The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-04-10
Wall Street at Last Convinced That
1t Is Inevitable.
ON A STABLE EQUILIBRIUM
HOW THE MARKET Is KEPT IN
SUCH CONDITION.
In View of War, Commission Houses
Will Buy On a Descending Scale
Prices of Securities Are Generally
Higher Than They Were a Week
Ago-Bond Market.

maintained a strictly waiting attitude to-
day The extreme variation in prices
reached point or over in a good many
stocks and the market took on a show
or animation in the first hour in an up
ward movement. but the purely fictitious
character of this advance was demon
strated by the relapse in the second hour
The days net changes are hardly per-
ceptible in many cases, and show an in
discriminate mixture OF gains and losses.
The market was without any more sig
nificance than Yesterday. Total sales OF
all stocks were less than 100000 shares
The fact that the London exchange was
closed left New York without initiative
from that quarter London operators
were apparently not eager TO avail them-
selves of the opportunity of trading on
! the New York exchange and orders by
cable were of small amount though they
were sufficient TO aid the first hours ad-
vance.
The bank statement was regarded as
unfavOrable. the movement or currency
TO the interior having apparently been
| heavier than expected. 1t was expected
that the imports of gold would about on
set the movement to the interior. APP
parently some of the gold has also been
absorbed to meet indirectly the demand
of interior banks. that is TO say. II has
change for currency transferred from
Washington.
SECURITIES HIGHER.
Prices of securities are generally higher
than they were a week ago. The high
prices of the week were made on Wednes
came that President McKinley's message
to congress would be delayed until Mon
day. The first Interpretation of this
action was that it boded further negotia-
lions looking to a peaceful solution. Al
though the further negotiations have not
developed, q part of Wednesdays gains
has been held. There mas been much puz-
zled effort to account for the firmneSS of
the market in face of the weeks threat
ening developments and the disposition to
ascribe some secret motive to the buying
popularity supposed TO be on inside in
formation from high financial sources in
Europe that Spain would be forced TO
recede at the eleventh hour.
SIGNIFICANT ORDER.
But it must be said that the prevailing
conviction in Wall street has become that
war with Spain is now inevitable. Com
mission houses are authority for the
on descending scale. This condition
stops the professional bears from opera
tons on the short side. On the
other hand Wednesdays bulge demon
strated that there is supply of stocks
ready to offer on any notable advance.
The market is tins held. in a sort of
stable equilibrium by orders to buy below
the present level and orders TO sell above
ii. Meantime. the trading is very small.
The conviction is unavoidable that prices
are near the level OF the value for exist
ing conditions since those who held stocks
are not anxious to sell and those who
seek them are not willing to offer more
for them than prevailing prices. Prices
fell continuously previous TO the Maine re-
port in the effort to find the true level
and to discount that event and its prob
able result.
TRUE LEVEL.
It IS the 7invariable rule that pro-
longed price movement oVershOotS the
market. resulting in reaction There can
be no more convincing demoustra ton of
a true level of values than stagnation in
the market. There are varying opinions
regarding the effect of the actual presen-
tations of the president S message in con-
gress on Monday. both as to the amount
of liquidation, which viii be brought out
and the volume of short contracts which
will be covered. The prevailing belief is
war has been accurately reflected in the
money markets. The continued stiffness
Of time money rates and the diSincina-
ton to make time loans is called senti-
nehlai. as there Is no lack or none In
supply Notwithstanding the large de-
mands OF interior institutions for the |
purpose of strengthening their reserves. /
BOND MARKET.
The bond maket has been dull all week !
and has moved in sympathy with stocks. /
U. S. old As registered have advanced rs /
the new As registered l, the new As coup. |
per cent. and the seconds have declined /
per cent in the bid price.
MONEY MARKET
Money on call. steady. 80 per cent: last |
loan 2d2l2 per cent. Prime mercantile |
paper 512G6 per cent. Sterling exchange, |
steady. with actual business in bankers |
bills at 4S314G4S31a for demand and at |
l. S0d4s0k for 90 days. Posted rates (
I.SO1zd4S115 and 4.S4d4S5. Commercial bills, |
LOG.
Silver certificates, 5574 G5615. Bar silver. |
Ok. Mexican dollars, -.
State bonds dun. Railroad bonds firm. |
Government bonds firm; new As reg. 1.21: |
new As coup. IBIS; As. L09ls; coup. 1.1O1s; |
IS reg. and coup. Liz.
SALES OF STOCKS.
Total sales of stocks today. 90. 200 shares, |
II $50 Burlington. 3,115 North /
srn Pacific. 1905 Rock island. l2Sl5 st. /
Paul FIJI Union Pacific, BIS Union |
Pacific, BIS u. p. D. & G.. 24,275 Sugar.
BOND QUOTATIONS.