The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-04-12

New York, April 11.-There was period
of about Is minutes of animated selling
and quickly draining prices on the stock
market today. after the reading OF the
president message to congress. and there
were some large buying orders executed
In the last Is minutes OF trading, which
brought prices up to the top level OF the
day. Otherwise the market was IN the
hands of the room traders, as IL mas Dcen
Tor several days past Prices opened up
d point in many stocks, lost the advance,
and rose again before the message was
sent 10 congress. 4 he drop alter the read
ing of the message was between ana :
points rom the nigh point for the pfin-
cipal stocks Net gains at the close were
over u point for most leading stocks. To-
DAVIS results were surprise. IL can
scarcely be gainsald that they go TAR 10
demonstrate that very few speculative
contracts remained 10 DC covered.
FOREIGNERS BOUGHT.
The bears who sold stocks short after
the Maine disaster evidently made up
THEN s..inds some time since that tho I'M
IaVorable effect upon values or secur-
ities was being discounted in advance OF
the presidents message. The bears ac-
cordingiy covered, leaving a small snort
account to be covered TO-DAY. The ofTer-
inEs which brought about the decline to-
day We're not large The buying was
largely by foreign houses, ana II IS SAID
the purchases were taken with view
10 selling or the London exchange To-
morrow. That exchange was closed 10,
day and no reflection came rom there
on the sentiment abroad in the develop
IaentS between the United States ana
Spain. The absence Of any specific recon-
mendation il the presidents message Tor
OuSring the SDanlardS from CQDa was
taken as a bun point The doubtful ele-
ment in the situation is the action which
congress is likely 10 take Today S mar
ket demonstrated that until this question
is decided, there is no disposition 10 enter
into large operations in securities Owing
to the fact that today was holiday in
London. there was almost nothing doing
in sterling exchange. and quotations were
merely nominal, but about steady.
NO EASY CONDITIONS.
The marking of call loans at per cent
indicated that there is no immediate
prospect of easy conditions in the money
market. The sub-treasury's credit bal
ance OF SlS7, 04S reflected the further with
draWal of the Union Pacific payment,
which has been left in deposit with New
York banks and which Is now being with
drawn as setoff to the governments ex-
penditureS for expense account. or the
balance due the government on the Union
Pacific payment which now amounts TO
about So 900 000. one bank alone holds
something less than sSOo9. 900. II is inter-
estins 10 observe that OF the total sur
plus reserve Of the New York banks,
amounting 10 about So. 600. 020 the surplus
of this same bank makes up about $3.50
eco. In addition TO the withdrawal OF gov
eminent deposits the movement of cur
rency for the interior continues to go on
in fun force.
There was no marked activity in today's
bond market, but prices showed strength
as the day advanced. Total sales, 81
025.000. New IS registered advanced y,
new IS coupon g. the old IS registered
and the SIS 4 in the bid price.
MONEY MARKET.
p.m.-Money on call firm, 2G4 per
cent: last loan 3 per cent.
Prime mercantile paper. 5ieG6i2 per cent.
Sterling exchange, steady, with actual
business in bankers bills at 1884 1872
for demand and at 4.S0d4S0A for co days;
posted rates, 4.S0a4.eoli. Commercial
bills 49,.
Silver certificates. 555s 05slE. Bar silver,
5j%- Mexican dollars. 80.
Government bonds strong, state bonds
dull, railroad bonds strong.
SALES OF STOCK.
Total sales Of stocks today. 257 200
shares. including: 3, 400 Atchison preferred,
25ll0 Burlington SIP L. & n. 1856 Man
haitian, 1851 Metropolitan, 3.425 Missouri
Pacific, 50 245 Northern Pacific. 7.7l9 Rock
Island, 20.S60 st Paul, 37.304 Union Pa
cific. 6.266 Tobacco. 1896 Sugar.
BOND QUOTATIONS..