The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-03-15
Stocks Were Strong Without Any
Perceptible Cause.
TWO NATIONS SECURITIES
AMERICANS UP AND SPANISH
DOWN IN LONDON.
Course of These Latter Bonds In For
eign Exchanges Regarded as a
True Index Of the Diplomatic Re
lations Between the Two Countries
Gold Inports--Railways

New York, March 1.-THE stock and
bond markets were strong throughout the
day. Different opinions were offered as
to the cause of this, and probably all had
some truth in them. That the excess OF
buoyancy was surprise to many pi ofes-
sional traders was evident. There vas
nothing in the news of the day 10 Change
materially the political outlook. and that
there were many holders OF SecLrlties
who continued nervous was q uent nom
the large offerings To read.e wifi h net
the sharp rise at the opening, but there
action which resulted from these oITer-
in-s was more than overcome, even
those stocks which showed the largest
gains at the opening rising at..in 10 the
highest and the close which Sh"'plu De
less affected at the opening rising IN some
cases TO a point above the e4.iN h'sh
prices. Prices of America Is were ad-
vanced in London before The opening
here This was the moro notabie on ac-
count OF the acute depression oil the span
ish government As. which fell - in Lon
don or Paris selling. and showed an ex-
treme decline of rs in Paris.
WHAT 1T AUGURS.
The course of these bonds has been
looked to as a true index OF ire diplo-
matte relations between the tied states
and Spain. This discrepancy Right mean
that capital looks favorably upon the ex-
cellent financial and industrial . Jitlt rs
in the United States, in spite OF tne
danger of war, or it might mean that the
acute financial distress of the Spanish
government detracts from the value OF us
bonds in spite of the chance OF peace. II
is not TO be lost sight OF that United
States bonds in the local market deemed
y per cent in the bid price, in the FACE OF
the strength of all other securities II
is possible however, that the :tiffeninS
of the money rate may nave accounted
for this movement Certain IL Is that
there was a very large covering OF snort
contracts which had been left open over
ha1f af hot
dangerous developments We're imminent
in our relations with Spain. The hrmness
of prices was stained to the close rms
was a demonstrated that the underlying
strength of business conditions in the
country would quickly bring about a re-
covery of prices upon any relaxation of
the tension over the Cuban case
GOLD IMPORTS.
Gold continues to be engaged abroad
for import, today'S announcements aSgre-
fall in the rate of exchange on Paris and
Berlin and the relative steadineSS OF the
rate on London indicates where the pres
sure for gold is being felt. and there was
a response in the stiffening of the money
rate in Paris and Berlin Money is still
mo-iny to the Interior from this ro.nt,
and receipts of gold had NJ elect today
in easing the money market. over SlUOO,-
COO will be withdrawn from the market
tomorrow and conveyed in-o tie ! Ica sury
for the second payment On account Il the
Kansas Paclflc sale. Nearly III aCuNe
stocks are from to per cert higher as
a result of the days trading.
BONDS.
Prices of railroad bonds rose in sym
pathy with stocks bat tae Overwhelming
proportion of the dealt lgs was in lhc At
Gibson adjustments and the Union racine
new is. Total sales, $500 600. u >
bonds were Il per cent lower bid. except
the Is registered and the 2nds, which
were unchanged.
MONEY MARKET.
Close: Money on call steady, 2d214 per
cent; last loan, 21s per cent Prime mer-
camille paper, 4Gi1a per cent. Sterling ex-
change soft with actual business IN
bankers bills at 4SSs4 for demand and at
4 S63t for 60 days. Posted rates, 462d4SS
and 4 S5@4 $50; commercial bills, $50
Silver certificates, 54i2. Mexican dollars,
44A.
Government bonds, weak; state bonds,
dull; railroad bonds. strong.
SALES OF STOCKS.
The total sales of stocks today were
1876. 500 shares. inluding 10. l2O Aachison
preferred. 1884 c. & o., 4.150 Burlington,
3 49O Erie preferred. $500 l.. & N, q. 81
Manhattan $500 Metropolitan. 35I5 Read
ing preferred 400 Missouri Pacific, 3,4S5
NJ K & T. preferred, 1880 New York
Central 5000 Northern Pacitis, 23.6O0
Northern Pacific preferred, H.OO0 Rock
Island 60 500 St. Paul. 600 Union Pacific,
9. 100 Tobacco. L, 900 Peoples Gas, 3,19S Cen
eral Electric. 67.69S Sugar, ABA Western
Union.