The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-03-13

opening. had buying orders at the prices
TO which they desired 10 drive stocks. The
market showed itself so weak when these
prices were reached that the buying or
ders were quickly withdrawn TINS COW
ering movement accounted for the sharp
rally in the first hour, and there were
some recoYeries at the close
DEPR EssION PREVAILED.
Otherwise there was nothing 10 relieve
the UNMARRIED depression which prevailed
through the whole list OF stocks anu
bonds. The closely-held standard stocks
suffered with The permanently speculative
issues and in some cases were severely
hit. Lake Shore IS an example II so4d
at IS5, i decline Of points, and closed
with the bidding at only $50. PennSyI-
vania dropped full points. St. Paul sur
fered very acutely, probably on the un-
covering Of margins on recent speculative
buying. ana was of at ! time rs points.
Northwest dropped III and Burlington
points
weak. The number of prominent stocks
which show ret losses of between ana
points is very large. The total sales ~
the two hours OF trading 525SJQ, was Wen
up to the average OF :, full days business
for the week, exclusive Of Monday, and
blocks Of sever thousand shares were
frequently recorded. Part Of these offer
ings were speculative holdings dlsiodged
by exhausted margins but there can he
no doubt that sales OF investment mold
1ngS, such as are not usually lhHHelctH
at all by the speculative movement OF
prices. are beginning TO absorb an in
Ereasing proportion Of the business on
the stock exchange.
IMMINENT EVENTS.
There was no specific item of the days
news that can be pointed to as account
ing for the decentralization Of the market.
1t was caused rather by the general con-
Viction that the reports OF the MAINE
board of inquiry and a statement OF the
further policy of the government towards
Cuba are imminent and the unWllllns-
Of Hfaf
over Sunday. The bank statement shows
that the gold imports received FOR the
week have rot been sufficient to onset
the continued Withdrawals TO the interior,
so that the cash holdings show net de-
crease of 1916, 700
But as the heavy drawing down of de-
Dosits has reduced the % per cent require
Inents by 81 63f. 625 the surplus reserve IS
enlarged by S1,S9z,s25.
WEEKS REVIEW.
The stock market ended this week as it
began, in a demoralized condition. The
partial recovery of Tuesday and Wednes-
dav and the diminished activity between
Monday and Saturday probably repre-
scented nothing but a natural reaction
which always follows a sudden decline
the recovery being in proportion TO the
violence of fall.
The New York stock exchange on Mon
day shared the depression existing on
every exchange in tn world. On the
London and European exchanges the new
demands of Russia uDon China ana the
over the West African situation were al
most as much causes for alarm as the
relations between the United States and
So acute was the depression that so i'm
portant an incident as the supreme court
decision in the Nebraska maximum
freight rate case in favor of the railroads,
was almost entirely diresarded, although
it has been eagerly looked for each Mon
day since last year. SPAIN 5 dlsaYoWai 81
any intention 20 demand Lee recall the
satisfactory adjustment of the di.Hculty
over sending provisions to Cuoa IN war
ships and the voting by congress Of the
S50.0000 900 defense fund, We're all cited as
evidence of improved conditions IN our
relations with Spain. But that none of
these had any deep-seated erect was
shown by the course of prices later in the
week.
COURSE OF EXCHANGE.
The course of the exchange market and
the confined influx of gold must be ac-
cepted also as additional evidence OF pre-
para tons for emergencies.
Last week the heavy demand for money
from the interior, due 10 the desire of in
terror institutions to strengthen their re-
serves, led to rise IN the money rate,
which naturally started an import move
ment Of gold
This week the money market was de-
cidedly easier and the level Of call money
rates is distinctly below that OF London,
so there should be profit IN leaving
credits abroad at interest.
But there has been no interruption TO
the engagements of gold for import. winch
have now reached a total of considerably
over $l6.Oi3OD- After the aVdllabIe supply
OF gold in he open market had been alb
sorbed the Bank Of England and the
Bank Of France resorted TO the most eX-
traordinary eXpedients to prevent the
withdrawal of gold. the premium de-
rnanded being sufficient under ordinary
circumstances TO check the outflow of
gold.
Gold is. however being taken from the
Bank of England for New York.
Railroad bonds have showed full sym
patty with the weakness in stocks, but
dealings We're not large
United States new Is have declined 312
bid; the 5s and the old Is ~, and the old
IS coupon and the Is = per cent bid
MONEY MARKET.
Close: Money on call. Der cent: last
loan per cent. Prime mercantile paper
41zG5lz per cent Sterling exchange
rteady with actual business in bankers
bills at 4S321E{ for demand. and at
AS0stG4.Sl foI 80 days. Posted rates 4.S2f,
4S3 and ASH. Commercial bills $50.
Silver certifica ses, 5414d5j. Bar silver,
54l4. Mexican dollars. iis4.
Railroad bonds. weak. Government
bonds weak. New IS registered and cou-
pom 1..lI5; IS coupon. ul1z. Ends. 9Si2; -
registered and coupon III; Paclnc Us OF ~
l.02I2.
SALE OF STOCKS
The total sales Of stocks today were
ferred. $3.50; {. q Q. 3,4s5; c. B. & @,
On O20; l.. & N 1850: Manhattan, 1880;
Metropolitan, 6O20; Reading preferred,
5.s2e; Missouri Pacific. 5.el7; New Jersey
Northern Pacific. 5.f20; Northern Pacific
preferred. i. $40: ontario d Western 40l6:
Reading. 4.1z0; Rock Island 10. $50; St
Paul. 1852: Southern Preferred, 3270;
General Electric. Also; Sugar 44.S20; T. c.
/ 1910. Western Union l.220.