The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-02-22
Underlying Causes of Yesterdays
Depression In Stocks.
CALL LOANS MARKED UP
IN ACCORDANCE WITH REDUC-
TON IN SURPLUS RESERVE.
approximations Growing Out of the
Rate War In Klondike Travel
Great Snowstorm Was Another
Bad Feature-Market Rallied To-
wards the Close-Bonds.

New York, Feb. 21.-Today's heavy de-
cline in the stock market was made with
out another actual new development in
the situation, but was rather TO be at
trtbuted to a combination of Impressions
which have been the underlying force in
speculation for week or more. Today 5
market demonstrated for one thing. that
last week decline would have been much
heavier on the developments in the Cuban
question. had ii not been for the support
of powerful interests who desired an OPP
OF support today gave color TO the Suppo-
Sltion that those interests had completed
their liquidation and were Indifferent 10
the course or the market The motives
assigned for the selling had less apparent
basis in fact than were furnished by the
developments OF last week. So far as they
turned on the Cuban question they dealt
with Speculations on possible future
events an on abstruse points of inter-
national law without any convincing au-
thority to back them.
KLONDIKE TRAFFIC.
Apprehensions growing out of the rate
war for passenger business between the
Canadian Pacific and our own tranScOn-
tinental lines had a more substantial
basis, though a soothing suggestion was
offered that the profits and dividends
senger business anyhow. There seemed to
be no realizing sense that this suggestion
was inconsistent with the large advances
which had been forced in the price of Sc
The great snowstorm in the west was
also factor of real Importance both by
reason of the interruption to railroad
traffic and the possible damage TO crops
Whatever the real motive, it was beyond
dispute that there were large offerings
OF securities for which there was no ade-
quate demand and selling orders to stop
losses We're uncovered on the descending
scale.
Declines were so great that the prices
that looked attractive as bargains were
in
invited steadier prices and worked re-
coveries. This was repeated several
times during the day and the market
closed with another rally in full force
thus leaving the net declines decidedly
smaller than the extreme declines during
the day.
CALL LOANS MARKED UP.
feature of the day was the marking
up of call loans to * per cent, in accord
ance with the reduction in the surplus re-
serve: The local market paid no atten-
ton to the firmer tone on foreign ex-
change due TO the subsistence of apphen-
sion over the West African situation,
which was regarded with such acute mis-
givings on the local exchange on Satur-
day. London was a buyer on balances in
the New York market today.
The course of the bond market was in
accordance with stocks in both declines
and rallies. The loss at one time was
from l to 2 per cent in many leading
bonds Total sales. S4100,0OO.
Ci4lSu States As OIL 1871 ana lJZ5 were 4
lower bid.
MONEY MARKET
Close: Money on call easy. 1IkG1a.:
last loan, IL per cent Prime mercan-
tile paper, 3d4. Sterling exchange, about
steady with actual business in bankers
bills at 4-S5Ss S515 for demand and at
I. S3li4.S2l4 for 60 days. Posted rates Asa
i.S612 Commercial bills, 4-S2
Silver certificates 551sG5615 Bar sill
yer, 553s- Mexican dollars, 49,
Government bonds, weak; state bonds
dull; railroad bonds. dull.
SALES OF STOCKS.
Total sales of stocks today. SIS. 200
shares, including 1916 Atchison pre-
ferred, 5:15O c. x O.. SS.S7s c. B. & @.
10. SOS L. & N. 1929 Manhattan. 9,7S5 Met
ropolitan, $3.50 Reading preferred, 1851
Pacific, 5,26i NJ. h & r. pre-
ferred, 300 =. ]. Central. % 500 New York
Central. 1880 Northern Pacific. 1920
Northern Pacific preferred. 500 Reading.
S025 Rock Island, $500 St Paul. 800
Southern preferred, 1856 Union Pacific. |
100 Wabash preferred 1884 Tobacco. |
1884 Chicago Great Western, 1850 Peo- !
PIES Gas. $3.50 Consolidated Gas. $50 |
General Electric. 81. 40 Sugar, 1905 T. c. !
< l., $3.50 Leather preferred 9120 West !
arn Union.