The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-04-05
Reports of Rome's Mediation Served
to Mark Up Prices.
PEACE NEWS ON CHANGE
OFFSET SOMEWHAT BY LATE
WASHINGTON REPORTS.
Belief That the Pope Might Infiu-
ence Spain to Yield to Cuban In
dependence Constituted the Sus-
tanning Force of the Stocks Mar
ket-Bonds, Governments.

New York. April 4.-The interest and
the principal activity in the stock mar
ket today was in the first hour The
bulge at the opening was caused by the
scramble to execute all buying orders at
once for several thousand shares in each
of the leading stocks. These orders were
placed by frightened bears, who saw a
warning in the very buoyant tone as
sumed by American securities on foreign
exchanges, and who had in mind the
same experiences of the shorts of last
Monday.
Upon the execution of this mass OF
orders at the opening. prices promptly
when rather more than one-half of the
advance had been wiped out.
Transactions for the remainder of the
day were small and fluctuations were
narrow outside a few special cases. and
there was little of interest of Importance
in the stock market. Notwithstanding
over points were saved for nearly all the
active stocks.
PAPAL MEDIATION
The opening jump in prices was in SYM
pathy with the buoyancy of Americans in
foreign exchanges. where the reported
mediation of the pope between the United
States and Spain was being viewed as
of the greatest importance. This import
ance was enhanced by the fact that the
reports given out from. Spanish sources
had it that the possible mediation was
offered at the request of the United
States. The sentiment of peaceful adj
justment which found expression in many
pulpits in this country at Sundays re-
liGious services. tended to give color to
the peaceful outlook. Professional stock
traders who were after the bears scalpS
were also very busy disseminating an al
legation that President Mckinley had
determined to embody recommendation
against war or forcible Intervention in
Cuba in his forthcoming message. The
early view. 1t was said. had exaggerated
the possibilities of peace.
WASHINGTON NEWS.
The official denial from Washington
that the pope had bean accepted as a
mediator between the United States and
Spain was potent in dispelling this view.
Expressions by men in Washington who
are strenuous for firm action on the
Cuban question and who expressed their
contentment with assurances given them
after having seen the president. indicated
the purpose of the administration to in
sist on Cuban independence. Notwith-
standing these later revisions of opinion
the active measures taken by the pope
was felt to offer possible means OF in
fluencing Spain to yield to the demands
or the United states, especially as the
opinion of the vatican heretofore reported
inclined favorably toward the granting
of Cuban independence.
This constituted the sustaining force
which saved the market from a full re-
action from its opening gains.
The bond market was dull and after
opening strong prices eased off little.
but stiffened again before the close. This
total sales We're 81, rs, 900.
United States new As registered adj
vanced "; new As coupon I3s: the old IS
registered. /; old As coupon and the 5s T.
and the Ends declined y per cent bid.
MONEY MARKET.
Money on call easier. 1I5G4 per cent;
last loan, IL per cent. Prime mercantile
paper, 5G6 per cent Sterling exchange.
weak with actual business in bankers
bills at 4S3i2GI4S34 for demand, and at
4.s012 for so days. Posted rates. 4S1156
4.S2 and 4.S4l2G4S5. Commercial bills, 4S0
d4.S0A.
Silver certificates. 555<a5sA. Sales. 1000
ounces at 56A. Bar silver, 55l2. Mexican
dollars, 40.
Government bonds irregular; state
bonds, dull; railroad bonds, strong.
SALES OF STOCKS.
The total sales of stocks today were
go, 800 shares, including 1850 Atchison pre-
ferred. SO go Burlington, 1850 Louisville
& Nashville, 49, go Manhattan II 376 Met
ropolitan, 5,525 Missouri Pacific. .s61 New
York Central. 10. lis Northern Pacific. 7.71O
Northern Pacific preferred, HOO Rock
Island, AZ, 125 st. Paul.. 80 OBS Union Pacific.
II $50 Tobacco, 4,752 Peoples Gas, 94,7S0
Sugar.