The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-03-08
War RumOrS Playing the Very
Hockey With Stocks.
LONDON A HEAVY SELLER
CHINA AND THE NIGER DoMIN-
ATED CUBA QUESTION.
Former Promoted Pessimistic Views
of British Speculation in Securi-
ties-London Offerings Speedily
Bought Up-Cannon's Bill In
Congress Provoked Weakness.

New York. March THE relations be-
tween the United States and Spain caused
apprehension in all circles in Wall street
today. That there were large sales Of
securities by the tirnid holders for the
purpose of converting them into actual
money was doubtless true. but large
portion of the selling was due TO the
liquidation of speculative holdings, which
have been strongly held through previous
declines, but which were thrown over to-
day to realize what they would bring
There were Dalpable maneuverS also by
the bears TO force the lowest possible
range OF quotations at the opening and
their offerings to force down prices and
their purchases at the decline TO cover
made uD no small portion of the day
business. In this connection it is inter-
esting to note that the opening sales of
Burlington were reported at from 90is 10
S9la and this quotation was not corrected
until the close of the market, when it
was cancelled with the explanation that
the sales reported were of St Paul at
those quotations and not of Burlington.
Instead of a break in Burlington of IA
al the opening, that stock extreme de-
cline from Saturdays close was a. Louis
Vile was at one time four points off, its
weakness developing later in the day.
New York Central showed a loss of 32s at
the opening. Otherwise the extreme de-
clines in the railroad list were restricted
between and points: Losses in the
specialties were great, Metropolitan fall
ing points, Sugar 512 and Manhattan
So. The shorts were quick to cover at
the decline and a rally of to points was
almost instantaneous.
ATTRIBUTED TO WASHINGTON.
The buying TO cover short contracts was
attributed to WASHINGTON sources which
We're aggressive sellers in the latter part
of last week. London was heavy seller
OF stock here during the morning, the
sales for that account being estimated
at 1000 shares. LondonS pesSimistic
view of values was as much influenced by
the threatening outlook in China and the
dispute in the Niger region as by the
Cuban question. Local operators were
quick to decide that no damage was
threatened to American securities by this
complication, and this encouraged the
absorption of London offerings. Later in
the day the introduction of Mr.. CannOns
bill to appropriate $50000,000 for national
defense and the passage of the Hawley
bill providing for two new artillery regi-
mentS renewed the early weakness and
forced prices again to the lowest. The
latter break was freer from bear manipu-
lation and represented more liquidation
than the earlier one
ALMOST IGNORED.
The decision favoring the railroads in
the Nebraska maximum freight rate case
was almost ignored and the news that
Spain had withdrawn Its request for Con-
sui General Lees recall, although some
what more efficacious in rallying the mar
ket. had but temporary effect, the other
ing regarded as more important. Money
was marked up to 3 points, in the early
transactions, an influence in inducing
liquidation which must not be overlooked.
The rate eased off to IL per cent again
before the close of the day. Closing prices
in stocks were considerably above the
lowest, but net declines in the standard
shares are still from l to over points.
Prices for bonds yielded almost as
sharply as those of stocks, but the
smaller liquidation by comparison with
stocks indicated greater underlying
strength. Total sales, S, $685. 00. u. S.
new 4 s and L. S. old As declined H. old
As coupon and the 5s 1, and the rs y
per cent bid. The SIS coupon sold at
Liz.
MONEY MARKET.
Close Money on call steady at 11zG3
per cent: last loan per cent. Prime
mercantile paper 3G4 per cent. Sterling
exchange steady with actual business in
bankers bills at 4.S4ls for demand and at
4S11sd4S1St for so days. Posted rates, 4S3
@4S51z Commercial bills. 4S1.
Silver certificates. 54G55. Bar silver, !
55A. Mexican dollars, 44A.
Government bonds weak. State bonds ]
dull. Railroad bonds. weak.
SALES OF STOCKS.
Total sales of stocks today were Col, 900 ]
shares, including: Atchison preferred, r. /
l53: c. e o.. 5000; Burlington, 54.92S; L. & /
N, IS 200; Manhattan, q, $50; Metropolitan, I
l3 $685. Reading preferred, $40; Missouri 1
Pacific. CPS; NJ. K. & T. preferred 4.470; /
n. ]. Central 3.215; N. Y. Central, 2, $40; ,
Northern Pacific 1880: Northern Pacific [
Reading. 1916; Rock Island. .230; L. p. /
D. & G.. 400; Tobacco. 11,115; Peoples |
Gas, 21,2l5; Sugar, $3.50; Western Union.
1924