The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-03-12

New York, March u.-There was a
brief show of strength by some stocks in
the cary trading this morning. prices
having been advanced on the London eN-
change above the New YORK parity or
last night. The advance did not reach
the Lo-.don level so tnat there was con-
Siderable arbi,rage buying tor London ac-
count Tnere was some buying orders
also which were executed through the
channel usually employed by Washington
Operators. This buying soon came TO an
end ana gave color TO the SuDDosition
that the orders were merely placed for
effect. The whole list soon yielded to
depression and the decline was only oc-
casionaily arrested by unimportant rallies
during the rest of the day.
SPANISH BONDS.
The strength displayed by American
scurities in the cary ueaiings in Loncon
was in strong contrast 10 the weakness OF
Spanish government bonds which were
poorly supplied either in London or
Paris. The onIy rational explanation that
seems available for this movement IS that
London felt that there was a prospect of
avoiding hostilities between the United
States and Spain and was alarmed by the
Spanish governments acute financial
straits. Sentiment on the local exchange
with regard to values was not in accord
with that of London as is shown b. the
days declines, which run between l and
2 points all through the list and over that
in exceptional cases. The fall of prices
of securities were constant and there
was no support apparent at any point in
the list.
GOLD FROM THE BANK OF ENG
LAND.
The extraordinary weakness of ex-
change made it possible today for the
great importers TO withdraw gold from
tual premium asked by that institution
The demand in Paris for geld was re
hected also by the stiffening of the dis
count rate in Paris. Yesterdays late de-
cline in local money in banks proved TO
have been manipulated and the rate
steadied to IL per cent again today. The
local banks continue to lose money TO
the interior. and how far this movement
was not definitely known.
CONTRACTING LOANS.
The decline today in the exchanges of
the New York clearing house banks TO
less than SlO9. 100000 indicates the de-
creased use of money The banks are
their loans but quite the larger
part of this contraction go to release
sterling exchange which was used as col
lateral and which is being liquidated for
the Importation of gold.
The weakness in the bond market to-
day was rather more marked than
hitherto but business was not of large
scale. Total sales. s. 600. L. S. new
As are l per cent lower, the old As coupon
cent lower bid.
MONEY MARKET.
Money on call steady 1lzq2 per cent.
Last loan per cent. Prime mercantile
paper 4Gi415 per cent. Sterling exchange
weak with actual business in bankers
bills at 4.S3A for demand and at 4Se%l for
50 days: posted rates 4.S2G4.S3 and 4.S5q
iS515. Commercial bills. 4.S0. Silver GER
54Ad55. Bar silver, 54l4. Mexi-
can dollars. Az.
Government bonds weak. state bonds
1ull, railroad bonds weak.
SALES OF STOCKS.
Total sales of stocks today, $500
shares, including: Atchison preferred, g.
800: Burlington, 40O1S; l.. & N. 800; Man
haitian, 1880: Metropolitan, 6,725; Read
ng preferred $3.50; Missouri Pacific. 1905;
NJ. & K. T. preferred, 1850; n. Y Central !
500: North American. 800: North Pa
cific, 1870; North Pacific preferred. Is, go;
Reading, $3.50: Rock Island, 1850; St /
Paul, A., 337; T. p, 7,120; Tobacco, 1,15O; !
Peoples Gas, 1880; Sugar. $3.50; Leather
preferred. $500; Western Union, $40.