The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-07-29
STOCKS N THE EAST
Small Net Losses For the SEES
sion Rule.
NO OUTSIDE BUYING
.,.pKET FOR THE WEEK SHOWS
CONSERVATIVE TENDENCY.

CONSERVATIVE TENDENCY.
- York. July 2S.-There was nothing
~" davis stock market to interest any
VI ,,,f-fde of the small circle of profess
oil---sI operators in stocks, who conducted
M The business. Prices advanced in the
S sL.t hour and declined after the appear
~ of the unexpectedly strong bank
au,,,7rut Small net losses We're the
~ a. ii consequence. The feature was
i".. rrardicular drop of three points in
49, after an opening advance OF three
fgrfhe The reason assigned was a rU-
,7 .f "a strike i'm one of the company s
IDtir.rfs- The rumOT was denied with
'r ma .rrially strengthening the stock
g'frirt orders 10 stop losses or the long
FL rIer,. discovered at the decline, and
raid .r the stock was doubtless made
Nth tine purpose of diSlOdging these or
Grs The bears were content to take
ir rrafits and the stock quie ted down
pr09kIyu Transit was bid w on con-
.f-r.J rImOrs of a good annual report
srf Darlington was bought on the belief
.t.- fine June report would show net
innings that would compare faVOra bly,
-i.h those of other roads. The selling
4ar tna bank statement seemed to be
Gliding ami Wds based on the SUPPOSE
ti.r that shorts wOuld cover in the good
hank statement but there did not seem
~ be- amy shorts and the market sagged
o4 ra the low point of the morning The
closing WIS heavy
recovery i'm sterling exchange in Paris
20 the high point of the week and sharp
rise IN Berlin discounts were the features
.r the Gsv bearing on the question of
co'd sNpor.s next week.
Outside Interest Small.
The bull interest in the stock market
demonstrated To their own satisfaction
early iu he week that their camDaien
while easily successful in advancing
prices. was entirely abOrtive in inviting
any outside demand for stocks. II was
easy te bid no prices, as there was no
large selling. but there was practically
no demand outside of that from the pro
fesSiaualS themselves. When they at
TEMPTED To- sell to raise any price the
prices quickly broke back to where the
professional buying had started them. The
decline was even easier than the ad-
vance with buying by shorts who We're
forced t1 cover on the advance no
longer am element.
The iuertness Of the market on any rally
shows that the bears have but scant short
lines. With their short interest lessened
and with the long interest which has been
unable % secure profits increased. the
technical condition of the market is dis
tnctIy weakened.
since the professional attempt to ad-
vance prices has been abandoned. they
have settled s1ck TO lower level on a
diminishing scale of activity which has
progressed near to Stagnation. Only those
stocks among the specialties which have
neeu Influenced by individual causes
have shown any considerable sign of life.
More Stringency Feared.
The growing conviction that a period of
money ~trugenCy is not improbable has
been the potent influence in checking
speculation for a rise. The prevailing
ease of call loans is really a reflection or
This UuCdSlneSS over the money outlook
and shows the desire of lenders TO keen
rf..fr Inn hi
rather than "a SuperabundaEce of idle
capital
It is evident that the speculative hold
iugs of stock i'm New York at present is
az O. very low ebb, as the bears have
failed with repeated trials to dislOdge Of
frringS hN rdldl1g down prices. The same
must be true of commodities of all kinds
as the engineering period of reaction IN
prices has undoubtedly led to general
liquidation of speculative holdings. so
t7dt prices may be-said to be a normal in
UeN ot actual supply and demand.
These conditions induce comfortable
assurance Of the sOundness of the situa-
u0u and account for the hardness of the
securities market and. the firmness with
which stocks are held. The well organ
lied law that commercial crises come
with sHjdeu contraction of credits, which
have gore 20 the speculative initiation of
prices. is pretty clearly seen not to ap-
Tt t' the present situation. The con-
sentative purpose to avoid weakening the
willingness of the public to embark in
SPECULATION i'm stocks
China Makes Uncertainty.
There are not lacki.g elements of un-
certainty Do the domestic situation. such
as fhe still unmdtured crops, net earn
Ig> ny railroads and tne presidential
campaign. But the seat of greatest un-
certainty has shifted for the present to
emma. Even with its present scope, the
n
l..- %. WOrld.s money markets for war
'ti- Co affect their resources material
The policy inaugurated by the Bank of
LHS last week of raising its dis
count rate and lifting the outside discount
ra.e t' its level by borrowing from the
market has been effective in turning the
a,-r.. llaI exchange of the world in
FAVOR ot London. The Paris rate for Ster-
ms has reacted in the latter part of the
N..s. causing some renewed question
whether gold from New York Will 90 next
Z" Paris ur London. But that a large
e-Wa.. .Hr sold remains TO be satisfied.
81 Is O.. Do. met principally by supplies In
lI. N.~' because they are most abund-
S.. ar. MOST easily spared. is The con-
Veto. of thee financial world. Soecula-
i'o1 a...- .' distinguish the effects Of this
TIE dizziness of the bond market gave
e...... NJ the present caution of capital.
l.. .-.. I.luveStment Of July dividends
a.. INTEREST," although the largest amount
was .-..r-sG this year in the country S
history. ..- been entirely lacking in the
Don. market London and Berlin are re-
porte. heavy sellers of high-grade Am
erica. railroad bonds, but no such trans
-.-..- base been recorded on the stock
exchange. L. ) refUnding = when IS
s-. old IS and 5s advanced 4 IN the
l. price,
Bond Quotations.
lis -.. Il. X. & T. As e. q
WIZ. - r- ....1eia y. Y. c. lists los