The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-06-15
REVIVAL
IN WALL STREET
Temporary Advance Is Followed
by a Relapse.
CONDITIONS ARE FAVORABLE
UNCERTAIN ELEMENTS NOW
PREVENT SPECULATION.

NEW YORK, June livery ntJle
IN importance can be attached to to-
days dealings in stocks. Prices
we're well held, but this was not be-
cause there was any general demand,
but rather because there were no Of
ferings. outside of Missouri Pacific
and st. Paul the dealings were hard
~ more than nominal These two
stocks were HfteG a point after the APP
psarance Of the bank statement, but
neither closed at the best The clos
ing was fairly steady, but very dull.
The bank statement was considered IA
vorable and helped the market The
buying Of Missouri Pacific and OF st.
Paul was Of the same character as
during the week, and is attributed to
the operations Of speculative pools. The
coalers were neglected, owing to the
lack Of corroboration Of yesterdays
rumors Of measures taking which
would end the strike. The rise of a
point i'm Norfolk & Western was based
upon the reports that the strike of the
soft coal miners in the Virginia should
be broken. There was nothing in to-
days crop news to stimulate speCula-
ton. The trading was perfUnctory
throughout The favorable reported
mercantile agencies, which showed the
anthracite strike TO be the only cloud
on the industrial horizon and showing
for railroad earnings for the first week
i'm June. which are larger by over 6
per cent than those OF the same period
last year. We're influences toward con-
serving the firm undertOne of stocks.
There has been a slight revival in
the stock market this week, but IL was
not husbanded, and the market has
shown a disposition to relapse into
lethargy and 20 await the clearing up
of some Of the elements to uncertainty
in the situation. The midweek increase
I'm activity was due largely TO a per-
sOnal element and was attributed TO
the operations of the leader of the so
called western party, which has domi-
mated all the recent important specu-
lative movements in the stock market
and has been largely influential as well
as in the corn market. The return
of this leader to the Wall street dis
trict was followed by large dealings
3n some Of the granger roads and in
some of the southern railroads. This
leadership induced some professional
following. but the inertness of the out
side public discouraged the campaign.
anG it was discontinued to all appear
ances.- The Developments during the
week have been such as to discourage
speculative activity, but have con-
firmed the general confidence that Is
felt in the general sOundness of the
business and industrial situation. The
continuance Of the labor trouble in the
anthracite regions has kept attention
focused on this phase Of the industrial
situation. The differences between the
miners and operators have defined
rrsffar
bic, and the conviction is general that
the struggle must settle down into a
test of endurance. a possible spread
by sympathy into the soft coal regions
has been the further development upon
which conjecture rests. Another ques-
set TO be answered. which hangs over
the situation. is the ultimate effect
upon the financial situation of the
peace IN South Africa The stock eX-
change settlement i'm London this week
has revealed an Over-0Ought condition
Of securities. especially of Eafir min
ing stocks, and the weakness OF many
OF the holders has DeCessitated realiz-
ing and has kept prices in London on
the downward grade. Not much re-
vival is expected in England before the
coronation festivities are finished a
long period of liquidation in Europe
has shaken securities down to a sub
stantial basis which may prove attrac-
tive 20 capital. The present condition
in this country is one OF the expan-
sion, If not Of imitation. but the field
for new development in this country
is clearly out of alt proportion yet to
That of the older countries Of Europe
Even decrease I'm acreage OF spring
wheat which brings down the esti-
mates for the total crop. i'm spite Of the
high condition of spring wheat. The
great importance of the corn crop has
thereby increased. Some anxiety has
also been felt over the cotton crops
need of rain. Railroad earnings have
been well maintained at a level above
last year. ~ the industrial situation
has sontinued prosperous. and especial
- so i'm iron and steel, in which the
demand has continued 20 extend into
next years period The increase in
dividends in Chicago & Northwestern
and Chicago. 81. Paul. Minneapolis and
Omaha stocks is regarded as important
evidences Of prosperous railroad con-
ditjons.
There has been a dun and narrow
market for bonds. United States bonds
are slightly lower than last weeks
close
Prices of stocks have advanced this
week. largely on account Of a resump-
tioH of operations by an influential
speculative leader. The generally pros
porous conditions Of the country have
kept the undertone firm. but immedi-
ate speculative activity is repressed
by the anthracite miners strike. by
crop uncertainties and fears Of a mon
ey stringenCy incident to the July I
settlements. Time loans have been in
large demand during the week, many
OF them carrying over the period OF
crop moving needs. This is regarded
as evidence of an anxiety TO insure
against money hurries made possible
by the existing exhausted condition OF
credits.
Bond Quotations.
T. s ref. Is III. ". x u. T..
reg ...........i0 tsti LIST b.. .......... .l131.
T. s ref 2s Hook Nal 31as .1lOi.