The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-05-18
Market Was In the Hands of the
Traders.
A PLETHORA OF MONEY
TRADE BALANCE OF SIX HUN
DRIED MILLIONS.
Improvement In the Condition of the
Stock Market = Bulls Will Not
Wait For Developments In the
West Indies Wheat Market
Closed Weak-Live Stock Prices.

New York May 17.-Today's advance in
the price of stocks was the result OF
movement of professional operators 20 re-
new the upward course OF prices Ihese
operators argued that the market had
undergone fair degree of reaction CURING
yesterday and the latter part OF last week
The reaction had invited falr snort
interest and had wiped out the holders on
the long side of speculation ms repre-
scented an Improvement in the technlcal
condition of the market. Ihe DAY 5 lrdu-
ing started off with the advantage OF an
Improvement in London. where prices OF
American securities were advanced
sharp fraction all around. There was also
some buying for London at the opening
when prices had risen. There are a
number of stocks which enjoy the special
support of friends and inside interests,
and these impaired firmness by sympathy
to the rest of the market
The combination of these circumstances
made the bulls feel warranted IN push
out waiting for more definite develop
ments OF the naval situation IN West In
dian waters. There was no evidence OF
any large outside interest and any Slack
ening of the professional demand pre-
cipitated dullness. The absence of out
side demand was indicated clearly also by
the way in which prices fell away in the
realizing movement in the final hour Inc
days extreme advances were curtalled
from II to q by this movement, but net
advances of between and points Tor
the principal stocks still renamed To-
bacco led the list in point of activity This
stock shows a net gain of "a.
The rates for time money went lower TO
per cent for 60 days; So per cent for 80
days, and per cent for four months.
The abundant supply of money in the
country and a prospect of a trade balance
for year in our favor of over 5000 ,OO00 600
are taken much account OF by those VINO
study the speculative outlook.
A PLETHORA of money seeking employ
ment and a continued foreign demand for
our products means an era of higher
prices and of speculative and industrial
activity.
Bonds were quiet but higher all around.
Sales, s. $50. 000 u. S. new As fell y, and
the 5s u in the bid price. There was a
sale of the new As registered at an ad-
vance of ga over the last sale. which was
several weeks since.
The total sales of stocks today were
43S 900 shares, including $500 Atchison
common, 1890 Atchison preferred, 1850
Burlington, II 500 l.. & N, 1l,2O0 Manhat-
tan, $500 Missouri Pacific, T. 400 Northern
Pacific preferred 81, 800 Rock Island. 81, 200
St. Paul, 2,600 Union Pacific preferred,
1875, 500 Tobacco. $4,000 Sugar.
LOANS AND EXCHANGE.
Money on call. steady, 114d2 per cent;
last loan, 2 per cent Prime mercantile
paper, 5Q61a per cent. Sterling exchange,
heavy, with actual business in bankers
bills, at 4S53lGI4.S6 for demand. and 4.S2A
G4.S3 for 60 days. Posted rates, 4S3G4. S3Is
and 4.s612Q4.S. Commercial bills, 4.S112Q
49,
Silver certificates, 57A657%. Bar silver,
5I14. Mexican dollars, 45A.