The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-08-04
COMMERCIAL AND
FINANCIAL WORLD
Prices Opened Higher on New
York Stock Exchange.
STEEL SHARES GO UP
RANK STATEMENT CAUSES
SELLING ORDERS TO APPEAR.


~ small attendance of professional
+-55ers on the board who were appar-
e1.y influenced by the relief that the
,a7awed conference on the steel strike
cave promise of compromise ana q
-ssumptiOu of work. Both the United
states Steel stocks rose a point over
i4ef ni-ht and St Paul rose a point
and a traction. Prices drifted aimless-
Iv for the greater part of the session.
Thare was an advance of SO in Con-
soIidated Gas for some unexplained
reason and gains IA point or more in
United States Leather, preferred,
American Cotton oil, Peoples Gas,
pacific Mail, ST. Lawrence and such
irc1nspicu0uS stocks,
selling orders appeared when the
hank statement appeared. whether for
the purpose of taking profits by room
traders a. from an Unfavorable inter
nratation of that document would be
hard to say. The rather large increase
I'm the loan item was not Strtng tn
ening factor. but the increase in cash
largely offset its effect on the surplus
reserve item. The selling at the last,
though small, seemed rather urgent
and carried prices rather percepJoiy
10 the lowest Level Of the day. The
CLOSING itself was weak and near the
lowest.
The railroad bond market VS. as far
from rejecting any demand Tor Securl-
ties as that for stocks, and was dun
and heavy throughout
The week in stocks has been q dull
enc. In contrast with the two pre-
vious weeks when the Monday morn
Ing dip made the lowest prices for the
week. the Monday morning bulge this
week generally made the highest The
market has been an exceedingly mar
row one. both i'm point of the amount
Of business done. the number Of issues
dealt in and the extent of the fuc-ua-
tons The news of Monday morning
gave promise Of a rebound In prices in
that reHes was afforded from the two
principal depressing factors Of the pre-
vious period. the drouth and the threat
ened steel sUrine.
The weeks news from the corn belt
gave the first indEJitaOle assurance
that whatever is left Of the crOn 10 be
benefited, was sure OF the requisite
moisture. Notwithstanding the vari-
Gus phases of the steel strike negOtia-
tons Wau street traders chung 20 a
conviction that the outcome would be
resumption of work and cOntinu-
ance Of the Wide-reaching prosperity of
the industry. Yet still the security
markets have halted and the larger
financial interests" and the general
jubic have maintained a prcfUnd in
difference to the market.
The dominant influence on specula-
tive sentiment exercised by the steel
strike calls renewed attention to the
proportions OF the United States Steel
corporation and the other projects in
the railroad world which went hand
in hand with il and from closely iden-
ucal origins. These projects repre-
scented a progress of capitalization OF
the enormous prosperity which the
country enjoyed 20 help on fOtatiOu Of
new securities
II is easy to perceive now in the re-
stTCspect the holiness OF grasp with
which far-seeing capitalists seized the
advantage Of vast accommodations of
banking reserves to provide themselves
Win the resources IN the shape Of syn
-icate loans for the carrying out of
perhaps long cherished projects. On
tne industrial side those conferred
&lout the United States Steel corpora
lion and on the railroad side about the
extension Of the so-called community
OF interests. 1t was after the steel
examination had been fairly launched
lae pennsylvania railroad had consoli-
N---d under Its influence the scuther-
~ trunk lines the PENNSYLVANIA Coal
company had passed TO the control Of
tne Erie, the New Jersey Central to the
headlng and the Southern Pacific had
ueeh absorbed by The Union Pacific
ana tne speculative world was ready
y accept WIN avidity any suggestion.
-o"tNer extreme, of consolidation OF
Oap!Ia+ That the Northern Pacific quar-
-1i drought hOme the fact that antag-
o--sM ana conflict of interest still ex-
S.sd IN the world Of capital. Even
,-l4 quarrel was turned to account
~ellaley oy speculative enthusiasm
49,. mans Oh settlement of still fur
ana more effective combinations.
1-l o1heE obstacles intervened-the
se 10 the crops, the steel strike
- 1Ae dependency Of capital upau a
OF general confidence for sue
So ~ vast projects began to be
- me effort 10 support prices OF
ZINES by sheer force of money
'9 Unavailable. Bankers do not
49, Ssle 20 make loans freely to he
sr,,l =. speculative purposes in the
he +.5Ael pending the demand from
gir--.-. 10Y Iof crop moving. The
7'Sl and irregular action of tha
5..,-. -.aIaeL this week affords an in
,ol inst syndiCates and large in
49,. are not inclined TO contest
cuStaoles for the present and
taIow. - i7' 'le STOCK market lie
Az an railroad bond market mas been
s5,-. - all narrow as stocks. but as
6ar,s~z nee or small investment
eIir@s I. United States new As de-
week cent on can during the
Bond Quotations.
3 ref rezl07zrN. J. cent cen
L Il ~ --.-.let-t eTal s. 90. ..I2q
% 80 ''-.-'l ess Nor. Pac. 3s... 72Is
l. s ----- l9s-s do. Is &C.,. 1871
Do cons Ies.-l5. n y c. & St
7 s. -----t3t Louis As co.. ...IO7-t
Do CONS 10 Nor. q Western
& & x LIZ CCns0l As lee
D.. corr s.---- l9- 1 ore. Nav. ls...I07Iz
% Il Z e-----'t,!7 Do Is o.. -....102
aich rs- S-----s % s l. 6s .-....I2g
Ada 4 's'--.-,9 ConsoI IS .-..-n79.
Saa Sor o. &c., Sead- gen. 4s - 95lE
t1ss 4 0 s-'-'--1e - c. W. is ..I e5is
De- s ''zs- ~. ST J. & l. ait
& q 4 ~ ----'-' consoi IS ....-- 1I5lB
sol Is CON st. J. & S. f..
a. --'''- general 6s .....I30
2 Den St Paul cou.-..173
SIS Term As. Qlis -iei.. = d Pa
q @3a- 4G S-l.I M