The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-03-31
News Of Peace Negotiations Starts a
Buying Movement.
LARGE GAINS SCORED
ONE SPECIALITY MELTED NEAR.
LY SEVEN POINTS.
London Was Large Buyer On the
New York Market-Report That
Spain Agreed to Free Cuba for
S2oo,OcO,Ooo Indemnity Started
the Upward Movement.

New York, March 3O.-Today's trans
actions in stocks might fairly be termed
a runaway bull market. The overwhelm-
ing conviction of all operators on Wall
street seemed to be that peaceful ad-
justment of the controversy with Spain
is probable. Many of the minor develop
ments of the day which seemed to con-
tradict this assumption or to threaten the
defeat OF this outcome, were Dersistently
and confidently ignored. There were re-
actions at times during the day, but
these We're evidently due merely to realiz-
ing sales by those who were content 10
take large profit already assured.
These realizing sales were absorbed
without at any time reducing the level OF
prices to last nights close or even near
it, and the market several times rallied
to near the top figures of the day under
renewed buying. The day closed with
such buying movement in full force and
with prices near the highest level.
NET GAINS.
The days net gains in the railroad list
ranged from TO points, and in the
specialties gains of over points in Sugar
and nearly points in Metropolitan street
railway were scored. Some of the shorts
put out in Mondays bulge were covered
today and perhaps helped on the advance,
but the leading influence in, the market
was rampant speculative buying move
ment. London was credited with being 4
large buyer here. but foreign exchange
failed to reflect the fact the tone of eX-
change being firm. This might be due
to slightly easier time money, which was
no less significant of the prevailing con-
fidence in the peaceful outcome than the
strength in stocks.
LONDON RISE.
Prices of Americans in London had risen
before the opening here. but cabied re-
ports said that this was due to buying
mi ~saf-ra-
ment bonds also showed strength in Paris
and London. Early reports from Wash
lngton that Spain had agreed TO free Cuba
Tor 2OO,WOOOO indemnity gave the first
powerful upward impetus The under
lying feeling was that whatever demands
were by the United States, Spain
would -ede to them, and thus avert
hOstilities.
BONDS NOT so ACTIVE.
The bond market was by no means as
active as stocks. but the tone was strong
and some notable gains in prices were
scored. Total sales, 81 425.000. United
States new As coupon advanced IL and
United States as registered / bid. There
cent over yesterdays bid price and of the
IS coupon at ~ over yesterdays bid
price.
MONEY MARKET.
Money on call steady. 1lsG2 per cent:
last loan, ~ per cent. Prime mercantile
firm. with actual business in bankers
bills at 4.S3lkG4. S}2! for demand and 4.SOS4
@4.S1 for so days; posted rates. 4.S11aG4 80
and 4.S4i7a4.S5 Commercial bills, $50.
Silver certificates, 5512N56is. Bar silver,
55A. Mexican dollars. 49,
Government bonds firm. state bonds
dull, railroad bonds strong.
SALES OF STOCKS.
Total sales of stocks today. sol 900
shares. including: Atchison preferred.
S,S65: C & O.. $500: Burlington. 56342; L.
& N. 1880: Manhattan. 3S. SIS; MetroDol-
itan. 2l.S21; Reading preferred 500; Mis-
souri, Pacific, 1850; Northern Pacific. IS
$50: Northern Pacific preferred 5000:
Reading. 1850; Rock Island. 32.525; St.
Paul. Ills; Southern preferred. 1859:
Tobacco. 15.420; Peoples Gas, 1880: Con-
solidated Gas. 1920: General Electric. s.
$50: Sugar. 159.512; T. c. & l., $3.50; West
ern Union. $500.