The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-05-29
Wild War Rumors Affected the
Prices of Stocks.
MARKET CLOSED HIGHER
WEEKLY REVIEW OF WALL
STREET CONDITIONS.
Money Market Described As Plethoric
Gold Imports For the Year Will
Exceed 500, 1000, ooo-Prices of
Bonds Have ACKNOWLEDGEMENTS
Selling Caused Lower Prices.

New York, May 2S.-The fact that to-
day was holiday in London and that
Monday would be holiday, both in New
York and London, had the effect of cur
failing speculative operations in stocks.
There were two conflicting reports in cir
culation, both coming by different routes
from the same point in the West Indies.
One alleged that the United States feet
had been sunk and that Admiral Samp-
son had been killed and another that
Commodore Schley had penetrated the
harbor of Santiago and sunk the Spanish
fleet. The market sold off on the first
and recovered on the second, but the
dealings were small, Rock Island and
Peoples Gas were pushed up again, after
a preliminary reaction, apparently to
price was sustained with some difficulty
at the close and was manipulated for the
evident purpose Of making the last prices
the best. The same thing was manifest
in other stocks. Great Northern contin-
ued its upward course and added nearly
five points to its recent remarkable adj
vance. Illinois Steel rose four points adj
ditionai but reached two points. There
was a reaction after the recovery coincl-
dent with the publication OF the bank bank
statement. which was on its face favor
able. The market for stocks closed gen
orally fraction above last nights clos
ing prices.
REVIEW OF THE WEEK.
Prices of stocks show substantial gains
over those of q week ago, though the
latter part of the week has been a fall
ing off in activity and somewhat settled
tendency. The advance early in the week
was largely based on the unfounded re-
port that the Spanish fleet in West In
dian waters had already been annihilated.
The later resistance to decline has been
encouraging to the bull element and the
belief is general in Wall street that the
powerlessness of Cervera's fleet TO do
mischief has been demonstrated and its
ultimate defeat by the United States
is W
The money market may now fairly be
described as piethoric. Although the
present volume of bank clearings all over
the country indicates a larger use of
money than even in 1892, funds continue
TO flow to New York from other domestic
centers. The United States treasury con-
tinues to feed out money in the market.
New York banks gained over $1,000 600
from that source this week.
The eountrys net gold imports for the
fiscal year will exceed $1e0,0O0,O0O. which
has never been approached except in
1881, when it was over S9z, 400, O00 There
has been at the same time a largely in
creased output of gold by the home mines,
the product for the present year being
estimated al $6O,00O,00O. The idea that the
goNeInIneHl requirements Iol c:dIryIns on
war would result in stringency in
money has been entirely discarded by
financial authorities. The bond market
has broadened during the week and has
given evidence of investment buying at
home points Prices are considerably
higher all around. United States old IS
nave advanced p per cent ana the 9S
4 per cent. in the bid price. Others are
unchanged.
Total sales of stocks today. 126,4OO
shares, including: $3.50 Atchison pre-
ferred; $500 Burlington; $500 Manhattan,
"a, 100 Rock Island, 11,G00 st. Paul, 800 Z.
P. preferred, 1870 Peoples Gas, 1000
Sugar
LOANS AND EXCHANGE.
Money on call, easy. 1AG112 per cent.
Last loan at IL per cent. Prime mercan-
tile paper, 3S4045s per cent
Sterling exchange steady and nominal.
with actual business in bankers bills at
1864 "A. S615 for demand and 4.S4Ad4S4ia
for 60 days; posted rates, 4S5a4.S7; COM
Inercial bills. 4.S212.
Silver certificates. 5Sq59; bar silver, 577s;
Mexican dollars, 454.