The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-05-26

New York May A-It was a day OF
maneuvering for position between the OPP
posing elements among the traders on the
stock exchange. The complete dlscredlt-
ing of yesterdays flood or rumors made
the market seem very vulnerable this
morning. Declines for Americans in Lon
don added to this appearance, and there
was selling for London account in the
early dealings. in place of the rather urg-
ent buying which was feature OF yes
terdayS market The completion or the
settlement on the London exchange APP
parently ended the demand. which was
attributed to large outstanding short IN
tereSt- But the early reaction cid not go
far. and was checked by the vigorous sup
port and stimulated rise OF a number of
the leading specialties, including Manhat-
tan and Metropolitan Street Railway,
which revived rumors OF combination.
Third Avenue jumped six points. Most of
the Vanderbilt stocks developed strength
after buying of New York Central had
lifted its price to 1.l7ie.
a number of trunk lines and coalers
shared in this strength. But the railroad
list as a whole continued very sluggish,
and did not respond readily to the impetus
which ii was sought to impart by this
lifting of special stocks.
The demand proved very light, and
prices dropped The bears were thus en-
couraged to more vigorous measures to
bring about a decline. Their attack was
directed against the specialties, with a
view to uncovering stop loss orders This
they succeeded in doing in Metropolitan,
Tobacco and one or two other specialties.
peClineS III lneSe ! 10
points. and in some railways extended
to point. No general liquidation was
induced. however. and there was some
covering at the decline, so that the mar
Ret rallied and closed dull and firm.
Manhattan and some of the Fanderbilts
and the coalers closed higher, and Third
Avenue and Great Northern preferred
continued TO show conspicuous strength.
Otherwise net losses were the rule.
From the speculative point of view, the
bottling up of the Spanish fleet in San
Gago seems to be considered the next best
thing to the defeat of the fleet in battle.
The issuance of the presidents call for
1900 more volunteers was made some use
OF by the bears in their afternoon raid.
There was not much doing in the bond
market. but prices were firmly held. To-
tai sales, g. iOO.O0
L. $. old As, registered, advanced a.
and q. S. As. coupons. l per cent in the
bid price. The new As were bid up g.
but declined again.
Total sales of stocks today were 300 600
shares, including:
Atchison preferred, 800; Burlington,
10, 100; L. 6, N, 1890: Manhattan, 81. 500:
Metropolitan. 1880; Missouri Pacific. H.
80; New York Central, Il, 200; Northern
Pacific. 900: Northern Pacific preferred,
Il.SG0: Rock Island. Il 100; St Paul Is 411;
southern preferred, $500; u. p. preferred
1850; Wabash preferred, 4,5GO; Tobacco,
1920; Chicago G. w 400: Peoples Gas
900 -
LOANS AND EXCHANGE.
Money on call. steady. 1a1h per cent:
last loan. IL per cent: prime mercantile
paper, 400 per cent; sterling exchange
STEADY, with actual business in bankers
bills at 4-S5hQ4S6l5 for demand. and 1874
Q4Si2 Tor 50 days; posted rates, lisa
4.S7lA; commercial bills, AS21zG4SS.
Silver certificates, STAGES; bar silver
5115; Mexican dollars, 45I4.