The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-04-14
BULLS LARGEST
BUYERS Of STOCK
Active Manipulation on the
New York Exchange.
ADVANCES ARE GENERAL
EXPRESS GREA rcC11FIDENCE IN
FUTURE DE MONEY MARKET.

New York, April 13.-Todays STOCK I
market was highly professional and I
under active manipulation all through )
the session. Brokers who have been :
active for the bull leaders of the /
speculation throughout the recent /
movement were the largest buyers of /
stocks. and their operations We're eS-
pecialIy conspicuous in Rock Island, /
Sugar and the AtchisOns- La, e buy I
ing orders were in the market at the |
opening and caused general advances |
in which Rock Island, the chicago Ter
minal Transfer stocks, People Gas
and Consolidated Gas were the leaders
Great confidence was prOfeSSed over the |
future of the money market, and the
buying was said 10 be in anticipation
OF a favorable bank statement.
The strength was very general IN the
railroad list, Burlington ma NcftneIu
Pacific both moving upwards Inc
United States Steel stocks recovered
from yesterdays depression. AmalSa-
mated Copper was active ana sIronS,
and Sugar was moved up ~ polIlts !
and Colorado Fuel an extreme points
There was good deal or selllh8 OH
the advance and considerable reactlon
had occurred when the bank statement
.lyDeared. Rock island forged upwards
after the publication, touching l5O1s
and falling back over a point ano then
recovering under manipulation 70 1oo2t
before falling back again The stock
closed at 1854 a net gain OF ia Inc
high point was the record price Tor the
stock under the present capitalization,
and the fact that the stock crossed st
Paul was also made the subject OF IN
teresting comment. The bank state
ment was interpreted as favorable.
There was an active selling movement
90 take profits on the advance, and the
closing was irregular and below the
best all around.
The stock market has been feverish
and nervous at times during the past
week, and the selling pressure has
overborne the demand several times,
resulting in sharp reactions. on Mon
day when trading was resumed after
the three days holiday, the market
took on an appearance resembling Ce-
mOralizatiOn, and prices crum bled in
way TO alarm the long WASTED bulls,
and, in fact, cost them large profits by
Wiping out margins and forcing them
10 Hquidate to stop the loss. The pow
erful speculative pools which have long
ruled with a strong hand seemed to
have lost control completely.
But the later events of the week
gave ground for the suspicion that the
furry on Monday had been in the ma
ture Cf a shaking out of weak hold
ings which constitute an overhanging
threat TO AN advance. These weak
holders were the buyers of last week,
tc whom the professional pools sold
stocks in the period of excited specula-
lion, and were thus IN a condition to
sec a reaction in prices with compla-
cency. That they We're willing to buy
stocks at a lower level. that thei- re-
D sources FOR supporting the market ard
manipulating prices were not eS-
hausted. and that these manipulated
advances had lost none of their power
To attract, excited outside buying was
abundantly demonstrated by the later
events of the week.
Record prices We're made for some of
the most prominent stocks. including
Burlington. Northern Pacific Erie. the
northwestern stocks. Texas & Pacific,
the Atchisons. Amaigamated Copper.
General Electric and some others It
has long been evident that the upward
price movement is not at all governed
by news. Neither last week nor this
week has there been any news bearing
upon the stocks most affected beyond
Inc constant reiteratiOn of already dis
counted and tnreshed out rumors. The
burlington deal the Southwestern
railroad merger. the consolidation of
copper interests and other unconfirmed
and IN some cases contradicted asser-
lions have formed the stock in trade
otsthe puts as they have for some time
past 4be good news seems TO be all
out for the present, and it is a maxim
with the trader in stocks that this
means reaction.
Their are besides several unprobi-
nous features in the prospect Chief of
lneSe the money outlook With 4he
resources OF New York banks loaned
Amos up to the limit Of their reserves
s5i are several forces of depletion or
the reserves themselves The inferior
citles are making their seasonabIe de-
mands on New York for cash The TAX
] lpS OF the governments large surplus
revenues IS drawing money constantly
I out OF New York banks and into the
sub trea slry. The outgo of gold from
Ahe country has been suspended this
eek, owing conformity to the tighter
Rey market in New York and the
'nS OF the London market by the
bulfenlent there of government dfvi-
lends, fput it remains to be seer
whetherShe preparations for the taking
n fH fNnrn
expected in the latter part of the
month. will not renew the pressure
"A upon New York for GOLD.
ihen the Season of crop uncertainties
IS approaching, and the effect of the
hrst government reDOrs OF the condition
OF the new crop calls attention to the
speculative dangers inherent in this i'm
2ortanu subject Wheat advanced and
the grangers declined on the ''eport
notwithstanding the high s-serage OF
condition reported, the Spectators
showing nervousness over the evidence
n or insect damage.
But Wall street has a sapient sayinC
that the way to buH a stock is to buy
It. The action of the market seems Il
bear out the faith Of the speculate
leaders u.-t SO long sss they can com
1nand resources to buy 2 stock up TO
sharply higher price the country will
furnish buyers to take it of their hand!
AT profit The impression prevails il
Wall street. how Justly there is no way
~ NVAANFs 10 lllll Out. lll3L me SRetu
lative coterie which has led the recen
advance has the count enance and sup
port Of the banking ana financial inter
estS which have been proulinen: in tn,
great financial projects recently con
Su-nmated. The purchase of controllinl
interests in ether properties has beer
often supplemented by an issue OF col
lateral trust bonds to supply the pur
chase moneX
It is in II course of business that tn,
bankers of~the syLdicStes who sub
scribed for these securities should mar
ket them. Their price IS affected by tn
market price OF the stock which forms
their collateral security. Which give
the bankers and syndicates an interes
IN the market price Of the stocks TIL
profits of the underwriting syndicate 0
the United States Steel corporation &C
crue hrst in the form of shares remain
ing after the various changes under tai
plan are effected. This is the 2Toun,
Tor the suppOsition in Wall street tina
elaborate provision has been made 70
the support Of these stocks in the mar
ket. backed by the resources Of tn
syndicates-
IT must be remembered that a larg
amount of the loans outstanding Of tn
New York banks are to the variou
railroad and industrial syndicates
u .r.r1 sAfsr