The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-05-01
DAY FOR THE BULLS
Extensive Taking of Profits Yester-
day On Wall Street.
REVIEW OF THE WEEK
VERY LONESOME MARKET UN-
TIL THURSDAY.
Then Began an Upward Movement,
Started By Cheering War News
and Fortified By Firm Faith In
the Success of Dewey at Manila---
Monetary Conditions.


realizing sales clipped off something from
the DAYS extreme advance, leaving net
gains in the railroad list mostly fraction
al In some of the specialties, notably
sugar there remained over point of net
gain. The bull leaders this morning mad
to face the sentimental effect OF carry
declines for Americans in London eHtenu-
ing to nearly a point in some cases !IllS
meant that any advance in the prices
here would have TO carry the burden OF
arbitrage sales Prices were. however,
bid up at every appearance OF confluence
and the offerings of the arbltrage brokers'
were quickly absorbed. Sugar mounted
nearly points, and other leading specG-
lative stocks a point or over. The saie
arrival of the steamship Paris was ao-
duced as a bull argument and there We're
vague runors circulated that private IN
formation had been received in the street
that the United States squadron mad al.
ready fought successful engagement OH
the Philippines. The aggressive leader
ship of the big bulls coupled with the
rumors kindled the enthusiasm of buyers
and the small traders followed the lead
of the big ones. Quite fair amount or
commission house buying was also done.
BACKWARD MOVE.
But while business was still active and
on a large scale. stocks began to be sup
piled The offerings were sufficient to
feed the demand and prices ceased TO ad-
vance. and before long commenced a ret
rograde movement. Before the reaction
had passed far. the supply ceased Mean
time g handsome total OF stocks mad
been marketed at the advance and sellers
felt the comfortable assurance that their
paper profits had been turned into cash
in the event of an unfavorable turn in
any events over Sunday. There was some
renewal of the buying demand in the
second hour but did not reach proper
tons, and the fluctuations in the prices
after the close.
WEEKLY REVIEW.
The market for stocks and bonds in the
oorlx- F1nr~e of h.a wa 10
and narroWest that has been seen in
years. On Wednesday the aggregate sales
of ali stocks fell TO less than $4,000 shares
In sc duh a market there is usually
natural tendency of prices to sag. But
there was d marked disposition in the
market to resist any downward tendency
due to the conditional orders in brokers
offices to buy stocks on any sharp de-
cline. The hardness of prices encouraged
a powerful coterie of professional opera
tors TO enter the market for bull turn.
This commenced on Thursday. The
arguments they offered to justify the
advance were the naval victory by the
United States squadron off the Philip
pines was reasonably certain and the
Smelling of the Spanish works at Matan-
Zas had conclusively demonstrated the
skill and superiority of United States
gunners and guns. Both of these factors.
it was argued, gave potent promise in the
early success of the United States arms.
UNDERLYING CAUSE.
The general public showed no signs of
a purpose to put their money into the
stock market under the aggressive leader
ship developed by the bull cOterie. I'm
doubtedly the underlying cause of the
recovery in prices is the more assured
condition in the money market and the
improved business situation. The future
of the money market has hinged for some
time on the action of the government for
a war loan The consultation of the sec
rotary of the treasury with number of
leading fnancierS served to clear the sit
uation.
The success of the proposed loan at 5
per cent was felt to be assured and the
plans for disbursement seemed to be suffi-
cient 20 guard against sudden contrac-.
tons and stringency.
This was felt to give promise of easier
conditions in the money market where
reserves have been closely held and ac-
commodations much restricted for some
time past in anticipation of the demand
for the government loan. The actual con-
ditions in the money mar et have in fact
become appreciably easier during the
week. and the rate for time loans was
shaded from to 51a per cent.
INTERIOR DEMAND.
