The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-04-01
Mysterious Inducements Affected
Stock Market All Day.
AN UNCERTAIN OUTLOOK
MONEY MARKET PRODUCED THE
BEST REFLECTION.
Opening Slump In Sympathy With
the Decline In London-Buying
Commenced at tie Low Prices and
Produced Rally Up to Within
Short Time of the Close.

New York. March 31.-There were rather
mysterious undercurrents all day in the
stock market which nothing in the public
news service served to explain and which
the gossip in Wall street found numerous
and contradictory explanations. The OPP
ening slump in which losses ranged from
l to points and upwards seemed to be
in sympathy with an earlier decline in
London. the more as the selling of Amer
leans in London was said TO be for New
York account of operators who were too
eager to take their profits in yesterday 5
rise TO wait for the opening in New YORK.
but the opening prices here proved to be
the lowest for the time being. and there
was an eager demand Immediately mani
fest for stocks all through the list. This
demand continued with only short periods
OF cessation through the morning session.
ana rallied prices almost or quite TO last
nights closing level The natural infer
ence from this would be that IL the earlier
selling in London was for New York ac-
count, it was for manipulating purposes.
The strength in the New York market
found Il response in rally on the foreign
exchanges in the prices of securities. and
also depressed early in the day on peSsi-
mistic reports from Madrid
DECLINE AT CLOSE.
The latter portion of the day saw a per-
sistent decline in prices in New York,
with only occasional periods of steadineSs,
most stocks falling below the opening
prices and closing "a or near the lowest
islature of $1.0O0.000 emergency fund for
defense. was the nominal motive for the
latter decline. Nearly all of the whole
days business was done at prices below
last nights level and, although the net
changes are all on the sides of losses ex-
tending between l and . points for most
stocks and over that in special cases. it
was very obvious that a large and rather
eager demand for stocks was satisfactory
during the day. and it was the prevailing
impression in the street that the opening
decline was manipulated to give opportu-
nifty TO satisfy this demand.
NOT PROMISING.
Aside from the bullish sentiment Great
ed among the room traders by this under
tone of strength and the belief that the
demand for stocks was due TO some hid
den motive or undiSclOsed information re-
garding SPANS intention. the general out
look was not considered promising The
money market reflected the uncertainty
in the outlook more accurately than did
the stock market. Lenders are holding out
for stiff rates for time money and bOr-
rowerS are not disposed to pay the rates
asked. as it is certain that any prospect
of peace would Immediately result in an
abundance of money.
MONEY RATES STIFF.
The general neglect of the time money
market and the desire of borrowers TO
call loans resulted in a stiffening of rates
today. The exchange market was dull
and neglected. the further importation of
gold being largely dependent on the out
come OF the controversy between the
United States and Spain.
The bond market was less active than
stocks. and prices showed a tendency to
sag throughout the day. Total sales, ST.
775.OOO.
L. S. new As. registered. and the old
As, registered. were Z higher and the SIS
a higher bid.
MONEY MARKET.
Money on call firm at 2G3I5 per cent;
last loan. per cent: prime mercantile pa
per. 5d5l5 per cent; sterling exchange
firmer. with actual business in bankers
bills at 4.S3z4 G4.S4 for demand. and at $50
d4S1 for 60 days; posted rates. 4.S1lzG4S2
and 4S4le4.S5; commercial bills. 4.S0HG
4SO2i
Silver certificates. 5524 1861; bar silver.
5512; Mexican dollars. 45.
Government bonds strong: state bonds
dull; railroad bonds weak.
SALES OF STOCKS.
Total sales of stocks today were 4S4. $50
shares including: Atchison preferred. TO-
us; C. & o.. 40: Burlington, 4S.0lS; l.. &
II .l2O; Missouri Pacific 1921; New York
Central, 1926; Northern Pacific. S765;
Northern Pacific preferred. 2O.2O7: Rock
Island. $3.50: St. Paul, $40; Southern
preferred. 1870: Union Pacific. A 20S; L.
p. ID. & c.. 6.775; Tobacco. Il, $50: Peoples
Gas, 12,S4O; Sugar. 1880; Western Union.
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