The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-04-21
Wall Street Held It's Own Against
Foreign Depression.
GAMBLED ON ULTIMATUM
RUMOR THAT IT WOULD HOLD
OVER TILL MONDAY.
On the Strength of This, Final Re
covery of Earlier Losses Were
Brought About-New York Less
Affected By the Crisis Than Any
Other Financial Center.

New York. April 2O.-The New York
stock market offered firm resistance all
day to the depression which was reflected
upon it from every other exchange in the
world, its declines at no time reaching
| more than a fraction over a point for ac-
! tive stocks. In the final hour after
trading on the foreign bourses had been
suspended for the day lively movement
! to buy developed on the New York ex-
change which wiped out practically all the
| earlier losses and lifted the level of prices
sharply above that of last night. The
/ final recovery was brought about by the
! dissemination of a rumor that the period
allowed Spain for an answer to the ulti-
matum had been extended till Monday
with chance of a settlement before that
! time
There were some evidences Of manipu-
lation for the purpose of making last
! prices show gains Burlington jumped to
| 9l12 on the last sale.
NEW YORK LESS AFFECTED.
A broad view of the financial world
shows that New York was less affected
By the crisis than any other financial
pressed to the London parity. AS a con-
sequence there was large arbitrage selling
here OF international stocks. New York
prices showing a fair profit over London
quotations. The depression in London
and continental bourses was more due
to the panic in Spanish As than 20 any
other one cause. These securities fell 1S4
IN LONDON and ga in Paris on forced
licuidations. Que to financial difficulties
in France and Spain
Whatever depression there was on the
New York exchange seemed to be due to
sympathy with the depression in foreign
markets. New York absorbed the offer
irss of its own securities for foreign ac
count at prices above those prevailing
abroad. ana there was no heavy hquida
ton for local account.
AMERICAN CECTrP TrrTEC
1t is to be obserred that American Sc
curities have held fairly steady as COM
pared with the marked weakness of Span
ish securities 1t IS also to be observed
that weakness in foreign mar,-ets is due
IN part 10 the dearneSs of money and this
in turn. is caused by pressure for gold
to reinforce the American money market.
The United States is stiH heavy
creditor to the world and the continued
withdrawal of these credits, while serv-
ing to fortify the financial fabric at home,
is a factor in the weakness of foreign
markets. Doubtless part of the selling
in New York for foreign account is due
to an effort to equalize existing condi-
tons. That these offerings should be so
well absorbed is Demonstration of the
sound financial conditions existing in this
country. Evidence to the same effect IS
given n the ca Sc or call mone-. which
was loaned today at per cent. although
time money continues TO be firmly held
at per cent.
1t is still further significant Of the same
condition that the striHgency of money
abroad should have resulted in declines
in the British and French government
bonds. while United States IS OF 1925
showed a gain today of ~ per cent for
the registered. and IL per cent for the
cOU1Ons.
Considering the contrast in money mar
ket conditions between New York and
European centers. il is not strange that
the days engagements of gold for inn
port were very small.
That further irlDortations of gold only
await the needs of the local money mar
ket is. however. evident. The bond mar
ket vas slightly more active. and after
early weakness showed some recovery.
Total sales. 81 CPS COO.
L. S. new As coupon advanced Ii; and
L S new IS registered. IL per cent in
the bid prices. Others were unchanged (
MONEY MARKET.
Money on call steady. 2a3 per cent: last !
paper. 51aei6 per cent. Sterling exchange. /
steady. with actual business in bankers [
bills at 4.S3hq4.S3I@ fer demand and 4.79s4 /
also for 60 days: posted rates. 4.S0121 !
4N and 4S4@4.S41z. Commercial bills. (
T. 7Sts6I4 .7914.
Silver certificates. 56d56la. Bar silver. !
56. Mexican dollars. i51t.
Government bonds strong; state bonds /
dull; railroad bonds weak.
SALES OF STOCKS.
Total sales of stocks today. 2645O) shares /
Including; Burlington, &,2lf: y. & N. 3
$50: Manhattan, 1851; Metripolitan .
Street Railway. $3.50: y. J. Central. 6,564; /
preferred lbs: Rock Island. 7.733; St. /
Paul. 321S0. Union Pacific preferred, Is
2I9; Tobacco. 25.2 o: Sugar, 1855.
BOND QUOTATIONS.