The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-04-02
Efforts of Bulls to Hold Up Values
Prove Futile.
STORY OF SPANISH F0URS
WHAT IMPAIRED CONFIDENCE
TO HOPES oF PEACE.
Interest On Spanish Fours Advanced
Yesterday By the Rothschilds-
Significant Feature of Yesterday
Was the Marking Up of Call
Loans to Six Per Cent-Bonds-

New York. April 1.-The process which
went on in the stock market today was d
crumbling and disintergration OF prices
There was large and influential party
in the exchange who manifested their
confidence in a peaceful settlement De-
tween the United States and SPAN, ana
determined support of prices all through
the early dealings. The buying py TINS
element during the morning hours was
very large, but prices kept slipping down.
ward.
The weight of the growing depressions
proved too heavy to carry and the at
tempt was abandoned in the afternoon,
when general and heavy liquidation was
Some feeble rallies at the close indi
Gated that some part of the day &c
recoveries from the lowest We're very
small and net losses on the day run from
2 to points in the principal active stocks.
EARLY CONFIDENCE.
The ground of the early confidence by
some operators that war would ne avert
ed was shrouded in some mystery 1t
ference that interest on the Spanish Is
which was paid today, in spite of recent
doubts. whether the money would be
forthcoming, was advanced by the Roths-
childs. and that thu advance was based
on knowledge that the Spanish govern
ment would make peaceable settlement
of the demands of the United States
more and more definite shape on the news
from Washington that the Spanish gov
eminent had. on the contrary, refused
the demands of the United States. The
consequences seemed necessarily TO be
that the whole question would be sub
mitted to congress for settlement. This
was felt to involve the abandonment of
diplomacy and an early resort to force.
CLOSING WEAKNESS.
All the indications usually regarded as
-,.fne-. flnxe tn mol q
were very contradictory in the early trad
ing. American securities after opening
off in London improved before the open
ing hour, and advanced quite freely after
trading had commenced i'm New York.
This early weakness was in spite of the
fact that early adVices from Madrid were
rather optimistic. Spanish As which were
traded in ex-coupon. fell points in Lon
don before the rally set in. then recovered
IA, apparently on the early strength
shown by the New York stock market
This early strength here rallied prices
several times to or near last nights level.
and il was not until the afternoon that
the market took on its decisive tone of
weakness.
GAIL LOANS MARKED UP.
A significant feature of the day was the
marking up of call loans to per cent.
This was due TO the calling of a moder-
ate amount of loans by the New York
banks. But the shifting of these loans
developed small amount of money offer
the consequence.
Exchange rates responded to the hard
ening of money by a fractional decline,
though the days engagement of gold for
import was only about half million dol
lars. The growth of the selling for Wash
ington account as the day progressed.
was an essential factor in the late break
in the stock market.
Bonds We're not so active as stocks. but
the volume of lQuidationS increased as
the day progressed and some sharp net
loco etnra Fal col Lac
Government bonds were weak through
out The new As coupon fell "a, new is
registered. the old As registered and the
5s. 3. in the bid price
There were sales of the new As coupon
bid price.
MONEY MARKET.
Money on call firm, 2d6 per cent last
loan, per cent. Prime mercantile
paper, 5d6lb per cent Sterling exchange
weak with actual business in bankers
bills at 4.s315@4.S3S: for demand. and at
4.S0%G4.S1 for so days. Posted rates. 4S11h
a4.S2 and 4.S4l2GtS5. Commercial bills.
4.S0
Silver. certificates. 5593 q56H. Bar silver
5512. Mexican dollars, As.
Government bonds. weak; state bonds,
dull; railroad bonds weak.
SALES OF STOCKS.
The total sales of stocks today were
ferrsd. $3.50; Burlington. 592S6; Louisville
e Nashville, 1875; Manhattan, 29.S0O;
Metropolitan. 800; Missouri Pacific,
4,460: New York Central, $3.50; Northern
Pacific $50: Northern Pacific preferred,
23 7SS; Rock Island. 16. 400; ST. Paul S. 720;
pies Gas, 1929; Sugar, 1880; Western
Union, 1853.