The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-06-30
NEWS OF EASTERN
STOCK MARKETS
Professional Operators Bid
Prices Up With Confidence.
SPRGNKLING OF GAINS
MUCH SATISFACTION OVER THE
CONDITION OF MONEY.

New York, June 29.-Professiona1 op.
efations played large part in today
stock market. but the professional on
orators bought stocks quite freely and
bid up prices with confidence. The con.
Nlction that the money market will
snow progress towards greeted ease
next week with the disbursement Oi
FUNDS accumulated for the purpose OF
paying half yearly dividends and i'm
IeresL was the handspring of this con-
ndeuce. There was relief also over
the settling up of the affairs of the
stock exchange house which closed it's
doors yesterday. AlthOuEh the embar-
TdSSmeut OK this house came as sur
prise to the general public. it's struggle
20 secure means TO continue has been
known to busine-5 connections for
some time and has created dread of
the erect of the failure. IT is believed
tndL the greater part of it's credit had
peen accumulated with the bank whose
suspension was caused thereby.
With the shock of the announcement
PASSED and affairs in course of settle
ment. the atmosphere is felt to be
clearer. The corn carrying granEers
were IN conspicuous demand today on
account OF fayOrable reports regarding
the corn crop. Illinois Central rose
552, ST. Paul 31s and Rock Island 25E.
There was fair sprinkliug of grains,
reaching a point or more among the
important standard stocks. The mar
NJ A-AA NlAAAE.l anu oLEctl-E ABOUT the
top level
The influences which are usually
looked to repress If not deBress SDecu-
lati9n I'm stocks during me last week in
June have been emphasized this week
by the disturbance OF credit caused nv
the failure of the Seventh National
bank and the stock exchange house
whose operations had involved the bank
in its difficulties. The financial dis
turbance in Germany growing out Of
been minor influence in the same
direction The result has been some
-OrCed liquidation hy veal, speculative
dulders. which cut into prices through
7ut the list.
The selling pressure was partly due
10 the fact that the stock exchange
house involved was on the short side OF
the market and the closing out Of its
accounts involved the buying IN Of
stocks. Rut the usual consequence of
a downfall of banking credit, however
much the causes were seen to be local
lied and due to irregular methods. were
not to be- escaped. The disclosures in
connection with the failure made no
showing calculated to arouse distrust
as 10 the SOundneSs OF the general bust
ness situation. but the character Of
some Of the securities involved and
shown TO have figured in that banking
business supposed tor be conducted on
conservative lines, had the inevitable
collateral on the part of 2 money
lenders and a feeling of suspicion Of
credits I'm general.
Much had been said and written since
the stock NJ 7rket panic in May Of the
healthtul result Of that episode in haV-
ing checked excessive speculation
W hich would lead TO imitation of prices
and 10 the HOtatiOn of all manner of
doubtful securities. The very general
reCuueTatiOn in prices Of standard Sc
fHrr
Nived confidence i'm the intrinsic value
OF securities. such Developments as
those of this week, however. inCite to
some con remplattve reasoning as { the
after effects likely 10 flow from a great
SpeculatiN boom Ike that of this year.
i'm It's residue of securities in which
capital was confidently invested during
the boom period with the well war
rauted prospect OF ready sale, while
al was confidence in the indefinite rise
of prices and spectators were eager
ly seeking new securities.
The number of new securities of a
minor class which do not figure at all
in the stock exchange dealings and
which are of the class designated lin
active has been multiplied in the last
sw months. There have been in con-
sequence much throwing ont of doubt
ful collateral for loans and calling Of
loans for any cause Of dissatisfaction
which aggravated the scarcity rOf
money incident to the season. Great
confidence is profesSed that the market
VIII be benefited by the release of
large amounts of money next week by
TIE dividend ana interest disburse-
ments. but I'm times past this relief has
proved somewhat tavdy ir many eases
Notwithstanding the restrictions of
money supplies and the narrow ness Of
the specuation, Wall street sentiment is
of confidence. The outlook for a wheat
crop Of almost uueEampled proportions
rsnrTUInI with fnwafrrrr enDrrfe is q a
most Important item i'm this confidence
The shortage in Germany has been sup
plemented by the growing evidence of
large requirements by France. 1t is
felt that the growth of foreign ex-
change at the gold export point, while
the excess Of our merchandise exports
over imports Is at an unprecedented
level. The large production OF gold in
the United States has made the world
dependent upon us for a part of it's
s upply OF the precious metal.
The stripping OF foreign markets Of
American securities and the possible
resumption OF SOu-n African gold pro-
ductiOn In connection with the main
and the continuance Of industrial activ-
ity iu the United States are likely TO
Tesult in the diversion OF the gold cur
rent TO New Y Ork I'm the autumn. such
q development would be likely to have
a rev1vifying influence on prices Of
stocks here.
Bonds were slightly more active than
usual. and the price movement was ir-
regular. United States refunding 2s
coupon advanced Z; registered. y. and
last week. The IS coupon ruled p
Bond Quotations.
U. s. ref 2s res.l01 4 n. j. g. gen 5s1s2
DO coupon. -IN>l Nor. Fac 3z..-. %
= S. 8 reE....- 1lgssi Nor. Pac 4s..~l05ss
s. 4 J.