The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-07-20
BIJSY WEEK IN
WALL STREET
caIss Of Shares Passed Million
Mark Several Times.
MARKET SAGGED YESTERDAY
-A
IRISH TO TAKE PROFITS CAUSED
PRICES TO DROP.
lARKET SAGGED YESTERDAY

lew YORK. July 19.-Former buy
ers OF stocks attempted to take
" profits this morning. and found
q poor market for the purpose, with
tsa result that prices were carried
generally below last nights level in
the course of the first hours trading.
The market. however, continued to
show breadth and variety, and the
pressure TO sell promptly relaxed at
lie lower level Of prices.
favorable bank statement was ex-
reeted. but the exhibit of the clear
1g house institutions proved more IA
vorabie than had been anticipated, and
resulted in IN effective rally in prices.
The realizing was renewed at the adj
vance. and the closing was active and
easy.
Probably the reports of yesterdays
heavy rains and floods in the western
states aroused some misgivings over
The results TO grain. There were frac-
tioual advances amongst the grangers
and southwestern group, nevertheless.
Pennsylvania was the feature of the
market on very large dealings. and
rose to 100. closing at that figure.
Official denials Of yesterdays re-
p5rts that control of Reading had been
secured did not hurt the stocks, but
his subsidiary stocks, Chesapeake 81
Ohio and Norfolk * Western, suffered
from realizing, the former falling at
one time Ia under last niEht.
There were strong spots throughout
the market including Hooking Valley,
Western Union and some of the pub
De utilities Of this and other cities.
There has been notable revival of
speculative activity I'm the stock mar
ket this week, so that the volume of
dealings crossed the million share
mark for Thursday and Friday.
There have been indications of
strong organized campaign. including
some OF the great financial groups.
which have hitherto seemed TO hold
aloof from the market during the OPP
eratl0ns conducted by the so-called
western contingent. Dealings have
been in great. variety, shifting from
one to another group of stocks, sue
cessfully taking profits in the one
group under cover of the sympathetic
strength induced by the rise in prices
Of the new group.
The movement is regarded as being
professional still, to a large extent,
that is to say, as being conducted by
the large capitalists and millionaires,
corporations, and by the traders. whose
means of livelihood is the buying and
selling Of securities The history of
speculative movement shows that the
general public never embark in a gem
eral speculation except under a leader
ship Of this character.
During the past week the commission
houses in Wall street report some ac-
cess Of demand from scattered sources,
but not 10 an important extent. The
bulk Of the transactions are still in
the hands Of he professionals. The
report during the week that the cor
ner in the July corn option at Chi
cagO has been abandoned and the
break in the price, was regarded with
satisfaction in Wall street circles, ow-
ing 10 the fear that the artificial con-
diti0ns sought TO be maintained would
DO harm TO the marketing Of the COM
ing corn crop, and that the efforts to
support the corn market might neces-
state sacrifices in the stock market
The suspicion that sequel still re-
mains 10 the crop corner has revived
some apprehension on this score All
trade reports agree that the demand
for all grades of iron product is still
al high water mark. and running into
the indefinite future, without the first
indication Of reaction.
These two facts, plentiful crops and
active iron trade, have been accepted
In the past as conclusive indications
Of the COuntry's prosperity. Reports
Of railroad earnings continue to show
Increases over last years unprece-
dented level, and corroborate other evil
dences Of prosperity. including the
large volume of bank clearings the
country over.
The unusually early demand from the
Interior for currency is accepted as
indicating the activity of trade The
losses suffered by the anthracite cor
carriers as result of the minerS
strike make them an exception to the
Increased earning power of railroads
IN general but the determination of the
miners, IN convention at Indianapolis
not to make the strike general, has
been made an opportunity to advance
prices of the coalers as a feature OF
the bull market of the week.
The confidence expressed by coal
road officials that the strike is near
an end has apparently been accepted
by the speculative contingent. The
rates for call loans have been easier
this week and have fostered the spec
Walton that the future of the money
market is by no means clear, and lend
ers hold firmly for higher rates on
tine loans.
The unexpected volume OF the gov
ernments disbursements have been a
relief 10 the money market, but II Is
by no means certain that the present
Fate Of disbursement will be main
taned
The principal activity in the bond
market has been in speculative anc
controvertible bonds in sympathy WITT
Their Interchangeable stocks.
United States new IS declined Il pei
cent the old IS s. and the refundine
5 and IS Il per cent on call this week
Bond Quotations.
L. : ref. IS IF. W. & D. c.
7cE. cd. ...-.......I0I2sl 1st 80 -..---------1l5t
Z. S. ref . Hook Val Fzs. 100
,.'lp. o.. .le5ssI L. & y. Uni Is. .l0i
5 IS reE.-...lo5@t VI. c. As ......... SCI