The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-04-21
BIGGEST WEEK IN
{ EXCHANGE HISTORY
Past Six Days Record Breaker
I in New York Stock Market.
s0AE HEAVY SALES MADE
MANY CAUSES ASSIGNED FOR
UNPRECEDENTED ACTIVITY.


exchanges history closed with the in
evitabfe squirt of prices and the nat
QraI pressure OF liquidating sales at the
high level. The rapid Upward course
Of prices at thetcl0se yesterday bought
IN the expected horde OF outside buyr
ers this morning and the professionals
added their effofts 10 the excited de-
mand Of the outsiders to make opening
prices as high as possible. rhe result
was some wide spreads in y ices and
congested buying orders in III, favOrite
stocks. notably st. Paul ant Union Pa
cific. Specific Genials wersi put oht OF
the projected cOm0inatioa Of North-
western and Union Pacific 70 offset
the Burlington deal. so the, speGuiators
substituted ST. Paul for the former
and round il just as effective in Great
ing demand Tor the stock The man
ipulatiOn in St Paul was steady. pal
pable and violent, but the price was,
pushed determinedly Upward to 170.
after having already crossed fts pre-
vious record price yesterday
The final high price was made in a
vigorous effort TO rally the market rom
the decline into which 1t had fallen
az a result Of the unwieldy mass Of
realizing sales (which were thrown on
The market on the opening bulge. The
effort was successful In only a Lew
stocks and the undertone at the close
was distinctly Easy and showed some
rather Violent breaks in recent specJ-
latiVe faVOrites. A survey of net re-
suits shows that the PERSISTENT Strength
was confined 20 the ST. Paul, Unior ard
southern Missouri Pacific, Texas *
Pacihc, the local fractions and some
OF the minor stocks.
The bank statement was more favor
able than expected by reason rof the
heavy loan contraction. which gave the
surplus the benefit of ell the cash In
crease. But the showing had evidently
been discounted and the selling 10 take
profits on purchases made in anticip&-
ton of the statement had evidently not
been comp eted wheai the market Closed.
i he sales for the two hours of trad
ing We're .145 SOC shares compared WIKI
the record for Saturday OF 1,152. 500
shares on jan. 81 The weeks sales aes-
gregated 10.0fS.400 eshares, which sur
passes ii records.
Another week of e1traorclinary spec
ulative activity has been added to the
great stock market boOriliGf 1901. There
have been signs of, nerX ousuess Inany
times in the trading and enprmcus
speculative. liquidation has been alb
sorbed, but new bnying has been met
on all recessiOfls IN prices and disquIet-
ing factors have been persistenriy ig-
nore6 or their influence overcome by
the powerful and, aggressive support
Which was accorded weak spots in the
market. AS q consequence many of the
principal active stocks have touched
prices higher than eyer bef2Te .ip. their
-ccntinued on a. daily s3als-near II. rec
ord levels
&C. nr7uatiori has 1,een r-fven so sev-
eral important projects which have
beenkin the field of surnnise mp 20 this
time Tor a large proportion Of the most
active spectators in the stocks affect
ed, thus resolving the 0ccasioual
spasms Of doubt which have unsettled
the speculation from time to time
There has been added a constant crop
o. new Tumors which are entirely with
out official or authoritative confirms
ton. but which are received with eager
creduluy by the speculative world Ow-
ing tn the final CONTAMINATION. given to
runors in the former cases.
The most important subject finally
removed from controversy ard dispute
Is the burlington deal Wall Street as
not wayeCed- in. its conviction Qf the
existenee OF this project for some time
past but there have been. fears of "a
hitch which sent many tire naOrs among
speeulators anc Versions OF tie terms
Of the deal have differed from time 70
time. The of1SiaI announcements Of
the terms gives susHaore stable basis for
trading in stocks affeefed.
settlement Of The wage. disDate with
relieved an underlying apprehension of
destructive contest with widespread
collateral Effects which would have
hurt property values not only Of the
United States Steel corporation. bHteof
many other properties Tie offer ofsa
banking nrm in Boston 70 receive de-
posits of copper stocks looking to a
consolidation CO Butte < Boston Boston
q Montana, and anlalgafnated Copper,
was the basis OF an existed speculation
~ the last naTnesS stock ON the New
York stock exchange.
But the most potent 4nfiDenee IN To-
menung the ontlnuGsice of the spscuIa :
ton was the reDlenishment OF the
money reserves OF the Nov York banks.
This has caused some actual realization
in money rates in New -Srk y mere
1,rrest Of The hardening tendency would
doubtless have been sufficient to en-.
courage the tspeculators to renew buy
ing or StCc!sS- The profitable money
rate, in fact has Dyen the cause Of arr
resting the depietions 81 New York;
reserves. Interior exchange has risen
70 a premium which the dernaaad FOR re-
mtttance tOr-NeW Y nrlz 60 take n d.
vantage OF the high money rate here
and sterling exchange has been held
under the COLO export leveIs although its
; hardening tendency whenever money
rates relaxed showed a sensitive con-
The easier uODe OF the foreign mar
kets $50 helped TO relieve the -Pressurs
pli Few York for gJid. An OF the great
foreign Banks. the tanks OF England
and. FraD End the Imperial bank 81
Germany show notable recuperatiorl OF
reserves this week. apparently in prep.
ararion for the placing of the neW Issue
OF British consclS. British financial an.
th0rftleS haVa~ss been fcongsra tUlatine
themselves. that the reeuperation oi
New. York BANKING reserves mas beer
with the same object. But the eager
speculators in the stock market OBJ.
viously do not share this y w. lnc
they continue tifesr fhsatia bic dem nd
for credits to push theirs Soeculatiys
ventures ~ ~
SUIT treasury operations have contrib
uted an important supply to New YorE
money resources by reason oft gov.
erEtment bond assumptions the large
pension Disbursements and extrac--cli /.
merry payments by tie government OF
account OF the postofiice and military
cxDcn aiturei. New York clearings fol
tne week have broken al VrsVious rec.
ords by reason Of the enorrnous deal.
1ngs IN TIE stock market Money rate,
at interior points have Shown hard.
ening tendency on ssccOunt Of diversion
of finds 10 New York. The sub-treas
ury,s payments of pensions will decHns
next week and The furthl supply q
funds from the government Institution
will depend on offerings OF goEornInen
Donds for redemption on the treasury
terms. Foreign exchange. authoritie.
maintain their conviction that cen
adorable sum of gold N:u go out "a
meet. the requireTnelets, of. the IsOndor
money market irs floating the new issu,
of cons0is. There is 20 be cOnsiderabl,
1eecessity for provision for the Burning