The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-01-30

New York Jan 29-At the opening the
stock market today looked as though the
orders were accumulated by commission
houses to sell and take profits. First sales
were generally at q fraction below last
nights prices, and 1900 shares of New
York Central. thrown on the market,
drove the price of that stock down Is.
The market steadieu almost Immediately
and went above last nights level gains,
being. however. very unequal. Lake Shore
was most Conspicuous. rising 81 points
10 l-si-2. on the reported plan 10 eXcii2nS 2
$2i0.U5O of New York Central at % per, cent
debenture bonds for Sl00.Co0 of Lake Shore
stock New York Central ultimately
tended strongly upward after WaN9rlnS
somewhat There was also some taking
of profits on the advance due TO doubts
as TO how far the stock would be allowed
TO benefit from Lake Shore 5 surplus
earnings which, il was rGmored, would
Be applied 10 d sinking fund for the bonds
issued in payment.
ELEMENTS or STRENGTH.
Pacific preferred continued to advance
on well defined TunOrs that an additional
dividend IS in prospect D x K C. pre-
ferred and numbers OF less prominent
stocks showed notable gains. These ele-
ments Of strength served TO sustain the
market and the cOunteract OF some ten
dency in the slUggishness and heaviness
IN the general list SO that net gains We're
achieved Ia most stocks. though they are
outside the special cases mentioned.
Quotations from London this morning
showed some depression in the market Tor
Americans there which was attributed 10
the apprehension awakened in the British
mind of yesterdays vote on the Teller
resolution
The week ouened with continued ten
dency towards a reaction and the hesita-
ton in the dealings or Monday gave way
TO positive weakness OF the announce
ment that the Maine had been ordered to
Havana. This sharp decline seemed to
clear the speculative situation by giving
the shorts an opportunity 20 cover and
by shaking out the weaker narrow mar
gained holdings VINO were regarded as a
menace 10 the success of any movement
Tor an advance. The weeks statements
OF railroad earnings have been. as rule
very favorable notably Northern Pacific
and Pennsylvania. published today. the
latter being regarded as an especially re-
liable index OF the countrys railroad bust
ness. All of the securities OF. the Kansas
& Texas company. have been strong dur
ing the week on the improved financial
condition shown by reports for the year
thus far.
BULLS AND 4rKINLEy.
The bun operators made use of reports
in anticipation OF the presidents speech
on Thursday night and some Of Friday )
selling was due 10 realizing upon the de-
livery of the speech The markets adj
Vanc- was helped very materially by the
large buying for London account on Tues
Gay and VI lnesday. but the almost equal
" neaTE selling on the succeeding DAYS
from he same source made II evident that
the speculation was only for Il short turn.
The tone OF the money market worked
easier. Notwithstanding the withdrawal
from banks OF the first 10 per cent INSTALL
ment OF The government deposits OF Union
Pacific payments II IS evident also that
tne Increasing abundance of money and
ease OF rates j. all that prevents larger
Imports OF gold as the supply OF exchange
is constantly increasing and rates for
money in London and Berlin are again
hard ening.
With sales of bonds for the week of a
par value of over S26G00.000. business in
thai department of the exchange exceeds
all previous records, both for a week and
the month.
The extreme gains have been somewhat
reduced by proht-taking. but prices are
ma teriali-- higher on the week.
United States Old IS, coupons, We're 3
higher bid: United States old As. regis
tered and new coupons 4 higher, and the
5s, Is higher bid.
CALL MONEY.
New York, Jan 29.-CIose: Money on
cali easy at r. per cent; last loan. f3t
per cent. prime mercantile paper. 30544
per cent. sterling exchange, steady, with
actual business in bankers bills at 81 S45s
Tor demand. and at $4s2l2l4 1879 for 90
days; posted rates. S4.S3G4S3i and 81 S5Ia
stAS5; commercial bills. SAS1laGLS2
Silver certificates. $3.50 H51@4c. bar silver
55s-c. Mexican dollars 45asc.
State bonds duh; railroad bonds firm:
government bonds irregular.
Total sales Of stocks today 201.S00 shares.
including Atkinson preferred. 800; g.
= * q. 1851; y. & Z. 9. preferred. 4.7l0;
tan. 5.lZe; NO. Pac., 800. M X * r.
preferred. $40. y. y. Central 20 SGD
Northern Pacific. 4.470; Northern Pacifc
preferred. l23l6; Rock Island 4Su: St
Paul. 1850: Southern preferred ! 80.
Union Pacific. $500: Chicago Gas. S05l:
Sugar. $3.50.