The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-03-16
Movement of Stocks Yesterday Very
Much Confused.
FOUR COUNTS FOR BULLS
AND FOUR COUNTS FOR BEARS
DURING THE DAY.
While There Was Nothing In the
News of the Day to Explain the
Conflicting MISUNDERSTANDING
of Profits Offers the Only Expla-
nation.

New York, March 15.-The movement of
stock prices today was confined and the
market very puzzling. Decidedly lower
quotations for Americans in London
caused an unsettled tone at the opening.
Prices partly responded to the London
initiative. but did not fall further than
the London parity. A furious buying
movement quickly developed, which lifted
| the level OF the whole market strongly
above last nights closing. The buying
was most conspicuous IN the local and IN
dustrial specialties but there was no lack
of strength in the railway list the
Srangers being especially strong Heavy
realizing met the advance and wiped out
large part of it when the first hour had
expired. This was the most active period
OF the days trading. There then ensued
slow and laborious rally. which de-
veloped higher prices than the first
squirt. And yet this second advance also
was wiped out in practically all cases ex-
cept some of the Specialties and the day
shows net losses in most of the standard
stocks, extending TO a point or over in
some cases.
FOUR TIMES.
Thus almost the extreme range of the
market was traversed four times during
the DAY There was very little in the
news to explain these conflicting move
mentS- Wall street opinions of the pO-
Htical outlook were on the surface less
aDDrehensive. The movement of Spanish
As in London and Paris. which partly re-
covered an early decline. reflected a
growth of similar opinion there. But this
was probably derived in part from the
strength of the New York market yester-
day and this morning. London sold free
ly here on the morning advance. and there
was heavy realizing besides. attributed to
a very powerful local market interest.
A number Of the industrial stocks rose
over points, and a number of the rail-
road stocks at one time showed net adj
vances of over a point. The retrograde
he
ISOLATED from any news of the day. as
were the advances. Realizing of profits
offers the only explanation.
FOREIGN EXCHANGE.
Prices for foreign exchange moved to
a lower level today in spite of additional
enga gements of gold for import Besides
the engagement of gold for import from
Europe to New York. a shipment of 81
100000 was announced from Australia
from San Francisco. There was no cas-
ing of the local money rates in response
to these movements.
The bond market was strong up to the
closing. when prices eased off in sym
pathy with stocks. Total sales. 81, 100 900.
United States new As advanced 11s and
the SIS Y and the old As regissece : bid.
MONEY MARKET.
Close: Money on call. steady. 2a21L per
cent: last loan, 2. Prime mercantile pa
per. 4I2N5ia per cent. Sterling exchange.
weak. with actual business in bankers
4.S0l4@A. S01s for 30 days; posted rates,
4 !Sl ;SS and 4.S414g4- S5ls; commercial
bills. 4.S01s.
Silver certificates, 55G559i. Bar silver,
SOS. Mexican dollars, 10.
Government bonds strong, state bonds
dull railroad bonds strong.
SALES OF STOCKS.
Total sales of stock today, 42S 100 shares,
including: Atchison preferred 1900: c. &
o., $500; c., &. & @, 4SS0o; Erie pre-
ferred, 3.7e0; l.. & N, TO- 100; Manhattan,
ferred 3.4SS: Missouri Pacific. 1850: NJ. K.
& It. preferred, $500: New York Central.
H740; Northern Pacific, 1850; Northern
Pacific preferred IS 1870; Rock Island. 49,
800: st. Paul. g., $50; Union Pacific, 500:
Tobacco. 1880; Peoples Gas, 1920: Gen
eral Electric, 5000; Sugar, 1850; Western
Union. $3.50.