The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-02-18

New York, Feb. 1.-THE most important
factor in connection with today's stock
market was that the heavy liquidation of
yesterday was not resumed. There was
aggressive pressure by the bears at times.
but they refrained from leaving their con-
tracts open and their covering at the
close brought prices near TO the high level
of the day. Gains resulted, fractional for
the most part, but extending to a point
in most cases.
Quotations received this morning from
London showed the prices of Americans
there substantially above the close Of the
prices here last night, but that simply
meant that declines from yesterday S
Lonoon closing had not yet fully reached
yesterday afternoons heavy declines here
after the London exchange had closed.
The decline in London which served TO
sustain prices was on cabled orders from
New York ana represented the covering
of shorts put out in this market The
opening here was at or above the London
parity, but prices yielded Immediately af-
ter the opening on liquidating sales
through commission houses
DISQUIETING RUMORS.
Support was forthcoming before these
fe.- to last nights close. and the market
rallied. but feil to the lowest before noon
on the disquIeting report emanating from
Key West that evidence had been secured
a torpedo exploded outside the ship. The
selling on this report was quite large and
the level of prices was carried subStan-
TALLY below last nights close, but the
subsequent rally Indicated that these
safes were largely by bears who were not
sure OF their position. In fact, the whole
days market reflected doubtful frame
of mind on the part of the speculative
public and a disposition to pursue wait
ing policy. Some degree of speculative
interest was doubtless diverted to the
wheat market.
RAILROAD EVENTS.
Yesterdays increase in the Burlington
dividend rate and the final steps toward
the purchase of the Kansas Pacific by the
Union Pacific reorganization committee
which was cutie lost sight Of yesterday
had favorable effect today. There was
large buying To-Day of Oregon Short Line
and Oregon Navigation, which was not
explained by any definite news announce
ment. The doubtful condition of the spec
ulative mind was reflected in periods of
intense dullness during the day.
The bond market showed weakness. in
sympathy with the midday break in
stocks. but closed strong and generally
higher than last night. Total sales, $780,
600 United States new As and the old
As, coupon, were 15c lower bid the old
As. registered, a lower, and the SIS, Is
lower.
MONEY MARKET.
Close: Money on call easy at 1kG1h
per cent: last loan. IA per cent; prime
mercantile paper. 3G4 per cent; sterling
exchange dull and steady, with actual
business in bankers bills at 4S5An4 ssh
for demand. and at 4.SSd4.SSh for 50 days;
posted rates. 4.s4q4.S5le; commercial bills.
4.S2.
Silver certificates, 55s4 G561lc; bar silver.
SEC; Mexican dollars, 45c.
Government bonds weak; state bonds
dull: railroad bonds firm.
SALES OF STOCKS.
Total sales of stocks today were 4S1. 600
shares. including: Atchison preferred,
$3.50; c. & o., S,505; Burlington. 1850;
Erie preferred. 1860; l.. & N, 10, $50; Man
haitian. S.2SS; Metropolitan. 1O.520: Missou-
ri Pacific, 3,T75; NJ. K. & T. preferred,
APO; n. Y. c., 5000; North American.
1888: Northern Pacific, 5000; Northern
Pacific preferred. 1913; Oregon Short
Line 5000; Reading. 1925; Rock Island. H.
$50: St. Paul. Sc, 80; Union Pacific. Is. 043;
Tobacco, 1898; Peoples Gas. $3.50; Con-
solidated Gas. $500; Sugar, 3l,2S2; Western
Union, 3.3l1