The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-04-24
Success of Our Navy Raised Prices
of Stocks.
SHORT WAR IS PREDICTED
OPERATORS OF OPINION SPAIN
WILL SOON YIELD.
Grounds For Confidence and Improve
ment In Stocks Will Be Felt In
Money Conditions - Volume of
Clearings Not Large Yesterday,
But Net Gains of a Point.

New York, April 23.-IOCay tne StOch
market was ''discounting peace" in the
I language OF brokers. This was done by
! lifting prices notch higher The adj
vance hesitated at the opening, owing
to a reactionary tendency in the London
market following the receipt of the. re-
port that the Paris had been captured by
the Spanish and the cruiser Topeka sunk
in a collision.
Il Wall street was incredulous as to the
capture of the Paris up to the closing Of
the exchange up to noon. and the truth
of the laundering the Topeka not having
been established. the market was relieved
/ from that cause of depression. On the
other hand much was done of the capture
of another Spanish prize by the cruiser
Nsw York. There was reported active
demands for securities in London. but the
buying here for London account was not
large, as prices here ruled above the Lon
don parity. There was periods OF re
action, but the publication of the bank
statement caused renewed buying and
lifted prices to the highest. They were
shaded off by renewed apprehension as to
the safety of the Paris. the closing being
easy. but net gains throughout the list
reaching a point in some cases. The
volume of the dealing was not large the
/ industrial specialties being favorites in
the trading especially sugar and tobacco.
NO PROTRACTED WAR.
inent. The general feeling in financial
circles is that the war is not likely to be
protracted and it is the conviction that
Spain must quickly succumb to superior
resources. A feature of the day was the
hardening in exchange. demand sterling
bills rising to 1884, This rate, it is ex-
pected, precludes further gold imports
under present conditions.
The stock market has felt the reflected
effect of the panic in Spanish As in Euro
pean boursss. and the resulting forced
liquidation of American securities, yet
the week closes with a greater part of
the extreme losses recovered, net declines
not exceeding two points in any OF the
prominent leading stocks. 1t is note
worthy also. that the low prices of the
weak were not as low. except in few
cases. as those on March 20. which marked
blowing up of the Maine. The exceptions
were international stocks. which were
favorites with operators on foreign
bourSeS.
BASIS OF CONFIDENCE.
The grounds for the confidence and i'm
provement in the stock market will be
felt in money conditions. AT New York
banks have replenished their reserves with
imported gold to meet the drain from the
interior, and the cessation of the drain
promises easier money conditions.
Call loans on the stock exchange have,
in fact, fallen to 11e per cent during the
week. Financial institutions in the
United States have seased to draw on
their credits abroad because they feel
amply secured against the money needs
of the war. They feel prepared to meet
q demand for government loan which
1T is seen would be speedily expended
again
They also feel prepared to meet the
spring needs for money for the business
of the country which are expected to be
earlier and more urgent than usual.
BOND PRICES.
The prices of bonds during the week
did not move so widely as stocks, either
in the early downward movement or in
the later recovery. Transactions were
small for the week. Net declines in gov
eminent bonds for the week in the bid
price are 214d new Is registered, 1szd, new
As coupon, ~ for the old As. u for the IS
coupon and Il for the 5s registered.
MONEY MARKET.
Close: Money on call per cent. Prime
mercantile paper, 6lzQ7 per cent. Sterling
exchange firm. with actual business in
for SO days. Posted rates, 4S1d4 S41b
Commercial bills. 1884. 9714.
Silver certificates, 5512d5612. Bar silver
551s. Mexican dollars. -.
State bonds, dull; railroad bonds. irreg-
ular; government bonds, weak. New As
registered, 1.1614; coupons, Liz; As regis
tered, 1.06&; coupon. Los; IS registered
LOO; coupon, 1.101a; Pacific 6s of '99, 1.O2
SALES OF STOCKS.
The total sales of stocks today were
122 400 shares. including Burlington r. 049;
Manhattan. 1870; Northern Pacific 3170:
Northern Pacific preferred, 3,240: Rock
Island, 3,195; st. Paul. II, rs; U. P. d. &
c., $500: American Spirits, 4,315; Tobacco,
1e,9l5; Sugar, S,145.