The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-06-09
NEWS OF EASTERN
STOCK MARKETS
Bank Statement Causes Declines
on Wall Street.
PRICES GO STILL LOWER
SPECULATION DURING THE
WEEK WAS QUITE ACTIVE.

I - ID
ing TO indicate any change in the pro
( fessional character of the stock mar
/ ket today and its dependence upOn
/ manipulation for any important vari-
/ aJlon IN prices, until the appearance of
the Dank statement on the tape. There
was a lively Spiuing out of stock after
] that and sharp breaks in prices which
/ Wlped out the greater part of the gains
/ IN the strong stocks and carried the
general level. of prices substantially be
low last nights closing level.
/ Inc heavy 1nrOads upon reserves re
Vealed by the statement was a surprise.
/ aIChough adequate explanation may be
round Tor 1t. 1t will be remem bered
/ that last weeks statement showed an
] unexpected increase in cash and if
/ now appears that a part of last week
| gold shipments did not figure in last
| weeks statement, but was carried over
I into this week.
| The early strength of the Gould
/ SouthWesterns, led by Missouri Pacific.
/ or the Tobacco stocks, Analgamated
Copper and a number of minor railroad
| stocks had served TO lift the market
/ from its early depression, but the sell
! ing brought out by the bank state 4nent
/ sent prices lower than before. There
was early heaviIeSs in the United
/ States Steel stocks before the general
1 market turned downward. ST. PauTs
| decline from the best was 3st, Missouri
/ Pacific 81 and Union Pacific 21z Anal
/ ganated Copper dropped 3K The
/ closing was unsettled and irregular at
/ ter some fitful rallies and renewed de-
| clineS.
! Speculation in stocks was more active
| this week, and the average of daily
! transactions was well over 1000, 900
| shares. The business done by commits
! sion houses afforded some indication of
/ renewed interest in stocks on the part
/ OF the outside public for the first time
since the overturn on May 9. but the
/ principal force in the buying was as
| heretofore, professional -OperatO and
! the larger financial Interests. 1t has
/ been current belief that some of the
/ large operations have been connected
! with the progress of esta blishing fur
/ ther community of interests among
1 railroad powers of the country. The
/ professional operators il stocks have
! used every effort to foster this belief
/ to help the advance in prices. The
! heavy realizing at the higher level Of
/ prices disclosed the fact that some of
/ the previous large buying was purely
/ speculative, and this threw doubt on
I some Of the reports circulated of plans
!, Ter further railroad com bina lions. En-
phatic official denialS of any of these
/ reports added to the doubts regarding
/ them. It is also known that short lines
/ We're driven TO cover by the advance
and the manipulation for the advance
/ was in part directed toward forcing
/ this covering. Short selling was done
! last week in the incipiency Of the ad-
vance ana was based on the aSSurnp-
4 ton that, in the professional state of
/ the market, reaction was normally due.
! Part Of it was also an incident of the
/ bun movement in wheat, based on the
/ reports OF drought in the west. 1t was
! clear that holders of long stocks We're
/ taking advantage Ct the necessities Of
/ the shorts to market their holdings at
/ a profit. The reports of rain in the
/ west later facilitated this profit-taking
/ in stocks and induced liquidation in
/ wheat
! Wall street gossip bad it that some
/ large speculative lines of stock that
] had been carried through the panic.
