The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-07-21
COMMERCIAL AND
FINANCIAL WORLD
Western Crop Situation Bears
Prices Of Stocks.
CLOSED NEAR LOWEST
noUBLE CAMPAIGN BY OPERA
TORS IN NEW YORK.
CLOSED NEAR LOWEST

New York. July 20.-Anxiety over the
vpgteru crop situation overt re all
other considerations in the stOCh mar
he. today and carried prices down
through the attempts of the inside in
terests in certain stocks to support the
market The closing prices were near
The lowest, and the market was active
and weak at the last The only modf-
fcatiOn of the weakness was due to the
buying to cover and take profits by
The bearish traders, who saw hand
scme profits accrued IS a result Of the
decline late yesterday and today
These bearish operators nave been
supposed by Wall street to be resident
chiefly in the west ana to be concerned
in bu.ing grain, as well as bearing
stocks The feeling gained force in
Wall street today that this double cam
Daigu has more basis in fact than was
believed Yesterday, and the western
contingent received large reinforce
ments from eastern sources. The sup
p0rteTs of the market made Roadway
against the bears in the first hour
when vigorous efforts were made to
drive the bears to cover. There was
O resumption of pool operations in
Southern Pacific and that stock as we'll
as ST. Paul and Missouri Pacific were
left well over last night.
Aggressive selling by the bears inn
meiateiy developed. based on the re-
ports of new damage to the corn crop
and reports Of extensive damage to the
s1ring wheat crop, now first needed in
Wall street
Another attempt was made to rally
The market on the strong bank state
msnt. However. higher bids for stocks
brought out such large offerings that
the bulls were obliged to deSist and
prices fell by rapid stages practically
UU to the close ST Paul fell 4 under
last night Rock Island AZ. Northwest
ern s. Atc2isOn 33s. the preferred %
and others of the Pacific and South
western groups as well as leading
southern and trunk line railroads. and
specialties from 30 2 points. Some
of the Jess prominent stocks showed
large losses The steel stocks were
largely dealt in but moved narrowly
and were supported, the common los
ing only 4 and the preferred closing
1sC higher
This week opened with a deluge of
liquidation of stocks induced by the
unlocked for rupture of negotiations
ard calling of a strike by the members
Of the Amalgamated association. The
shutting down of some of the anthra-
cite mines on account of firemen's
strike was also depressing factor.
Coming on top of last weeks sevsTe
declines and the resulting losses and
impairment Of margins and resources,
serious consequences were threatened
10y this renewed decentralization in the
stock market. The TealiZa tiOn Of this
was apparent in the effective measures
taken TO support the market by the
two dominant groups Of capitalists.
whose quarrel precipiJated the North
eus Pacific corner.
The mere fact, which was made pat
ent 10 the speculative country, that
these two powers were united in sup
port Of the affair affords immense re
.a+ HFraHa Ia
the week before was principally due TO
the evidence of selling on behalf of
one of the interests of the various
stocks and To- the fear TO which this
gave rise that the Northern Pacific
quarrel had broken out afresh. 1t was
evident that TO vague intimstiOns and
assurances that all was harmony
would avail to quiet the disturbance
caused by this fear.
The decisive step was, therefore. de-
JeTmined upon of announcing the new
harmony board Of directors for North
ern Pacific. This step was admittedly
taken with a view 10 stock market ex-
lgeucies and to lessen the pressure of
Incubation which was proving detri-
mental 90 many important financial
projects and depressing prices to a
level felt to be unwarranted by the
premise Of the future of sustained ana
increasing earning power. Early
knowledge OF the coming announce
ment was clearly apparent in the enOr-
nous buying all through the list by
insiders on Wednesday, although it was
not until just before the close that the
lie
One of the detrimental effects of the
stump IN American stocks was its un-
setting effect on the London market,
Were a forCnightly settlement was in
progress. 10 is a striking example of
me new Importance and influence of
american financial affairs that de-
cine IN the shares of an industrial
CAporatlon IN New York should result
IN g drop in British COnsOls to the
lowest price in a decade. The immedi-
eie explanation is found in the fact
uat the course of United States steel
STOCKS aroused distrust amongst Lon
uoh bankers and money was difficult
stocks.
II fact American securities. as a
rA'le, were somewhat affected, so that
yen discount rates hardened during
,e pehdeHcv of the settlement. Heavy
COCKS az steel stocks have been placed
ct'oad as the result of the recent for
80 visit of the foremost capitalists in
5 corporation syndicate, but they
-He back in a stream this week as a
lat Of the strike. The drop in con-
- was supposed to be due to large of.
4-ngs by the American syndicate
+--cn II VIII b. remembered received
Loeral allotment OF the last issue
-N operation was naturally restored
as set of in the international
Aeaange market 20 the selling in New
-oIA by British holders of American
securities.
me impression produced on the Lon
w market. which led to something re
NoAng a public UemOnstrance from
5o~I 5 Rothschild on Monday, was
-9l4esS an additional movement to-
-lls the action take- 20 support the
a.AeJ and cheC-- the decline It made
Evident also that a part of the heavy
rt-ildtlon Of last week was due 70
=. FalduOn Tor supporting the market
Week -'' NC ie0s97-1i 'iii-
.A.oney market conditions have beer
80 this week. The disposition OF
o-lsAtfS, however. is stu toward rather
tL-.i'GS conservation Of resources foI
NJ Iequlrements OF the crop movement
80 speculative contingent rests great
-uruce IN the aSsumntiOn that 1r-
S@alzed arrangements in force bacJzef
e1e principal capitalistic groups, tC
rpoIt the market. under the direc-
p ~ % the most f0rceful and successfu
ASL leader and operator of the dav
T nseaalifoad bonds have moved in sym.
Tri.s WITH but less widely than stocks
81 states refunding 3 and 3s and
ZIG is advanced = and the new &,
3 teg cent below the last closing cal
last week.
Bond Quotations.
no = as, 3 reg....--llsl2l Nor. Pac. IS &C.,. 72s
8 ..-..lo9 Do IS. 49,. Jos
- -. - reg -lS55z =. Y g. & St
e o9p.- -----l5SlE i. IS 49, 1871
u 60, IS reg---ll3 n < W con. 4s.1025
lz.up-- o.. ..1.8 lore Nay. is ~ f07
les.--.--l0ls4l Do 4s.... e. .102