The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-05-26
FSf WEEK DULL
on WALL STREET
.smalfsst amount of Business
Done During the Year.
.Eo0UTSIDE MONEY SEEN
TRADING WAS. ALMOST EZCLU-
sTvELY BY PROFESSIONALS.


professionals il a limited number Of
stocks Tho action OF the market
showed that many brokers and trad
ers followed the midsummer. custom OF
rot c9ming to the exchange 80 al for
the Short session OF Saturday. Some
OF yesterdays movements. which gave
good promise OF a period II activity ia
the special stocks ~ least. received an
uLttmeIX check. This was true OF the
tobacco stocks which started a vlg-
OrouS rise, but which ended with sharp
net lusses. The SOUthWesterns Were
temporarily strong, on published adj
missions from interests in the COM
pauies that plans were working out Tor
4he consolidation and extension of the
properties Wheeling & Lake Erie is
sues strength were in sympathy.
The rumOTs that an Important short
Interest On Northern Racifc. had effeet-
sd private settlement winch was an
1nhuence in yesterdays rally, had lost
their force today. This yas, pa -ly due
10 the Ldclceof ny autfOfl tatfve M
toTInation on the subject While the
completion OF a settlement with the
as removing threat OF further forced
liquidation from the market. the Obvi-
Gus pressure 20 secure actual deliveries
OF ceFtfficatesl leaves the inference
pUte still remains Open An exchange
authority states that the struggle is
not yet passed A sale of. Northern Pa
Clhc mt 20 today revived rum0rs of
further competition tor the stock. The
closing today was $50 bid and 2l0 asked
'Ele strong position of the banks dis
closed Dy the bank statement famed
60 revive the market.
rms weeks stock Hi-Fl1et has shown
disposition to slip into dunness and
Iracting any outside business. IL has
bcen the smallest weeks business OF
the ye2H and has been moe ana more
GeTt-rcted to the hands of professional
opSratorS There has been some no.
table demands at times for Certain
stocks, such ~ the Eutes. the south
westerns and the -oalers, both anthra-
cite and bitumiuOus-
. 2 The street is not agreed Ia its Opin-
son Of the motives Of this buying One
parry sees liz it a removal OF opera
lions by tie great r&ilroaG proprietors
IL the further development of com
munity OF interest plans ia the new
er phases of those plans involving con-
trol OF connecting systems rather than
Of lateral comp etitors, such as marked
the earlier period Others see in ii
merely specuiatINe operations by pools
ith e design TO rcawaEen public In
tcresl in speculation or to afford q
market forcing out pool holdings. which
were held throughout the panic or were
picked 49, at the low price touched
since.
The professional character of the
market has been indicated by the mar
row range Of priCe movements and
their constant fluctuations. tie. course
OF prices never con, inuiug beyond the
second day From time TO time there
has been positive pressure TO sell, in
uuCed by. several disturbing ltgtOrs
The principal of these is the NORTHERN
Pacific dispute which continues TO loom
big Ire the estimation Of damaged spec
ulators 10 cast "A shadOw on the mar
ket Assurances that the disputed
points have been adjusted 70 the mu-
tuaI satisfaction of the great railroad
Interests concerned have had their
+ soothing effect Iharred by Indications
70 the contrary. For one thing both
Tarties persist IN Cheir claims 60 abs
soIute control Of the properly The
EARNEST desire Of both parties and their
interest ia preventing any further dis
tIr1anCe in the market franl the troU-
bles of the shorts is very clear Yet the
Shorts have given evidence during the
week Of continues trouble
r The inference is thereby wade that
the Efforts Of the cOntendiug interests
in Northern Pacific to relieve the shorts
DO not so so Iar as 20 sell them stock
or even to- lend them certificates Tor
delivery The market is almost abs0-
lutely bare Of the stock asd the rise
in its price this week to Z0j indicates
that there is no relaxation in the close
hess with which It is held by the two
rival interests. Tire rival interests al
= ey hold So settle at the given figure
81 $50. But clearly others than the
rival interests hold selling contracts
FOR which there is no stock to deliver
and are eNgCting higher terms
This see~.s particularly true of the
London ma rket. The mOration
granted % The Northern Paci6c shorts
I'm that market I'm the last settlement
has been extended through the next
% settlement and 90 june l0, with the eN-
pressed hope that the COntending in
ferests ia Northern Pacific viii have
arrived a some arrangement by tnat
time This revelation chat there is
Sill a short interest IN Northern Ia
ti0n drawn tuat the dispute for North
ern PacifiC control IS stiH open, has had
n decidedly disturbing effect on senu-
ment
The applifation OF the Union Pacific
20 the stock exchange to list the full
authorized Issue Of 500 COS, coo Of con
vertible bonds has given occasion Tor
some selling of the stock. IT is known
that 100000 of this issue has already
been sold TO provide the purchaSe
money Cor the Southern Pacific The
suggestion is general that che remain
ing $50 600 0e5 Us deSlS ned TO rem DurSe
che cost Of me Northern Pacific stock
bgughs ~ the interest Of the Union
Wall street has asked itself how far
che heavy amounts OF Union Pacific
sold at high prices during the boom
may ha e represented the extra issue
~ stock authorized ID be exchanged
Nsainst these bonds. The belief has
grown up during the week that some
81 the opera t0rs in the stock market
reuresent efforts to secure q trunk tine
uutIet to The Atlantic coast Tor The
southwestern rdilrcaa system IEe
buying Of Fries and the strength OF
Isa-karaTina has both been attributed
to this cause. The projected Wabash
extension to pittsburg and the wabash
demands in passenger rates are pointed
10 as coTTobOratlve evtdence Of a desire
for q control OF the trunk lines. Re
b ports have circulated that protests
have been lodged Zainst the e1lecu-
ton of this project by REPRESENTATIVES,
OF other trunk lines. Some uneSts mess
has been expressed lest anotASr con-
Gfct between leading railroad interests
was thus f0re5hadCwed
The relaxation in foreign money mar
kets he's bsen a favorable factor al-
though the local money market rvs
shoWu no Sign Of any lack OF supply
The decline in speculative activity mas
En- fact, Jed 40 growing ease 81 mOGey.
But the fears expressed thar money Qlt-
ncuIeieg -oight confront the LONDON
ularltec hss caused some dread Of a
sympathetic effect here. During me
week the Paris market has apparerff ~
satisfied its requirements Tor the tgs-
taan loan aotatf0n and has relaxed lts
pressure upon London. so t1at the