The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-06-16

New York, June 15.--Speculative observ-
ers who argued that the two days reaction
on the market has been que to the appre-
hension of the effects of liquidation conse-
quent upon the collapse of the wheat deal
were disappointed today. The pressure
upon the market from that source was
practically removed by the announcement
that the enormous holdings of cash wheat
owned by the defeated wheat spectators
had been taken over by powerful financial
interests who have been able to save 1t
from being sacrificed at forced sale. i ne
course Of the wheat market very plainly
indicated the termination of the crisis,
but there was no movement TO advance
prices of stocks. Apparently the leaders
of speculation have arrived at mutual
consent TO let the market take advant-
age of the further manipulation for rise
The course of prices was consequently
downward in a rather dull market. EX-
IRENE gains of d point or over were regis
tered in most of the active stocks during
the day. Sugar was the center OF interest
and dropped perSiStently to the last, clos
ing only Is above the lowest, at net de-
cline of over points. The expectation or
favorable vote on the Hawaiian an
nexation bill was the motive assigned for
the selling. The stock was traded IN
ex-dlv. The embarkation of the army
for Cuba added TO the possibilities or a
setback in the campaign, which would
also hurt the stock market if it We're TO
occur. This and the approach of the
critical period for the crops served to
speculation. Fears of tighter money as a
result OF the bond issue were also ad-
Vanced by the bears. But it. is probable
that the banks and large hnancierS would
have in hand the funds which they eX-
pect to put into the new bonds 1t is
evident that the banks and capitalists are
preparing to take all of these bonds they
can get that is. all that are left after
the small subscriptions are allotted II
they get what they expect of the bonds
they secure viii be used for circulation
and thus supply the money market II
the popular subscriptions are larger than
expected the funds accumulated by bank
erS and capitalists to buy the bonds Will
be released to the money market.
Railroad bonds were heavy in sympathy
with stocks. Total sales, $l.9OO0OO.
L. s. As old coupon advanced 1ss and
L. S. As reg. 2 in the bid price. There
were safes of the new As coupon at an
advance OF Us and of the SIS coupon at an
advance of Is over the preceding sales:
Total sales Of stocks today, S67, 400
ferrad. 3175 c. & O., 90, 341 c. B. 6 O., So
$50 c. c. c. & St. L., $3.50 L. x N, II, 443
Manhattan. 4445 Metropolitan. AIS
Hawaiian Sugar. $50 Missouri Pacific,
90 Northern Pacific preferred, S0,S20 St.
Paul, 81 $50 Union Pacific preferred. 13,725
Tobacco. 1880 Chicago G. w, II, 80 Peo-
pies Gas; 300 Sugar.
LOANS AND EXCHANGES.
Money on call steady. I4d11a per cent;
last loan IL per cent. Prime mercantile
paper 3G4 per cent. Sterling exchange
easier with actual business in bankers
bills at 4S5Gi.S5l. for demand and at
4.S394G4.S4 for so days. Posted rates, ass
6AS5ls and 4S61zd4. commercial bills,
Silver Certificates. 5Sa5SsI. Bar silver,
5SI4 Mexican dollars, 45A.