The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-02-12

New York. Feb. n.-There was profit
taking on quite q heavy sale in stocks to-
day. said 10 be for the account of one of
the principal bull operators. The interval
of two days before trading that will be re
sumed on the exchange was the motive
for closing up accounts. as is always the
case on the eve of a double holiday
The sharp advances in some or the
stocks at the opening afforded more IA
vorable opportunity for realizing profits
The spring rise was largely Influenced by
the higher quotations for Americans sent
from London, and was also helped by the
marked strength of one or two specialties.
notably Metropolitan Street Railway and
Peoples Gas. the latter on the published
report of the cOmDanyS finances Lon
don bought here on a considerable scale
and helped to strain prices 10 some eX-
tent The offerings were not We'll a0-
sorbed and support was largely with
drawn. The weakness of stocks averaged
the putting out OF short lines The COW
ering of some of these before the close
brought them to a level materially above
the low point but the break stlll left net
losses as general rule
STRIKING MOVEMENTS.
There were some very striking move
ments of stocks in special cases. Metro
politan Street Railway continued its re-
markable advance. rising at one time six
points, and closing two points below the
highest. Third Avenue was uD at one
time six and one-half points on the ac-
QUESTION of a large connecting system
The stock. however. reacted three points
before the close. Some of the notable re-
cent advances were due to rumored pen
dency of plans for the distribution OF the
surplus reserves to the credit of some OF
the gilt-edged properties. The prevailing
abundance of money is said to make the
case of these surplus funds increasingly
burdensome. Such a property as Pullman
advanced an additional point today, but
reacted two points in the closing dealings.
n ms ENnFpSS quoted
OF two per cent today and eX-lOO per cent
in bonds to be exchanged for stocks of
the company. ne closing bid yesterday
on the stock was ISL. and today s closing
was 100 bid and 40 asked
BOND DEALINGS.
The days dealings in bonds continued
on a remarkably large scale. single lots
of Dar value from coo up to $4,000
changing hands frequently. The par value
of sales for the day OF Atkinson adjust
speculative bonds reacted quite sharply
in sympathy with stocks. but the general
tendency was upward. There has been
a strong tendency TO reaction in the stock
market at times during the week. princi-
pally due to apprehension regarding the
Cuban question.
SPANISH INCIDENT.
Early in the week the market was sold
aggressively by houses With Washington
connections and this was Interpreted as
Spain were reaching a critical stage The
critical outcome of the De LONE incident
induced large coverings of short contracts
by these same Washington sellers. and
the market rallied strongly on Thursday,
but this rise was attributed by some per-
sons to manipulation. The resumption of
realizing which followed today advance
gave color to this SuppOSitisn- The mar
ket seemed TO be in the hands of giants
in speculation, and they refused TO offer
their holdings on a declining market. so
long as it is capable of being checked by
support.
MARKET OVERBOUGHT.
That the market is heavily overbOught
for great speculative accounts looking to
be ultimately sold for profits is generally
believed. That the general public has not
thus FAR been induced 10 come into the
market and absorb these lines II any
volume is indicated by the disregard of
current news manifested by the market.
The enormous demand for all grades OF
inter-paying securities not already ad-
vanced to pr0hibitive figures. shows the
large amount Of money seeking invest
ment and affords great material support
to the more purely speculative department
of the market.
CHEPNESS OF MONEY.
The Dhathoric condition of the money
market and the cheaDness of rates tends
to lessen the return on investment securi-
ties. thereby raising the prices Increase
in railroad earnings and promises or
added profits by consultations and re-
FINDINGS are discounted in prOpOruOnate /
rises IN the prices soon after being an
The buying of stocks on the
New York exchange for London account /
mas peen heaVy curing me WeSk. the -
mand for Americans having been quite I
active at London and at other foreign +,
centers. Besides the record transactions /
there are reports of very heavy blocks of /
securities having passed to the hands OF /
European holders at private sales from /
the hands of reorganization interests.
FOREIGN EXCHANGE.
In view Of this absorption of American !
securities abroad the upward tendency Z
IF the foreign exchange market during !
the week is somewhat contradictory But {
the easier rates for money here have been !
attended by a stiffening of discount rates /
abroad and this has naturally induced the /
of exchange in order 10 draw
The higher interest rate abroad.
Dealings in the bond department of the /
market has continued on an unprecedent-
&C sale during the week. The speculative /
SsueS have moved at times in sympathy
with the reaction in stocks. but prices are
nat arially higher all around.
United States new As registered and the /
I'D IS registered are = lower bid, and
he IS Is higher bid on the week.
MONEY MARKET.
Money on call closed easy at 1G1ls per
,antile paper. 3G4 per cent. Sterling ex-
,hange easier with actual business in
)enkers' bills a 4s5S for demand and at
S3lfi.S314 for 90 days. Posted rates, 4-S4
14S6ia Commercial bills. 4.S2.
Silver certificates. 561sat57Ss. Bar sill
-er, 563s. Mexican dollars. 46i4.
Government bonds weak. state bonds.
iull; railroad bonds. irregular.
SALES OF STOCKS.
The total sales of stocks today were
Sc 500 shares including AtchisOn pre-
erred, 1919; c. b. & O.. $50; Erie Pc
erred. 4,270; Lake Shore. 6.2l7; l. < ~.
SOL: Manhattan. .2.0S0; Metropolitan
2 sos: Hawaiian. 315l New York Central
3 go: Northern Pacific. 6.e25: Northern
Pacific preferred. 4.g2J; Rock Island. $500;
i. Paul. 12.535; St. Paul * Omaha. . 260;
southern preferred 9.196: Union Pacific
.e54; Tobacco. 22.5l0; Chicago Great West
m. 3.15; Peoples Gas. 1880: Corsoli-
lated Gas. 5,S$1; General Electric. $500;
sugar. n,30. Rubber. 1880: Rubber pre-
erred 6.0z7.
BOND QUOTATIONS.
J. S. new Is reg. 12S3s NJ. X. & T As. 80