The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-07-27
Trading Yesterday Was Light
Several Big Mergers Reported.
MILLIONAIRE SPECTATORS
HEAVY DEALINGS IN WALL
STREET DURING PAST WEEK.

Inc demand, however, was iansuid,
and the selling induced by the state
ment of condition. of the banks was
not well enough absorbed to prevent a
declining tendency. AS a result the
closing was easy. and represented net
losses in the majority of cases.
Rock Island was affected anew by
the plan for the conversion of its Sc
curities. and the notable strength of
the St Louis & San Francisco, stocks,
Kansas City, Fort Scott & Memphis
and Chicago & Eastern Illinois was due
10 nope that those properties would be
included in the new project.
The definite formation of this plan
gave fresh credence TO rumors of many
other financial projects which have
fallen out of public attention for some
time after active discussion, but the
lack OF active interest in the market
incident to the short session and in
the absence in the country of many
active Operators, left these factors in
effective to hold up prices.
The stock market has showed a de-
gree OF animation this week which is
extraordinary, measured by the stand
ards existing before the speculative era
or last year The average of the daily
dealings has run near to Loco, goo shares
of stock
The market has presented the usual
speculation of bull movement, due to
occasional profit-taking where there
nave been extended advances, side by
side with animated buying in new
quarters Of the market
On Thursday the selling tendency be-
came rather more general, but there
were persisting points of marked
strength even then. The prevailing
feeling in Wall street is that the bulk
is ct
millionaire spectators, intent upon a
turn in prices and a quick sale to real
iZe profits.
But it is obvious that there have been
large accessions to the ranks of this
class of operators over the number that
were responsible for the earlier stages
or the movement, and indications have
not been wanting that the great finan-
clal powers OF the country have had a
hand in the dealings and that grow
ing outside following from the coun-
try at large has been attracted to the
market. 7@-!
The bull movement has as its basis
the general agreement of all signs in
showing prosperous conditions in the
country. and in promising a continu-
anee OF these conditions as long as the
range OF vision can perceive the fu-
Growing confidence is felt that the
years crops viii be abundant No signs
are seen of an interruption to the
active demand in the iron trade, Rail
road earnings still show increases over
last years profitable level The pres
ent losing condition of the anthracite
trade, due to the strike, is a drawback.
but in the present sang1line mood of
the speculative temper. il is feTt that
these losses can be made up in the i'm
proved conditions it is hoped to estab-
lsh when the controversy is finally
settled
The week has brought out. in addi-
uon, cloud of rumors and suggestions
running all the way from street tips
10 Wen formulated reports. with color
OF authority, of new arrangements and
combinations, among the railroad DOW
ers and reorga MIA tons and consoIida-
tions.
These have been effective in lifting
prices still higher. than the high level
already attained in the attempt to dis
count count the promise Of the. coming years
Among these may be mentioned an
absorption of control of St Paul by
Union Paciffc; the perfecting of the
iohg expected plan of the consoiida tfou
of the Vanderbilts: an agreement for
new division of territory and control
among eastern trunk lines incident to
the Atlantic outlet of the Gould sys-
TEN; the coming formation of a Sc
curlties holding company for the con-
solldatlon of control of the north and
south trunk lines. reOrga nization and
extension OF the Rock Island system
ana others narrower in their scope and
which were given less attention
None of these has received formal
offlcial authority. The average level of
prices of railroad stocks has been lifted
this week in consequence to the high
est level IN generation. so that the
rate OF return in investment at the
present dividend rates has been re-
duced TO less than per cent on the
prominent railroad stocks with an es-
taoiished dividend record the country
over
Prices of stocks are higher relatively
than bonds. 1t is noticeable also that
the investment demand for bonds is
languid.
There has been much discussion of
the probable extent Of the gold exports,
the amount of our present foreign in
debtedness maturing this fall during
the usual export period for our domes-
Tic proouets, and the future effect upon
our money market
Selling of stocks here for London ac-
count and the preparations in Paris for
the coming conversion of SO per cent
rentes into per cents are believed 70
nave precipitated the gold exports
Future demands are dependent upon
the volume of our domestic exports as
a source OF supply for foreign ex-
change Government fiscal operations
have conserved the ease of the money
market
The government revenues for the
month have run less than s2,Ooo.oo un-
der those Of last year the decrease IN
internal revenue being more than half
onset by increase in customs revenues
but the government expenditures this
month so far are s., 0O0, 600 in excess of
those of last year.
Except for the convertible and spec
ulative bonds. the market has been
quiet and rather irregular. L. S. old
As reg declined =; coupon. s: new As
reg, =; do. coupon. y. and the 2s, II
per cent, as compared with the closing
call Of last week
Bond Quotations.
L. s ref p reg. f971tgI1 & N i. IS -101ss
Do coupon -leIati Mex Cent IS 81
l; 5 IS reg 1854 LIST inc. 1890 3
Do coupon -.-feS1zi NJ & St L 4s---iGs
[. s. n IS reg-@I33 NJ X & T Is 100
DO. coupon ,I&ss4 NJ. K. s T. 5. ss5s
[. s O. IS reg les N Y Cent Is 1915
Do coupon .fse7s General y1sS -Il<s1z
[. s Is reg------I551x " J c gen IS 1851
To- coupon ---H6 Nor Pac- 4s.--.-ll414
Atch- gen 4s-1 04 Nor Pae IS. 81
Adjustment IS $50 Nor & Western
b & O. S.. 1891 cOnsoI Is I0lz.
B < O. BIS so Read gen IS sS1s
Conx- Is -------Ile1s St L. & Iron NJ
San So 2s-----lesSS consoI IS Ills
c, of G. S.. lgs1z ST L & s f. IS sSaz
lst me - St L 5 W Is ss7s
c & o RS. .10ss-sSs- L s W SIS
y q a sa@s----- X San Ant & Ara
- =: n IS : Pass * 1850 So
N e r,1-s--- GA