The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-07-14
NEWS Of EASTERN
STOCK MARKETS
Wore Two Sharp Rallies on
Wall Street Yesterday,
DIT CLOSED AT DECLINE
-r,s EVIDENCE OF CONTINUED
pPTssURE TO LIQUIDATE.
prT CLOSED AT DECLINE

49,. York. July 1S.-There was a
-.-fsb ana erratic market for stocks
lg..oo-gh0ut tOday's short session, due
t-- +5a hesitation engendered in tne
Us5s of the bears by the violent break
! lI H. corn market and by the large
.-l..,,Inera ton in the condition OF the
.T-sriug house banks disclosed Dy the
,--esl,Iv bank statement. There were
.wo sharp rallies on account OF 'n5 7sS1
s1-,rs Neither rally was held MIJn
~ frmness and the market closed
,,-i-b renewed declines at many points
IN realizing and sharp advances In
Individual stocks.
IN T-bsra was evidence Of continued
.-arsrIre 10 liQuidate in the opening
5ssIings. most marked In the Unlted
Staras Steel stocks The preferred
= carried down 25s before vigorous
s,IDnort rallied It. The common lost IA
s1d rallied more easily The preferred
So again IL with the general rally
a. -be market. but continued under
,rassUre. The recent market leaders,
:. Paul. Atchison and Union Paclhc
r,z+ I TO . points, but came up NigOt-
or1sIv when the break in corn o. the
chicago market was reported me Ie-
covery in corn sent prices of stocks
down again. as it was feared the
1,orarrent was more due to precaution-
arv realizing 10y longs in corn on the
feasibility of Sunday rains than TO ac-
-uqT news of ameliOrduDu or the coH-
dti0ns in the corn belt.
Drastic liquidation of speculative
accounts has swept the stock market
this week and consider Die lohS sen
ing has been added under the threat
of damage to values of securities oy
5svsI0Dm5ntS indicating future impair
rrant OF earning power. The speculative
buyine which was conducted pretty
steadily during June has been thor
oUcbIy shaken out and the level OF
a,riers carried below where ii started
The process was begun last week ana
cut short 10y the adjournment or the
stock exchange from W edneSday until
Monday of this week The develop
ments during the interim aggravated
+ra pressure to sell this week. y sur
vev of the motives of the June specu-
lstfon will help the understanding of
the acu-eness of the depression this
week. For one thing the SUHneSS OK
the money market was peISiSJently
ignored during June on the supposltlcn
that with the July requirements met
and the accumulauOns redisbursed
there would be an abundance Of re-
sources and easy credits.
On the contrary bankers nave shown
a marked IndispOSitiOn 20 extend cred
dts for speculative purposes They
have exercised more stringent dis
examination as to collateral under the
influence of the disclosures in -cOnneC-
ton with the Seventh National bank
failure and they have called many
loans 10 repair inr0ads made on their
legal reserves. Fresh exports Of gold
TO Germany made additional drains.
The movement Of the interior money
markets has indicated an unusually
early demand upon New York for funds
TO move the crops and bankers have
felt impelled to prepare themselves FOR
this.
The sums disbUTSed for dividends ana
interest on July 1 made no impression
ON the stock market iu the way of de-
mand for TeinveStment. Wall street is
inclined 20 recognize a division into
Two groups of the dominant financial
power of the country. the distinction
between which was emphasized by the
struggle for control of Northern Pa
eilc The operations of these two
groups are early DISTINGUISHED as in
dependent but as a result of the prom
tSed settlement Of the Northern Pacific
contest they were supposed to be not
anagon1stir and 10 be as one 10 sup
port the stock market at the high range
of prices.
The fear got abroad this week tha.
The policy of the two groups in this
respect was dlvsrging again Br0k rs
supposed to act for members OF the one
group were selling stocks while for the
o-aer there was buying Sensational
reports were published of a stormy a.
teFVlew between the two principal rep
ltsentauyes of the group which threat
thej 10 reopen the whole Northern Pa
enc quarrel. In the absence of a for
maj authorized announcement ou t5e
subject the inspired publications de-
SsEed 20 create aSSuIST.ce that all was
.eace m Northern Pacifc, failed Of
tnelr purpose,
The Announce ment b. the Atchis9n
q an open cuJ in freight rates between
NA'edg0 and Missouri river points, to
80 INTO effect July Is, was a prOclama-
IN Of the utility of the community of
interest plan 10 prevent rate contests
"a Inc very territory where that policy
1sQ mad its most striking example.
-Ais weeks market proves T. Il large
Stve9iaIlVe holdings still remained
when were bought last June in the
oe,lei that the community of interest
zen would prevent rate cutting, and
wien were unlOaded indiscriminateIy
,I tAe fright caused by the doubt cast
4 VIII be seen, Therefore. that the
1,ltA market WsS in a weak nOitlon
..Anically The damage to the corn
op IS OF most immediate concern 10
.-e Grangers. Paci fcs and South vest
-. A contributing cause 20 the
-etSness OF stocks was the threatened
s5lke of steel workers.
ne railroad bond market has been
'1l'eG IN sympathy with stocks but
= L.ucn less degree. United states IS
esylned Z and the refunding IS. old As
"a ~ me IS advanced a per cent over
E-tSInlE Of IA
Bond Quotations.