The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-03-20

| New York, March 19-The action oil
lack of action of todays stock market car
only be interpreted as the natural restric-
ton of the overshadowing of the uncer-
tainty of the Cuban question. Last Satur-
day the threatening aspect of the situa-
| ton. coupled with the developments OF
the preceding Saturday. in the suggestion
| for the recall of General Lee. led to reck-
| less short selling by the traders, driving
| the market TO a point even lower than
| the Monday market succeeding the Lee
| incident. The pinching administered to
| the reckless bears in the rebound of last
Monday made them extremely cautious
about putting out short lines in today 5
market Even the shorts. who were
I driven to cover in yesterdays late furry
over unwarrantec rumors of compromise
with Spain, did not venture TO renew their
! selling. The consequence was an almost
lifeleSS market, as no one is ready 10
take the long side of the market at this
time Prices drifted aimlessly. up and
down over a narrow range. Only a little
over 100000 shares changed hands during
the days short session.
The bond market was equally dull.
BANK STATEMENT.
The bank statement showed an unex-
pected increase in the surplus reserve.
but the net increase in specie by no means
reflected the receipts of imported gold
durin- the week and the stock of legal
tenders was materially reduced The
81, 500 120 through the reduction in de-
posits accounted for that much of the in
creased surplus. The $l05S5, 100 contrac-
ton in loans is clear enough evidence that
the heavy receipts of gold from abroad
are insufficient to maintain the balance
of the money market, in spite of the dis
tinctlv easier tone of money in the last
days of the week.
DOMINANT FACTOR.
The Cuban problem has remained the
dominant factor in the stock market dur
ing the week. Its uncertainties and per-
DlexitieS are felt to be so great that no
one in the speculative world feels com
petent to form a mixed opinion as to the
outcome. The result is a small and mar
row market. The heavy liquidation of
speculative holdings OF long stocks in
duced by the first stage of the threaten
ing developments has about been con-
cluded, and by no further heavy offerings
will be induced, except by some develop
ment threatening serious consequences TO
security values. That there has been an
extensive restriction of credits has been
obvious from the developments in the
money market. But this restriction has
apparently affected nothing yet beyond
speculative enterprises and partly trading
in securities Prices move easily and
quickly, with only the light volume of
business. which is wholly in the hands of
professional room traders.
BOND MARKET.
The bond market has been dull during
the week, but prices are somewhat better.
L. S. new as advanced =, the old As
coupon and the rs declined y and the old
As registered declined u in the bid price.
MONEY MARKET.
fClose: Money on call nominal at per
cent. Prime mercantile paper. 4l5d5l5 per
cent. Sterling exchange steady with
actual business in bankers bills at 4.SS94
for demand and at 4.S015 4S02i for 60 days.
Posted rates. 4-Sl13G4.S2l2 and 4.S4l50
4.S5l2. Commercial bills 4.S0d4S03..
Silver certificates, 555sd5612. Bar silver,
55h. Mexican dollars, 45.
Government bonds weak.
New is, 1.22; As regular, LO924. As coupon
LII. 2'ds, 9S; SIS. LII; Pacific 6s of 99, LOB.
SALES OF STOCKS.
Total sales of stocks today, 113 800
shares. including: Burlington, 5000; Man
6,974; St. Paul, 1000; Union Pacific, Clio;
Peoples Gas. 4,7S0; General Electric, 1895;
Sugar, 81, 40.