The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-04-22
WALL STREET TRADERS
Conservatives at Last Convinced
War Is at Hand.
THEN SELLING BEGAN
LIQUIDATION BY NO MEANS HAS
LIQUIDATION BY NO MEANS HAS
BEEN COMPLETED.
Rostrum On the Exchange Decorated
With Flags and Considerable En-
thusiasm Manifested - Several
Market Leaders Fell Three Points
Below Wednesday Nights Close.

New York, April 21.-There has been an
influential party in the stock exchange,
representing a large following of security
holders. which has held tenaciOusly to the
<VleEs that war was in some means to be
averted. Even the events OF this week,
up to today seemed TO fail to convince
this element that Spain would retain this
attitude in the face of the demands ana
the show of force by the president. The
firmneSs impaired b. the refusal OF ms
element 70 sell gave rise to the opinion IN
many quarters that the market had al
ready amply discounted the actual event
OF war. But today's events. apparently
convinced the conservative element that
war IS TO be fact and demonstrated that
the Liquidation incident TO war had been
by no means competed.
ABOVE LONDON PARITY.
Early in the day New York held above
London parity, and there were occasional
rallies. even after the news that General
Wcodford had been given mis- passports,
but reports from the cabinet meeting at
Washington indicating preparations Tor
an Immediate forward movement of the
armed forces of the United States, show
ing that war already practically existed,
caused selling The brokers on the floor
Of the exchange manifested considerable
enthusiasm and the rostrum was nanG-
someiy decorated with American flags,
but they continued 10 sell stocks. Some
very heavy blocks were thrown over dur
ing the final hour, and everything went 10
show that these were in liquidation of
lonS holdings. pure and simple. Such
market leaders as Burlington. St. Paul L.
d n and New York Central fell over 8
points below last nights close.
There was no rally in the final dealings.
the market continuing active and weak.
and closing at the lowest. During the
early part Of the day selling for foreign
account was large and offerings were well
absorbed. The number of shares sold for
this account IS estimated at 10000 This
continued selling of our securities by Lon
don doubtless had its influence in the
day advances of i in the rate for de-
elgn selling there was continued stiff
ness in the rates for money at foreign
centers, reflected in a further decline in
British consols and French rentes.
GOLD ENGAGEMENTS.
The days. engagements of gold for i'm
again. Gail loans continued to be made
on the local stock exchange as low as
per cent Foreign demand for cotton and
breadstuffs continue very ke3n and Is
making exchange all the time. This de-
mand is based on the expectation that
supplies may be cut off if war breaks out.
The bond market showed some increase
In activity and losses were recorded all
around Total sales $1625,000. United
States Is registered advanced Is. while
the coupons of the same issue declined q
bid There were sales of the coupons at
llS12, which is an advance of Y over the
last preceding sale, but the advance was
lost on subsequent sales.
MONEY MARKET
Money on call steady at 2d21b per cent;
paper, 5I5a6 per cent Sterling 1exchange
firm with actual business in bankers
bills at 4.SS12d4S3&4 for demand and 4.7924
4.S+d4Si2 Commercial bills. Az.
Silver certificates, 5534 G56l@. Bar silver,
Sc. Mexican dollars, 45l4.
Government bonds weak. state bonds
Gull. railroad bonds. weak.
sa5The total sales OF stocks today were
$4,000 shares. including Atchison pre-
12.215: Manhattan 1855: Metropolitan
street railway. s 40; y. Y. c.. 6.355: North
ern Pacific, $50: Northern Pacific pre-
ferred. l2.il5; Ontario & Western, 1905;
Rock Island. 8,115; ST. Paul. 40551: Union
Pacific, 2S.Ss0; Tobacco, 40,S60; Sugar,
4-'SV'. -.