The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-01-15
Course of the Market Yesterday IT.
regular and Perplexing.
THREWUP THEIR HOLDINGS
ACTION OF PROFESSIONALS At
THE CLOSE.
Cuban Situation Fad Some Influence
On the Market-weak of
Sugar--Vanderbilts, Union Paci-
&c and Northern Pacific Not Lack
ing In Strength.

New York, Jan. 1.-THE course of to-
days stock market was decidedly irregu-
lar and somewhat perplexing so far as a
perception of the general tone Of specula-
ton was. concerned. As the day progressed
the lack Of sustaining power in the
strength of special stocks which has been
the marked characteristic of the market
Tor several days past came 10 be more
and more felt The disposition to watch
closely for signs Of q reaction became
more marked and the final hour saw a
very general throwing over of holdings by
professional traders. There was no
special news to account Cor the break
and il was probably due for the most part
10 tecnnical conditions Stocks winch
have been recently prominent for strength
were conspicuous in todays break by
reason of proht-taking.
UNEAs JESS OVER CUBA.
There was d feeling of more or less
uneasiness also over the tone of the news
from Havana in regard to what is eX-
pected rather than what has happened.
The fear that the Spanish government
scheme Of reform is on the point of
breaking down Is coupled with the aDpre-
henslon that the time is imminent when
intervention by the United States to
save the island from anarchy win be
imperative. The persistent weakness of
sugar, a more or less dominant factor by
reason of the volume of trading in it also
helped to break the market. There was a
good foreign demand and commission
house orders, especially for investment
demand in the gilt-edged railroad stocks.
CONTINUED STRENGTH.
The Vanderbilts. Union Pacific and the
Northern Pacific stocks We're not lacking
IN continued strength. but the profit
taking invited by the advances in special
cases only served to increase the late
weakness of stocks which had failed TO
benefit from the early strength. Covering
by shorts served to relieve part of the
decline, but net losses of a. point or over
are frequent all through the list. Money
tried to become somewhat easier today
without any actual change made in the
posted rates for cali loans. There was a
brisk demand, however, for commercial
paper which drove the rates down to
range of to per cent for the choice
grades. TomorroWs bank statement will
show a large increase in cash holdings.
BONDS.
The bond market was active in the day.
but became less active and reacted
Slightly in the later dealings. Union Pa
ci1ic and connecting lines issues were
strong. Seattle. Lake Shore & Eastern
first trust receipts rose ~ per cent, but
lost part of that. Other active issues
showed gains. Total sales, Sl.2GO,0Oe.
United States new IS registered We're
Il lower bid; United States new is coupon
and the old As registered Il lower, and the
Is y higher.
MONEY MARKET.
Money on call easier at 21zG2A per cent:
last loan, 2l2 per cent. Prime mercantile
paper 3Q4 per cent. Sterling exchange,
heavy With actual business in bankers
bills, at 4.Si@t44S5 for demand, and at
4S2l5d4S234 for 60 days. Posted rates
4.S30lS91a and 4S512Q4S6. Commercial
bills AS.
Silver certificates. 573kq5Sk.
Bar silver, 5S1s.
Mexican dollars, 1895.
Government bonds. weak; state bonds,
dull; railroad bonds. strong.
SALES OF STOCKS.
Total sales of stocks today. 4S7. 500
shares, including: Atchison preferred,
1913; Canadian Southern, 1900; Chesa-
peake & Ohio, S,150; c., B. & c., q, 800;
Louisville & Nashville, $780, Manhattan
- go; Michigan Central, 1916; Hawaiian
Commercial company, $500; Reading pre-
ferred, 4,160; Missouri Pacific, $3.50; New
York Central 24.231; Northern Pacific
81 $40: Northern Pacific preferred, 20, 1877;
Rock Island 10 100; st. Paul. q. sos; Union
Pacific, 4 $50; Chicago Great Western. IL
$50; Peoples Gas, %, 700; Sugar 81 10;
Western Union, 1860