The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-03-02
His Statement Generating Spain
Pushed Up Stocks.
ADVANCES WERE VIOLENT
ONE STOCK ALONE ROSE THIR-
TEEN POINTS.
Trading Took the Appearance of a
Runaway Bull Market-Buying
For London Account Also Helped
the Strength-Recovery of Span
ish Securities In London.

| New York March 1.-The stock market
| took on a well defined character today
and held it until after the publication of
the statement attributed to the secretary
of the navy that the element of Spanish
official responsibility for the Maine ex-
plosion might be considered to be elimi-
mated from the situation. This was in
the last hour of the session and the whole
short interest apparently rushed TO cover
the short lines that have been put out in
the last few days on the developments
following the Maine disaster There had
been covering of shorts early in the day
on account of the continuance of yester-
days movement. but a little later short
selilns develoDed on the theory that the
market would certainly sag again after
the large short Interest had been covered
The market had apparently swung to a
StandstlI and was drifting rather aim
lessly without yielding, when a buying
movement set in on the Long statement
and the trading took on all the appear
ance of runaway bull market.
BULL MARKET
Some OF the advances were violent,
Metropolitan Street Railway being pushed
up TO 1882. net rise OF 13 points This
stock closed at Isl Manhattan Sugar
and New York Central were also con-
spicuous IN the movement, the former
showing an extreme advance of points
and the latter 2. rising points each. The
whole list felt the upward movement TO
noticeable extent. Buying for London
account helped the strength in the early
dealings.
There was some recovery in Spanish
securities IN London and this seemed 10
restore confidence to some extent over
the relations between Spain and the
United States. The resumption of buying
began for London account. in face of a
continued hardening of the money mar
ket in London The inquiry for gold for
American account in London and in Paris
are reported to be still very keen but no
n
nuonced.
ACTIVE IN BONDS
The bond market was somewhat active
toda.' and prices were higher all around.
Total sales. 100000. L. S. new As reg.
showed a recovery of rs and As coupon
old is coupon of y per cent bid and the
Ends declined IL per cent
MONEY MARKET.
Money on call active. 1%G21s per cent;
last loan 2 per cent. Prime mercantile
paper. 3l2G4 per cent. Sterling exchange
iirmer with actual business in bankers
bills at 4.S4A for demand and 4.S11sG4.S2
4.S5q4S6; commercial bills. 4.SlG4S11.
Silver certificates, 553sll554s- Bar silver,
soy. Mexican dollars, 45A.
Government bonds, strong; state bonds,
dull; railroad bonds. strong.
SALES OF STOCKS.
Total sales of stocks today, 1880
ferred: AS c. & o.: ,ss5 c. B. & O.;
6.SS1 L. N: 32.746 Manhattan; 1O, 100
Metropolitan; 3.7o5 Hawaiian: $3.50 Read
ing preferred; SAL Missouri Pacific; 1850
n: Y. Central; 14.130 Northern Pacific; IS
920 Rock Island; 1880 st. Paul; 5000
Union Pacific: 800 U. P. d. & G.; 4.S00
1o,020 Peoples Gas; $3.50 Con-
solidated Gas; 4.2S9 General Electric; 76.-
$40 Sugar; 41SO T. c. & l.; 1920 Western
Union.