The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-03-27
PRICES CO DOWN HILL
Fairy Tales of War Gave Them
Swift Momentum.
REVIEW OF THE WEEK
RECoUNTING SIX DAYS OF BEAR
AGGREssIoNs.
Speculation Observation-Disclosures
of Foreigners Regarded With
Considerable Interest-Dramatic
Speech-making In Senate Pro-
duced a Climax In Prices.


duced a Climax In Prices.
New York, March 26.-The authoritative
statement that the Maine board of in
quirys report would be fully as grave as
predicted brought out a fun attendance
on the stock exchange today. There were
animated groups about all the active
stocks when the market opened. The
feverishness of the foreign markets and
the fairy tale that Spain had declared
war. which was circulated about the eX-
change gave momentum TO the downhlll
movement Fairly large margins were
swept away. and large concessions IN
values ensued on every considerable oHer-
ing. a quarter of an hour after the open
ing the manifest intention of large inter
ests TO sustain the list led traders to
cover enormous short lines and prices
bounded upward, the shorts franucally
bidding against each other. 1t seemed
likely that houses having vast interests
at stake had come to an agreement over
night to buy. On the bulge here London
was large seller After an hours trad
ing prices were well above yesterdays
close, which was generally at the best
prices. The net improvements apDroXi-
mate two points in the grangers and ex-
coed one per cent in the leading inter
national favorites. The specialties gained
from l TO 3Si points The trading was on
an enormous scale for a Saturday. the
recent full days totals.
WEEKS REVIEW
The week just ended witnessed a vigor-
Gus resumption of bear aggression owing
to the developments of various influential
factors which We're utilized TO their full
est extent by the advocates OF lower
values. That their efforts We're signally
successful can be best illustrated by u
resume of the final prices of a week ago,
the comparison rejecting losses in the
dividend wing stocks of from n,
points and the specialtieS suffering to the
extent Of from to IL The latter group
was the objective point of attack and the
extreme weakness of these properties
radiated throughout the list, with the
Srangers ana the principal International
stocks receiving marked attention. The
Cuban question continued the oVershad-
owing feature and the various phases of
the situation as indicated by the tenor
of Washington advices furnished the lever
70 alternately advance and depress prices.
The condition of affairs was augmented
by the outcropping of numerous other
considerations, which also eXerted a
marked bearing on the financial and COM
mercial situation. The market through
out was highly feVarish and the ready
response to the slightest efforts in favor
OF either account AFFORDED some of the
active interests an opportunity to make
frequent turns.
SPECULATION SEAII-PANICKY.
The speculation at times bordered on
the semi-paniclSy edge, owing to the aD-
parent approach of a crisis in interna-
tonal affairs. The outpOuring of long
stock on these occasions was striking evil
dence of the apathy of the leading inter-
ests, the market halting only in the down.
ward plunge on the cessation of traders
offerings and a disposition to cover at
any prices by the shorts The market
then worked gradually upward, but the
returning level was invariably selected
as a new basis of operations by the bears
and values speedily succumbed to a more
pronounced lower plane. This process en-
ha ~aaalfe
accompanied at times by wild and ami
mated dealing. The trading at either per-
iods was intensely sluggish, but the con-
traction in business was only discernible
when the market essayed to rise.
ATTITUDE OF FOREIGNERS.
The attitude of foreigners was regarded
with considerable interest. and quota
tions from London from day to day were
eagerly scanned as indicative of Senti-
ment in the leading foreign financial cen
tiers. The great bulk of the arbitrage
operations favored the short account. but
evidences THAT the foreign SPECTATORS
were disposed to accumulate moderate
INES on various levels steadied the mar
ket and stimulated covering. The I'M
Wieldy nature of the short interest forced
the leading active interests to move prices
up sharply, occasionally. in order to shake
on an undesirable following The rank
and file of the street watched the operat-
ors usually employed by Washington in
lereStS very narrowly and were ready
10 swing from side to side as Soop as they
detected the source and nature of trans
actions The leading commission houses
were persistent sellers and their constant
liquidation dampened bullish enthusiasm
which. generally speaking, was at a low
ebb. The distress among the light wasted
bulls, coupled with the marked exhaustion
OF lightly margined holdings and the fra
quent calls for additional collateral by /
lenders was followed by protective sales
which accelerated the reaction. The |
bears tested the market frequently and
where evidence of support was lacking. a |
stock was vigorously assailed.
WHAT PRODUCED a CLIMAX.
The dramatic speech-making in the SEN
ate. describing the horrors of the condi-
tons in Cuba and the earnest appeals for /
intervention by the United STATES COM
bined with the announcement that the /
Spanish torpedo feet had left the Canary
Islands en- route for Porto Rico. made |
ments.
The unfavorable factors enumerated. !
outWeighed numerous healthful influences
consisting OF railroad statements. favor |
able monetary outlook. encouraging trade |
advlceS and the gold influx which now
aggregates So. O00.yJ0.
The bond market suffered in common
with the stock market. but the conces-
siCns were less pronounced and business
was largely curtailed.
Government bonds also exhibited ex-
IRENE weakness. with the losses extending
TO four points in the new As.
MONEY MARKET.
Money on call steady at . per cent: last
loan per cent. Prime mercantile paper
4lzd5ia per cent. Sterling exchange |
steady with actual business in bankers
bills at 4S3ikd4SSst for demand and at
zS05sd4S1 for sixty days: posted rates
s Sl4za4. S2is and 4,S4l@d4S5l2; commercial
bills. 4.S0Is.
Silver certificates. 555sa565s Bar silver.
BIS. Mexican dollars. 49,
State bonds quiet. Railroad bonds quiet
bonds weak; new As regis
20 nd 4 g A. I
LILO; seconds. 97la; S. registered and cou-
pom, L10ia; Pacific 6's of 80, 1O3.
SALES OF STOCKS.
Total sales of stocks today. 27i. 400
shares, including; Atchison preferred g.
BOO; Burlington, z, sS5; i. & N, 6.5l5; Man
Central. 500; Northern Pacific preferred
$3.50; Rock Island. $3.50; St. Paul. 81. $50;
Southern preferred. $40; Union Pacific. /
!, 42o; Tobacco, $3.50; Peoples Gas. SOS;
Sugar, 69.6l5-
BONDS.
Z. g. n. Is. reg.1lS y. Y. Cent. 1sts..115
Z. S. Is. .....10S No Pac. 1sts..1I2
Do. coup ......1l0 DO. IS ....... IS
Do. IDS, $500. 97i& Do. As ........ %
L. S. IS, g.-...ll0is Nor. & w. 6s lib
DO. IS. coup. .11Oia N west. cons....IH
Can. So. DDS ....l0514 Do. deb. 5s...l15
D. & r. G. 1sts-.1l0 o. Nav Is 49,. 50
p. * r. g. IS -. IS %. S. l.. Is, I. r.12O
y. & T. G. 5s--..109 %. S. L. IS. [. T. 97Ik
10. con. IS 100 To- Imp. lists. I. r104i1
Iva. G lists -. % Do. IS, I. r.. 52j5
K. p. Con. {. T.. 80 Reading IS. so
<. Pac. LIST (Den. r. G. w lists. so
div [. T. ......120 IL. p. d. & G.
la. II. cons. IS. .10i lists ........... 81
L. & n. Uni. As. s. L. p prefd. as
". X. & T. Eds. 5Iia L. =. 4s....... Sg3k
Do. IS ..-.--..... IS
NEW YORK MINING STOCKS. (
Atchison ........102s Reading ...@..... IS
Preferred -. "a Rock Island -. So