The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-03-24
Stocks Lower Than Warranted By
the Cuban Outlook.
TEMPTATION FOR BULLS
TO FORCE UP PRICES AND COM
PEI SHORTS TO COVER.
Market Is Full of Short Contracts
Waiting to Be Covered On the
Anticipated Cuban Slump-Buils
Made Two Moderately Successful
Rallies Yesterday.

New York, March 23.-The doubt over
the outcome of the Cuban controversy be-
I tween the United States and Spain was a
depressing influence in the local stock
market today. as it was in every market
for securities in the world. In Paris the
weakness of Spanish As affected all other
! securities by sympathy and the same in
| fiuence weakened the markets in London
and Berlin. the heaviness OF American
railroad SecurIueS being an additional ISc-
tor at the latter two centers.
LOWER THAN WARRANTED.
On the local exchange there was a we'll
! defined bull party whose operations were
/ attended with more or less success, thus
| Subtracting very materially from the sum
| OF the depression. The motive publicly
avOwed by this bull party for its attitude
| is that prices are lower than are war
ranted by intrinsic values and by the pO-
htical outlook. But it is doubtless in
| fiuenced also by the technical condition
of the market. which is full of short con-
tracts waiting to be covered on the ex-
pected slump on anticipated decisiye de-
velOpmentS in the Cuban situation There
| is q temptation for bull clique TO force
up prices and compel the shorts to cover.
LAUDABLE EFFORTS.
The effort of the bulls today was only
600 m inducing covering. but they
did discourage further short selling and
l,l..S~ 4d..4ee. Prices from uDcrlneS running
/ up 70 a point or over IN many prominent
stocks. The market closed with one of
those rallies in force. so that the net
/ changes are for the most part insignifi-
cant, and there is fair sDrinki1ns of
| gains. The industrial sDecialtieS contin-
ued to be the chief sufferers from depres-
sion. The railroad list was pretty well
sustained. and the Northern Pacific and
Union Pacific preferred stocks showed not
a little frmness-
MONEY ALSO WAITS.
The money market seems to be waiting
on the Cuban question equally with
| stocks. Bankers are loath to put out
money in time loans, although the avail
able supply. with the repienishment of the
gold imports. is said to be quite large. To-
days failing in exchange and the renewed
engagements of gold may be put down to
the apprehension over the future. rather
than TO present actual demands for
money.
NO ANIMATION.
The bond market continued to lack ami
nation, trading being confined TO few
speculative issues. The tone was weak.
Total sales, 81. 465600. L. s. new As. reg
istered. declined IL; L. S. As, coupons IL.
and the old As and the IS. ~ bid. There
were sales of the new As, coupon, at 10,
the bid price.
MONEY MARKET.
Money on call easy at 1IkG2; last loan, 2
per cent: closed, 2 per cent; prime mer-
camille paper. 4l4@51s per cent; sterling
exchange, weak, with actual business in
bankers bills at 4S51zG4.SS%I for demand,
and al 4S1G4S1A for 90 days; posted rates,
4.S2d4S 215 and 4.S504S5la.
Silver certificates, 561563s; bar silver,
Sc; Mexican dollars, 40.
Government bonds weak: state bonds
dull: railroad bonds weak
SALES OF STOCKS
Total sales of stocks today were 29S,0OO
shares. including: Burlington. 34.S4O: l..
Il n. 4.SO5; Manhattan. 1925 Meropol-
itan 1853; New York Central. 8, 705;
Northern Pacific, 35c5; Northern Pacific
preferred. 1885: Rock Island. 500; st.
Paul q. $50; Union Pacific 1880; TObac-
co. 70. 165; Peoples Gas, 1O.Sl5; Sugar, g.