The continued demand from the interior
for money is attributed to the desire of
interior banks to be prepared to meet the
REQUIREMENTS of their repositories who
subscribe to the bond issue. Foreign eX-
change rose sharply early in the week, but
has lost q great part of the gain, and en-
gagements of gold for import were made
yesterday and To-Day. The strength in eX-
change early in the week is said to have
been due to some expected payments
abroad
in the receipts of commercial bills against
grain shipments. The settlements are
coming forward all the time and the de-
Insnd for exchange from importers is. at
this time small. another feature in the
exchange which is worthy OF consdera-
ton. The war has largely curtailed the
prospective travelling abroad this year.
whose annual expenditures are estimated
at as high as 500. G00.0 900.
STRENGTH OF SILVER.
feature of the week has been the
strength Of silver on demand from India
and from France. The takings by France
are believed by some authorities to be on
account OF Spain.
The downward tendency of railroad
bonds has been arrested and some issues
have improved during the latter part of
the week on an increased trading. United
States new As have advanced ia and the
IS coupon Il while the old As registered
have declined II per cent in the bid price
Others were unchanged.
MONEY MARKET
Money on call steady, 2a2k per cent.
Prime mercantile paper. 617 per cent
Sterling exchange weak with actual bust
ness in bankers bills. at 4.S3N4.S4 for de-
mand and at 4.S024 n4.S1 for go days Posted
rates, 4Sl12q4.S2 and 4.S512. Commercial
bills. 4S0a4. S91z.
Silver certificates, 1900 ounces sold at
57l2d573s: closed at 57l@G519s-
Bar silver 567k. Mexican dollars. 45A
State bonds. dull. Railroad bonds
strong. Government bonds firm. New
IS registered. us; new As coupon 1l9: As
1O6J2: IS coupon, los: ends, %; 5e registered
1061a: IS coupon, los, Ends, %, Be register
1851; IS coupon. los; 2nds 95e register
1892; 5s couron 10A.
SALES OF STOCKS.
The total sales of stocks today were
166 500 shares, including Burlington. 10 400:
J.. & N, S.410 Mammalian. 1852 Metro
poli;aa. S.246; Northern Pacific, 4,15O;
Northern Pacific preferred, $3.50: Rock
Island. 3.97S; St. Paul, 1920: Union Pa
cific Denver & Gulf preferred, 16, 900; To-
bacco. 1880; Sugar, $3.50.
BONDS.
Dou. coup, lib DO. IS -. Sc s.
= Do D Coup 5o ....iS NoT o { " ss 1 81
Do. IDS. ....... % n west. cons. lbs
L. S. IS reg. 1897 Do. deb. 5s.... .11a5
Do. 5s, coup. .110% 0. Nav. 1sts... .Il2
Can. So. DDS. Jos o. Nav. As 49,. 30
D. & r @. lists. los o. S. L. 6s, l. rIl2
ID. 81 r. Is ....- S5A y. S. L. 5s, [. r. 9715
II. & L. {. 5s.. .l09 Q. Imp, lists. t rios
Do con. S.. 100 Do. IS. / t.. 52A
Iva. c. 1sts..... % Reading As 49,. 1888
La. n. cons. As. 40 r. 6. W lists. ISL
+. & n. Uni As 81 L. p ID. q G.
NJ X &, T. IDS. $50. lists -. ..... 5O5s
Do. As .....-.-. S514 L. p. pref d.. 525s
n Y. Cent. 1sts.i 1314 L. p. As 800. 9Oj%
y. ! c. IS .....1l0h
NEW YORK CLOSING STOCKS.
Preferred -. 2s1z Preferred .....1l
Bait. s Ohio. rs So. Ps a psc III Y
ches. & Ohio. 1872 Union Pac; -. 529s
Chi. &. Alton. .15S u. p. D. & g.. 90
Chi. 3. & O.. 927s wabash SIS
Del. & audson.1e8 PreferTed 1875
D. & r. c.. 1019 American Elk. ..12O
Preferred 49, 421L United States. SO