The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-01-25
Previous to Announcement Trans
actions Were Small.
PRICES TOOK A TUMBLE
HEAVY LOSSES IN RUSH TO
CATCH PROFITS.
Attitude of Washington Authorities
In Attaching Little Significance
to the Movement of the Maine
Had Little Effect In Allaying
Bearish Tendency.

New York, Jan. 24.-There was nothing
particularly interesting in today's stock
market previous TO the reception of the
news that the United States ship Maine
had been ordered TO proceed to Havana.
/ Until that time the market was wholly
in the hands of the profession traders
and transactions were on a small scale.
Standard stocks were neglected and the
securities OF the local traction corpora
tons. which are more or less dependent
upon municipal faVors, were briskiy ma
I nipulated. Later some of the Vanderbilt
stocks were taken up and advanced
sharply. The general market remained
perslstently heavy during all this time,
out fluctuated very narrowly, the offer
ingS being light as well as the demand.
In the International stocks the declines
We're hardly pronounced as those re-
ported from London. This state OF at
fairs continued until after midday, when
it was followed by general improvement,
prices of the majority OF stocks having
risen a shade above Saturdays close just
before the selling movement induced by
the news of the Names movement be-
gan.
THE MAINE NEWS.
This news was regarded with skeptic-
ism at first and the market held steady
for time. but upon the publication of
the Associated Press accredited report,
liquidation promptly set in. The offer
ings We're not on a tremendously heavy
scale, but the demand was light and
prices fell fast. Specialties which had
been marked up in the morning and some
of the railroad stocks which have shown
the greatest strength recently suffered
the heaviest losses on rush to take prof.
its. The Northern Pacific and Union Pa
cific Here conspicuous sufferers in this
respect. In few cases fractional net
gains remained after the late decline, but
net losses of between l and ? points are
very frequent through the list of active
stocks. including the leading specialties,
the grangers and Missouri Pacific.
ITS BEARISH TENDENCY.
The attitude of the authorities at Wash
ington in attaching as little significance
as possible to the movement of the Maine
had little effect in allaying the beariSh
tendency in the market. With the eXcep-
ton of sharp rallies in the local New
York group, the market closed weak and
near the lowest. In the last 10 minutes
of trading Third avenue slumped to 1872,
and then jumped ~ points to Isl, fair
example of the instability of this group
of stocks.
MONEY MARKET PLETHORIC.
deposits in New York banks on account
of the Union Pacific sale would be col
lected in ten weekly payments. the first
on Wednesday next was doubtless with
banks in which the deposits lie. The gov
eminent arranged in the first place to
leaNe LnelQ there IN OrOer TO
against stringency in the money market.
Their withdrawal now. ii is hoped. may
give some tone to the money market,
which has grown quite plethoric, with a
probability of still greater congestion of
idle funds. Today's call loan market,
however, showed no quotable change.
BOND MARKET.
The bond market showed increasing
weakness as the day advanced, in SYM
pathy with stocks, the declines being
a.v1ra II, dc rrrhf haNr oh
recent strength.
The United States new As fell Y in the
bid price today. The calling of the gov
eminent deposits in New York intends to
increase the supply of government bonds
by releasing those which have been placed
as security for these deposits.
CALL MONEY.
Money easy, 11zd2; last loan. 2. Prime
mercantile paper. 3n3+4. Sterling eX-
ness in bankers bills at $4.S4&4 for demand
and at 81. 4.83$4 fos 60 days. Posted
rates, s4.S3G4.s3i2 and ys.S512q4.S6. Com
mercial bills. s4.s2.
Silver certificates 561A65715. Bar silvey
563s. Mexican dollars 44$4.
Government bonds. quiet. State bonds,
dull. Railroad bonds. weak.
SALES OF STOCKS.
Total sales of stocks today were 100000
shares. including: Atchison preferred.
1920 c. B.. ~ O., 29,7OS; l.. & N, 300
Manhattan, $1,000; Metropolitan, L. lSO;
Missouri Pacific, $500: New Jersey Cen
trail. $3.50; New York Central, 3674S
Northern Pacific preferred. 2l5SO; Ontario
& Western, 800; Rock Island, S,765; St
Paul, ~ $50; Union Pacific, 1880; Ameri-
can Spirits, 3,455; Tobacco, II 405 Chicago
Great Western. 5.545; Peoples Gas, 5.525; /
Consolidated Gas, 14226; Pacific Mail |
300; Sugar, Sc 10; Western Union. 1920
BONDS.
L. s. II. As reg. .12714,N. Y. C. lists. ..11612 |
L. 5. COUP. .l2S14 n. J. c. 5s......112
l. S. 4s......... 112%4lN. Pacific 1sts..1l
L. 5. coup. ......1144s do. IS .......... 62A !
L. 5. 2ds.-........1 100 do. As .......--- 1914 I
T. S as reg. I121slN. & w. Is. .1241a /
r. Q ,ffA