The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-02-20
TRADING ON CHANGE
Political Unrest Reflected From Al
Foreign Centers.
REVIEW OF THE WEEK
SITUATION GENERALLY RECOG-
MED as STRONG.
Battle Royal In the Sugar Interest
Yesterday-Railroad War For the
Klondike Traffic = Two Large
Transactions In Union Pacific
Demand For Money-Bonds.

Demand For Money-Bonds.
New York. Feb. 19.-There was a feel
in- of uneasiness over the European
political situation reflected from all for
eign exchanges today before the opening
of trading on the New York exchange.
The collision of British and French
authorities in the Niger district and the
excited condition of public feeling in
France were the motives of the heaVi-
ness which in London resulted in fall
of L in British consois. American securi-
ties were effected by the general heavt-
ness as well as by the special considera-
lions growing out of the Cuban question.
Declines in Americ3,lS reached point in
London in a number of cases before the
opening here and as consequence SELL
ing orders were placed for London &C
count at the opening. There was no local
support for prices. On the contrary there
was a resumption of liquidation and
bears were encouraged to raid the mar
ket. Prices quickly fell, not only to the
London parity, but below it. The declines
ranging up to points and over invited
covering by the shorts and prices hard
ened. but at no time did Iney fully re-
cover to the close.
BATTLE IN SUGAR.
Weakness apparent in sugar made 1t
dealings and it sank to 12S2s, the whole
list selling off to the lowest There was
very determined support for sugar at be-
low l29 and the closing of the market saw
a battle royal in progress between bulls
and bears. and the market closed conse-
quently in a very unsettled condition
RallieS of over a point were made by
number of stocks besides Sugar, but net
losses were left on an average of over
a point. London selling was a feature of
the day and the supply of st; Paul from
that source was sufficient to meet a
large demand here and keep the price
RATE WAR.
The rate war in prospect between the
Canadian Pacific and the transconu-
mental lines in the United States for
Klondike traffic was large factor; caus-
ing a decline of points in Canadian
Pacific and of less amounts on the other
roads affected
dealt in. two individual transactions of
par value of S250000 and $l5000O respect
lively being recorded. One block of 100000
of Rock Island extension 1sves also
changed hands.
WEEKS REVIEW.
The weeks developments in the Cuban
question effectually unsettled the market
and precipitated a heavy liquidation OF
speculative accounts. Prices of securities
Were recognized as discounting to a GER
tain extent future prospects but con-
fidence in the future had been suiilclently
firm to prompt the holding of long lines
until the De lone incident and the
Maine disaster awakened renewed I'M
easiness. This uneasiness caused the
bulls to abandon plans for any present
aggressive advance in prices and caused
the foundations of numerous holding of
long stock dislodged by uncovering of
MARGINS The bears showed some hest
fancy during the week and their haste to
cover at the low level effected rally on
two days, namely Tuesday and Thursday,
after the severest declines. There is a
question as TO how far the DoWerful in
terests which have of late largely con-
trolled the course of the market reduced
their long holdings. But the situation
generally, aside from the Cuban question,
is recognized as a strong one.
Today's bank statement reflects condi-
lions that may account for some OF the
weeks liquidation in Wall street. 1t was
from New York and the withdrawal of an
installment of the governments from the
Union Pacific might be offset by con-
traction of loans resulting from hquida-
ton on the stock exchange. Instead,
there has been an expansion in loans OF
over 81. 600 eco and decline in the surplus
reserve of S6.74s.6OO. The loan account is
probably affected by operations in con-
nection with the Kansas Pacific sale
DEMAND FOR MONEY.
But allowing for the undoubted reduc-
ton of loans for stock speculation that
must have occurred, there is still indi-
Gated a largely increased demand for
money, good portion of which has gone
into commercial paper. This indicates a
good basis for the expectation among
bankers that the money market has
higher rates in prospect and may also
account for the cheap rates at which
sterling exchange for future delivery is
sold as compared with present rates. This,
while it might curtail resources, for i'm
mediate speculative purposes, is sign
of the continued growth of business
activity. The astonishing growth of our
foreign demand for grain at high prices
and the favorable traffic returns of rail-
but prices on the stock exchange were
unable to withstand bear pressure for
the time being.
BONDS.
Bonds held relatively much frmer than
stocks during the week and showed the
evidences of continued large absorption
for investment. Business was not as
large as in the previous week which was
of considerable volume and net declines
in prices were unimportant. Total sales,
So, 90, 900 shares.
United States new tours coupon de-
clined q; United States registered q: old
fours registered g; old fours coupon 4,
and the hves Is bid.
MONEY MARKET.
Close: Money on call easy at ~; last
paper pap, $a4 per cent. Sterling exchange
ITmer Win business IN bankers at 4.S0to
for demand and 4.S3d4.SSls for sixty days;
posted rates, 4S4a4s6l2; commercial bills,
lS2.
Silver certificates, 5514G56lk. Bar silver
552t. Mexican dollars. 454. State bonds
quiet: railroad bonds weak. Govern
meat bonds weak; new As registered and
coupons. KlA tours. 1929; coupon, 114A;
twos, 100; lives, registered and coupon
49,: skies of 49, 104.
SALES OF STOCKS
Total sales of stocks today. 277.OOO
shares including: Atchison preferred
!. 535: c. & o., 1000; Burlington, 1900; l..
K N SSi5: Manhattan. go: Metropoli-
tan. 9523 Reading preferred. 300: Mis-
souri, Pacific 1850: M X. & T. preferred, |
3 500; n. Y. c., $500; Northern Pacific. 10 |
300: Northern Pacific preferred. II 155: !
Rock Island. 4,4SO: st. Paul, q, 5O4: Union /
Pacific 1884; Tobacco 3.770: Peoples Gas, !
$50: General Electric, $3.50; Sugar, 81, 600; !
Western Union. 34e5.
BOND QUOTATIONS.