The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-05-22

New York. May 21.-Dealings were not
large nor important on the stock ex-
change today. Operations almost without
exception maintain their attitude of wait
J ing for the situation in West Indian
waters to clear itself. The report that
the Spanish fleet had come into Santiago
and had succeeded in getting away again
was not generally credited, coming as 1t
did from Spanish sources, but II exef-
ciSed some depressing effect neverthe-
less. 1t was probably the cause of the
decline in prices after the rise. The rise
in Spanish As in London and Paris
showed that ii was not without its effect
also in foreign markets. There was sell
ing for London which kept up de-
pressed tone in some of the lnterna-
tionalS, New York Central and LoulsVllle
being conspicuous sufferers. ROCK Island
also showed the absence of inside sup
port but was bid up quickly on the hnal
rules to level above last nights close
The rally in the market was due to the
strong bank statement: Prices rose "A
fraction above last nights close, and in
some cases a point or more.
A feature of the trading again was the
isolated movement of obscure and DORM
ant stocks. Pullman and Great Northern
preferred, each with handsome surplus
TO be some time divided amonS STOCK
holders, moved upward. Wheeling &
Lake Erie and Rio Grande Western
stocks were quite conspicuously active
and all moved strongly upward. Tobacco,
sugar ana Leather preferred AMONG the
industrials We're all in demand. The clos
ing was strong at top prices.
WEEKLY REVIEW.
The stock market has not moved widely
during the week and it has become evil
dent that operators regard the present
level of prices as favoring fair equil-
brium between the conflicting factors in
the outlook On the one side is the
chance of a naval reverse This IS con-
Sidered remote. But it must be conceded
that in Wall street more weight attaches
to this possibility than was the case a
week ago. AS ii is prices are subStantl-
ally higher, the grangers naturally lead
ing, owing to the extraordinary move
ment of grain. There were numerous IN
dications of a strong industrial and
financial outlook, which are coming TO
have more and more influence, in spite of
the incubus of the war Railroad earn
ings show striking increases, not only
over last year but over previous years,
and in some cases all records are broken
for this season of the year. There is an
increase also in the bank clear1ngS or the
country. The wholly unprecedented con-
dition of our foreign trade balance has
also received renewed attention, the
more so as the heavy excess OF exports
over imports still continues now, which
is the season when the g1lance generally
turns against us. With favorable
trade balance of $514OOO.OO0 for ten
months of the fiscal year, against the
best previous record of less than 100000
600 for q full year, there is no room left
for timid apprehension about the coun-
trys future money resources. Increased
activity early in the week in the bond
market resulted from large release of
money seeking employment. The demand
was, however, largely confined to the
speculative issues. Prices are quite gen
orally higher and held steady, even
through the reactions which occurred in
the stock market.
Z. S. new As declined %. the old As
reg. Il per cent and the SIS Il per cent in
bid price.
Total sales of stocks today 10440 shares
including $500 Burlington. 400 L. & n.
4. 400 Manhattan, 400 Metropolitan, 1000
Rock Island, $500 St Paul preferred. $500
Wheeling & l.. Z. preferred. $500 Ameri-
can Spirits. 500 Tobacco, 600 Sugar, T.
500 Leather preferred.