The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-09-07
FIRM OPENING
IN WALL STREET
Then the Bank Statement Started
Prices Downward
CLOSE WAS WEAK AND HEAVY
REVIEW OF MARKET CoNDI-
TIoNs THE PAST WEEK.

M of London quotations the local
4 market was without a cue from
any particular quarter. Nevertheless
the opening was decidedly firm with
much strength of undertone. The ex-
ceilent showing made by Norfolk &
Western in its annual report Impaired
strength TO the stock, as Well as 10 9TH
ers in the soft coal group. but the up
ward movement In Ontario d Western
following hard upon reports showing
stock losses was not altogether clear.
Readings displayed heaviness at the
outset, presumably as a result OF de-
cline in July earnings. but showed evil
denee of support, closing with a net
loss.
st. Paul and Missouri Pacific. leaders
of the previous day. were fairly active,
while Atchisons were strong, much OF
the buying being attributed 10 Rock
Island interests. The move in Peoples
Gas and Brooklyn Rapid Transit ap-
peared to have its origin in the opera
lions of a prominent commission house.
During the first hour advances We're
scored by Republic Steel preferred, Viz
ginia-C Carolina Chemical. Cast Iron
Pipe. Minneapolis. st. Paule 3 Sault
Ste. Marie, Sloss- Sheffield Steel, Pacific
Mail, Laclede Gas and the cotton oil
stocks.
Affected by Bank Statement.
The publication OF the bank state
ment was awaited with almost painful
interest, the list hating somewhat in
anticipation of a very unfayorable
showing. Prices yielded very general
ly under the influence of the bank
statement, ST. Paul and Peoples Gas
making the greatest losses. with de-
elines of point or so elsewhere in the
active issues. A partial recovery was
effected by some Of the stocks named.
but the closing. as a whole. was weak
and heavy.
Barring a temporary hald the mar
ket for the week was generally strong,
and very active, so much so as TO sug-
gest at times return of The boom
periods OF the last few years. With the
resumption Of business on Tuesday the
entire list. excepting a few issues which
seldom if ever exert any influence,
moved TO a higher level. with dealings
in common in the lead The advance
was well maintained on the second
day. resulting in a large number OF
new high records. The United States
Steel stocks. especially the common,
were very strong on London buying
and general belief OF a speedy termina-
ton OF the pending litigation.
In the middle of the week the mar
ket received its first douche, the pri-
mary casse being a sharp rise in call
money, which advanced 10 per cent,
fears of serious injuries to the presi-
dent, bear rumors regarding the cot
ton crop and repressive measures ap-
piled by the conservative element The
Grief feature of the week was Reading
common, which in the first two days
was dealt in on an enormous scale, with
attendant rumors of competitive buy
ing. Later this stock lost the greater
part of its gain an heavy selling by the
speculative element, no less than to The
belief that its control is now lodged
with one of the main trunk lines. Penn
sylvania received considerable atten-
ton on the second day, making sharp
gains largely because Of its excellent
traffic returns. as well as to rumOrs
crediting it with control OF Reading.
Later in the week ST. Pau and Mis-
souri, Pacific assumed marked leader
ship. the first named selling higher
than ever before, and reviving rumors
OF a close alliance with Missouri Pacific.
The practical collapse of the soft coal
strike in West Virginia was OF assist
ance TO the stocks in that coal Except
for generally prosperous conditions
such as increased railroad earnings,
many Of which were not worthy for
their gains, excellent crop report and
an all round feeling of optimism, there
was little 10 account for the strength
OF the market. London was a factor
throughout the week, although on only
one occasion did she buy on balance
The late furry in call money was not
Of long duration, and the closing quo
tation for money on demand was really
the lowest of the week Time money.
while in moderate demand, was not
loaned in any great volume because OF
the higher rates for call loans. There
was no developments in foreign ex-
change. but rumOrs of approaching
gold imports were heard.
Large dealings in semi-speculative is
sues Of bonds followed sympathetically
the course of the stock market. Deal
ings were rather irregular and there
was a good undertone for the bond
market throughout. United States Is
and IS coupon and new Is registered
advanced Il per cent and the old As
coupon = per cent, as compared with
last weeks closing call