The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-07-30
Stocks In New York Begin to Show
Strength Again.
BUSY DAY YESTERDAY
STOOD UP EVEN UNDER A WEAK
BANK STATEMENT.
Apprehension Regarding the Future
Money Market the Cause of the
Weakness On the Stock Exchange
During the Past Week-Situation
In Europe-Grain Market.

New York. July 29.-The stock market
for today's short session was strong. A
large volume of realizing was well digest
ed by reason of an increased demand;
Commission houses and the market STOOD
up we'll under bank statement tnal was
Unexpectedly weak. the majority OF STOCKS
showing net gains when trading was over
for the day. London continued 70 puy
stocks here with considerable confluence,
and this was the prime factor IN the
opening rise and in the further decline IN
sterling exchange rates. Inc money ma
ket was largely nominal. nut there Is eNi-
dence Of quite liberal offerings OF 1undS
from outsidetsouTceS. The high level OF
railroad earnings shown by all companies
reported and the eager demand 10 Duy,
borrow or rent freight cars Tor many sec
lions of the country, was a potent source
of strength for stocks. Northern PaclIlc,
Pennsylvania and PlttSDuTg, - - y d o:
L. enjoyed the benefit OF the publlshed
June statements showing largely lncreas-
ed net earnings. Burlington's strong June
statement brought realizing. The coalerS
were helped by the statement of Lehlgh
Valley, rejecting a growing Improvement
in the long depressed anthracite INDUSTRY;
Reports of the unprecedented activity ana
strength IL the iron trade caused advances
in the prices of steel and iron stocks, with
the exception of Federal Steel, American
Steel x Wire rose over d point. This
factor helped the railroads situated in the
iron regions. notably Louisville * Nash
Vile. American Tobacco was marked up
5 points on light transactions and with no
news to explain the rise. international
Paper preferred and CONSOLIDATE ed Gas rose
. POINTS. The decline after the bank stat
ment was checked by good absorption, but
the recovery was not TO the top level. he
closing was quiet and firm. Bonds were
well held on moderate volume Of bust
ness.
The course of the stock market during
the week has shown evidence of a weak
eBed interest and strength. The principal
apprehension has been over the future of
tn money market. All accounts have
agreed upon the abundance of money at
all interior centerS, but the activity of
trade and industry are also unprecented
and the enormous volume of bank clear
ingS throughout the country shows that
more money Is turned over in profitable
employment every week than ever before.
The question has been WHITTIER in moving
the crops, the usual demand would be
made upon eastern centerS Tor money or
whether the large funds at interior points
would prove ample. This question is not
answered definitely yet. Call money on
New York has continued pretty firm and
1t developed during the week that many
Stock exchange houses We're resortlng to
time loans. This resulted in a hardening
tendency Of the time money rate. and
there was apprehension that a money
squeeze in the call Joan department might
intervene when demands began TO be
made for crop moving purposes.
Except for domestic disquiet in France
the outlook Is for easier money abroad,
and sterling exchange at New York has
shown a sharp decline toward the end of
the week New York mercantile paper
The money condition in New York is af-
fected by the failure of some new indus
trial securities TO meet expectations.
Some of these have declined sharply from
the subscription prices or from the prices
taken as a basis for distribution of new
securities in exchange for those of con-
stituent companies. Money supplied for
underwriting has thus been kept tied
up waiting TO realize.
Not little of the long continued spec
ulative doubt has been due to the threat
ened Transvaal trouble with a special
view to its probable effect on the gold I
production Of the Rand. The expected !
large supply of gold from this source is
a factor in the estimates of future world
prices. The various causes of inactivity
however. have tended toward ameIiorati0n
during the week. The period of hazard
TO the crops has come nearer its end. |
Industrial activity continues undated. in
ternational trade and railroad earnings
broke all records and the export trade is /
proving itself permanently established. !
first in a few obscure and isolated cases
then in the southwesterns and Louisville /
and later the grangers, has permeated I
pretty much the whole list throughout the /
west.