The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-07-13
CHANGERS STILL
LEAD THE STOCKS
Gates Faction Caused Heavy
Drain on Money Market.
BULLS HAVE HAD CONTROL
BANKERS BORROWED TO SUP.
PLY LOCAL DEMAND.

New York, July ia disposition to
advance prices was held in check to-
day by the fears that a poor bank
statement would induce selling of
stocks. The bank statement proved
unexpectedly favorable. and the mar
ket closed firm, with the average level
of prices at about the highest.
The principal evidence OF strength
was in the grangers, especially the
corn carriers. Atchison, which was
neglected yesterday, took up the lead
ership early, while Missouri Pacific
hung back until the late dealings, when
it rose on large dealings. Rock Island
rose four points to level two points
higher than yesterdays highest, I.ut
the dealings were small, and The gain
was not well held. A rise of nearly
point in New York Central was Ep-
parently due to support in view of
the decrease in gross earnings reported
for June by the system. The indus
trials were somewhat depressed, but
recovered in the late rally.
There has been considerable activity
and strength in the stock market this
week, but it has been of an irregular
character and confined to comparative
ly few stocks. 1t is sufficiently obvious
that the prevailing sentiment among
security holders is one of confidence
In the maintenance of prosperous con-
ditions of the country, and the con-
tinuance of the present earning power
of securities.
Holders of railroad stocks especially
show no disposition to part with their
property. But no general public de-
mand for stocks is aroused by the
tactics Of the party which seeks to
lead a bull movement. The active
leaders seem to feel themselves exempt
from danger of a stringency in the
in stocks. shifting operations from one
quarter to another of the market, but
combining their operations to a few
leading stocks in each group.
The sympathetic influences of these
| special movements upon the genera
list has been strengthening. ard it is
highly probable that the yare designed
to support values to some extent, and
| thus to guard the credits which the
same large interests are employing il
| other projects of magnitude 1t is Z
| novelty for large interests to be com.
| mitted at the same time in the Ions
| side both in stocks and grains. Yet i
| is generally assumed that the so-calleC
| western contingent" which control.
| the corn corner in the Chicago mar
| ket is also the most influential ele
ment on the bull side in stocks.
This is explained by the fact tina
/ the grain speculation is in the remnan
| of last years deficient corn crop. Will
! the prospect for next years crop In
present conditions is called excellent
! The government crop report of condi
tons as of July l, published on Thurs
day, was taken as confirming Opt
mistic ideas of the coming crop, ant
the rains reported as doing some dam
! age during the week have not beel
! sufficient to disturb the general conf
dence in a favorable outcome.
The weeks events in the money mar
ket have given convincing evidence o
the enormous capital requirements O
the country growing out of the unpree
edented activity in all directions Mil
lions have been shipped to interio
points by the New York banks, an
foreign bankers in New York hav
| renewed their borrowing in foreigi
money markets. This foreign borrow
ing has averted an outward movement
of gold, which is thus shown to b
more urgently required at home
The exigencies of the corn corner I
Chicago are assigned as a reason flo
the large demand for currency there
but the demand comes as well froI
southern points, and Chicago's deman
is reflected from large demand upo
that center from western and north
western points. The banks of the coun
try at large are, in fact, withdrawn
their deposits from the reserve cite
for their own needs. The active de
mand for money may be one of til
most important indications of a coun
try's prosperity UP to the point wheT
productive enterprise outruns cor
sumptive needs. But active trade de
mands for money are commonly locke
to to interfere with speculative activit
in securities.
There has been a fairly large al
sorption of bonds and a rather irregJ
lar movement of prices.
United States refunding 2s have dc
) clined Il. the new As and old is res
istered Il and the old As coupon u o
call during the week.
Bond Quotations