! both here and abroad, had been mar
/ keted at a profit after showing. large
! losses at one time. A continuing fnflu-
! enCe early in the week was the official
/ announcement made last week that the
: Northern Pacific quarrel had been set
/ tied Nothing was given to the public
! regarding the settlement, and rumor
! had a wide scope in consequence. In
I its various phases this had it that
/ Pacific stock would be jointly guarau-
/ teed by Great Northern, Union Pacific,
/ St Paul and Northwestern. The
| strength Of Rock Island was supposed
/ to be due to it's inclusion in the ben
eft of the project, but was later eX-
planned by the issue of extra stock at
4 par to stockholders and the admission
I TO the directory OF Stee$ men who had
/ thus reinvested their profits from the
! steel merger. Union Pacific, it was
said, would lease the AtchisOn and
I guarantee dividends, Later, the cleo
/ ton as a director of Atchisou of a
/ member of the firm of J. P Morgan &
/ Co. was taken as fOreshadOwing a pol
/ icy of exchange Of representation in the
/ companies controlled by the group Of
/ capitalists brought into conflict IN the
( Northern Pacific contest. 1t was said
/ that Southern Pacific would be relin
IQuished to Missouri Pacific at compen-
! satiOn, UBiOn Pacific retaining Central
/ Pacific as sufficient to complete its line
/ to the Pacific coast. Authorized dis
/ chalmers met many of these rumors.
OF general conditions which have
played a part in the weeks speculation
T the most important was the undlS-
/ tuFbed course Of business. The hrul-
ness of prices and the continued high
/ level of railroad earnings have shown
/ no effect from the late stock market
panic although time has been given fO-
such effect to become evident. 1hls IS
I accepted as reaSSurfug as to the sound
ness of general conditions and as dem
1 onstrating that the speculative furor9
/ had not resulted in imitation outside OF
/ the stock market
/ Business in railroad bonds has been
small outside of some speculative is
sues which have moved in sympathy
! with stocks. United States refundinS
/ IS and the new As advanced y per cent
/ over the closing call last week
Bond Quotations.
U. S. ref. Is reg. 1909 \. J. G. gen IS 1921
i
/ L. s. IS. reg. .l09 DO As -. los
Do coup. --l09 N L g. 4 ST
I Z. 5. n. As reg. -l59 l. As ..10I
/ Do COUP. lib NJ & w. con. 4s.103ss
I L. S. o. As reg .llZ22 ore Nav. Is. -,1U9
I Do COUP ....l1Slz Do As. ....I03
/ L S. 5s reg .,.l0Ss4 O. s L. IS - -,12SSt
Do COUP. .1OSA 0. s. /. con- -5s. 1l6Ia
] Dis. Col. 3 SIS LIS Reading gen. As g7la
/ Atch. gen. IS ...I035s r. @. w. is g.. 102
Atch. adj. IS - 81 St L. & l. NJ
/ Can So. Is 5. 100 con. IS . 1161s
] Ches. & o. AIS lO71Z St l. & s. f
I Ches. & O. IS --120 gen. Is .lS4
! c. & n. w. con. St. Paul con-. ..1S4
c. Z N. W S. F. Do IS 5. . :. !s .iiS
deb. SIS ..1z15z So. Pac As . . 81
/ Chi. Term, As e., 95ss So. Ry. IS 11SIb
4 Colo So. As --.. 50 St. r. & T. 6s . 6S5a
/ y. & II. @. Is -.l03 Tex. & Pac. is ..119
/ Erie gen. As -. 80 Do Is ~ %
! F. W, & D. Q. 1slO815 Union Pac. As 1867
! Cen Elec. IS 1855 Wabash Is lis
/ Iowa Cent. Is -115 DO Is .lflIb
! L. & N uni. As. 1881 West shore Is 1l3
! NJ. K. & T. IS -. S451 Wis. Cent. IS . 81
DO As 8. - va Va Cent. =. e.. 96jk
/ n y. Q. is ----107k
Stock Quotations.
! AtchisOn -. 49,. SOS So. Pacific Bs5e
] Preferred i, 1929 So Railway 9s53
! Bait. & Ohio ...IO7 Preferred SSis
] Frelerreu 96A Texas & Pac.. 49,
An racine .-..iO4 fIol. st. l.. & W 22is
an So: ---- ~ Preferred - . 87I5
I Ches. & Ohio -. 50 Union Pacific 707
I Chi & Alton - 46Ifl preferred ~
! Preferred ~. S43s rs a'baeh SSe,