz9i4.S3S4 for demand and 1907
64M for 90 days. Posted rates. 4.S1i2N4.S2
and 4.S4izd4S5. Commercial bills. $50.
Silver certificates, 55ssG55lt. Bar silver,
State bonds dull; railroad bonds weak;
government bonds weak; new Is register
ed. l.20mL21; new Is coupon. L2G3s; Is
l.0S0L09: IS coupon. ll9IH.li12; Ends, 50; I
IS registered. l.1lQl-12: 5s coupon, Lila
LIE; Pacific is Of ~. 1o3
SALES OF STOCKS.
The total sales of stocks today were
e77 $40 shares. including los Atchison pre-
ferred. ESQ Burlington. $50 Louisville J
6: Nashville. $50 Manhattan l.. 250 Met ,
ropolitan. sos New York Central. 4S20 |
Northern Pacific S.765 Northern Pacific |
preferred, $40 Rock Island. 7.770 st. Paul !
81 O45 Union Pacific. $50 Union Pacific I
Denver d Gulf, 7.O15 Tobacco, 1850 Peo- |
pies Gas, S0.Si0 Sugar.
BOND QUOTATIONS.
e. s. new Is regl2o N. X. & T. ends. 5SIA
L S new - Al. *. & T. Is. S5% 1
coup ...........l2oss y. Y. c. lsts-.-,ll4
L. s. 4s..----.-.-l0o y. J. c. 5S.......ll2
L. ). IS coup.-...l10 y. =. 1sts........113 !
L. g 3nds....... ~ n. p. 3s.......... 50 I
l. $ IS rec.-...ln N. 2. 4s.......... 90