The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-07-15
STOCKS IN THE EAST
Market Furnishes an Example
of Dizziness.
HIGHER FOR THE WEEK
PRICES RESPOND TO ORGANIZED
BULL MOVEMENT.

New York. July 1.-THE sole inter-
est attaching to toGay's stock market
was as an example of dullness. III that
respect il was a true index OF the
speculative condition, which is one of
entire uncertainty and lack of cOnvic-
ton. Even the professional traders
who have constituted themselves the
champions of certain stocks during the
week were not in evidence and only
small trades between the regular fire.
Q4enters of the floor were made at any
tyne. Offerings to sell made unduly
large inrOads on prices, because no one
stood ready to buy, and any demand
10 buy caused a rapid advance because
no one was on hand to sell.
Most of the board members were out
OF town for q holiday. confident that
nothing that could occur would induce
ny sudden activity TO develop. Some
oesultory effort were made to advance
Union Pacific by making bids for the
ne diViG md on n specified number of
shares at higher figure than the pre-
Vailing dividend rate. But these eff
forts secured little attention. The mar
het was as n whole lower than last
night when the bank statement ap-
peared. There was some little buying
then to cover shorts. Sterling eX-
change market was nominal as usual
on Saturday, but the posted rate for
demand sterling was advanced y cent
in response to the rise in London dis
counts. II is pretty certain that these
developments foreshadOw an advance
in the Bank cf England minimum dis
count rate and export of gold from New
York next week.
Prices of stocks are higher again this
week, but the movement was very ir-
regular and the highest prices were not
maintained in any case. The movement
was practically a duplication of that
of last week and gave every appearance
of being almost entirely in professional
hands and under manipulation. 1t is
evident that there has been formed a
professional bull party, which is con-
siderably more aggressive and COM
mands greater resources than any ele-
ment that has been active for som time
past. AS the corn carrying roads are
benefited by the comparatively favor
able results of the winter wheat crop,
the bulls found in that group, and es-
pecially in Union Pacific, the most eff
fective field for manipulation. Here and
there in the specialties was found a
stock which had advanced easily and
brought out little selling.
Another matter that disappointed the
expectation Of the bears was the small
by the Unexpectedly weak bank state
sment for the last week. 1t was admit
ted by some of the foreign exchange
houses early in the week that they
might ship gold by this weeks steamer.
thus making further inrOadS upon the
cash reserves of the New York banks.
But when steamer day came the
expected shipments were not announc-
ed. owing to the fall in foreign dis
count rates having wiped out all the
profit on the transaction This was a
factor in inducing bears TO cover short
contracts
Ii is possible that the United States
may have 20 supply large foreign re
quirements for gold some time in the
autumn. For the time being the sea-
sons receipts of KlOndike gold are in
prospect for the replenishment Of New
York bank reserves and the action of
the sub-treasury upon the money mar
ket for taking up the surplus revenues
are Unexpectedly light, owing TO pay
ments of pensions and premiums on re-
funded bonds. 1t is likely therefore
that small additional inducement will
be required to draw gold from New
York for foreign countries.
Bonds have been very little traded in
in spite of the ease of money and the
prices have changed little in either di-
rectiOn. United States refunding IS
when issued and the SIS advanced &c
and the old as sc in the bid price.