The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-03-09
Tone of the Stock Market Much
Better Yesterday.
CONFIDENCE IS RESTORED
VARIOUS POLITICAL FACTORS
HELPED THE MARKET.
National Defense Appropriation,
Close of the Lee Incident, and the
Fact That No Bonds Would Be Is
sued, All Contributed to a Better
Feeling-Bonds Stronger.

| New York, March S-The tone of the
stock market was more improved today
as compared with that of yesterday, the
ground for the greater confidence in val
ues being the apparent desire of the Span
ish government to deprecate any idea that
they desired a rupture with the United
States or that they sought to irritate the
United States government into assuming
the offensive The effect of this was most
clearly defined in a sharp recovery in the
price of Spanish As, both in London and
Paris. Americans also were much stead
Ter on the foreign exchanges, but there
was nothing in the early quotations from
l.there TO give a foretaste of the sharp ad-
vances at the opening here.
EARLY STRENGTH.
The market was quite aggressively
strong during the whole of the early part
of the day. but it is questionable whether
this was due to any large amount of buy
ing for new accounts. That the snort
interest was largely increased was easily
to be seen and shrewd professional man
ipulators were able to discern this morn
condition. The better outlook in the rela-
tions between Spain and the United
States made the shorts nervous and there
was something of scramble TO cover at
the opening. The manipulation Tor the
rise was designed to uncover bear mar
gins and the keen demand at the advance
proved the maneuver to have been sue
cessful. 1t did not require very large
advance to invite further liquidation.
CONFIDENCE RESTORED.
Covering by belated shorts caused a
slight stiffening. Outside of the profess
sional class there was little doing Some
buying was reported for London and
Washington account The continued
movement of gold, the easier tone of
money. yesterdays furry being apparent
ly ended. a number of dividend announce
ments and the statement that no bonds
would be made necessary by the pro-
posed appropriation of s50.0O0000 for ma
tional defense were all factors toward the
more confident views of the situation.
Operations. nevertheless. were pursued
with caution and disposition was ap-
parent to adopt a waiting policy. Net
gains, except in few of the sDscialties.
We're confined to fractions. The price of
Northwestern railway stocks was rather
conspicuOusly strong in spite of the con-
tinuance of the transcontinental rate war.
BONDS SYMPATHETIC.
Bonds showed strength in sympathy
with stock. but resisted the late weakness
in the market. except Kansas Pacific
consols which lost all of the earlier ad-
vance. amounting to nearly points. To-
tai sales. SO. 900 United States new As
registered were q lower and United States
new As coupon Y lower bid today.
MONEY MARKET
Money on call firm. 2d3 per cent; last
loan. 3 per cent. Prime mercantile paper,
404l2 Sterling exchange weak with
actual business in bankers bills at 4.S4
for demand and 4.S14 for so days; posted
rates, 4S212d4.S3 and 4.S515; commercial
bills. 4.S0l2G4S1.
Silver certificates. Sass. Bar silver,
SIS. Mexican dollars, 4424
Government bonds weak; state bonds
dull: railroad bonds firm.
SALES OF STOCKS.
Total sales of stocks today were 352. 100;
including: 1920 Atchison, 7,435 Atchison
preferred. 3.425 c. & o., 2ss20 Burlington,
$3.50 L. & N. "a 175 Manhattan. $50 Read
ing preferred. 4.2O Missouri Pacific. 1000
y. Y. Central. 9.220 Northern Pacific. H.
$50 Northern Pacific preferred, S.S23 Rock
Island "a $50 ST. Paul 1000 Southern pre-
ferred. 1000 Union Pacific, BOO L. P. D.
& G.. 1850 Tobacco. $500 Chicago Gas, 49,
100 Sugar, Alps Western Union.