The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-04-20
UNION PACIFIC
WAS THE LEADER
Tactics of the Brokers a Mere
Repetition of Plans.
SUGAR VOTE IN THE HOUSE
REFINED PRODUCT SAID 10
SHOW EFFECT OF ACTION.
SUGAR VOTE IN THE HOUSE

New York, April 1s.-The policy
which has been consistently followed
curing the present speculative cam
palsn OF large buying and bidding IN
oI some one prominent stock as an eff
AecuVe leader of the whole market was
maintained today with Union Pacific
as the Favored stock. No new. consid-
Grafton was advanced as a reason for
the buying, which carried the price I'D
10 lOi II, where il closed at a net gain
OF rs. Under cover of this sustaining
influence there was a broad and active
speculation in all parts Of the list. The
movement was accordingly irregular
as the taking of profits went on side
Oy side with new buying in way
characteristic Of recent speculation.
Many special stocks were under
manipulation by separate pools and
some of the industrial and specialties
made sensational movement. Interna-
tlonal Power touched 16S and fiuctuated
very feveTishly. Canadian Pacific was
very strong and there was a notable
advance in United States Reduction
General Electric was depressed by the
strike in the company's works and
sugar showed the effect of the vote in
the house Of representatives to rescind
the differential duty on refined sugar.
Amalgamated Copper found support,
but was feverish. American SNUFF.
Kansas City Southern preferred, and
Minneapolis & st. Louis made unex-
explained advances.
The important DEVELOPMENTS this
week in the stock market have caused
great animation and a feverish tone.
The actual accomplishments have Civ
en- rise to the usual flood of surmises
OF other projects in formation or far
towards realization and one group Of
western milliOnaires, whose operations
started the present movement. have
maintained an aggressive leadership of
the market. The result has been
progressive growth in speculative feel
ing and a broadening in the field of
activity. The example of the success
full lifting Of prices by the leaders has
encouraged friends OF many other
stocks to take them in hand and work
up a ready market for them. which
/ has afforded a growing opportunity for
the operations of professional oper-
atOrs.
Judged by the expressed opinions of
commission houses, the growth of in
terest on the part of the general pub
/ lie has been moderate. The present
market seems to be one Of millionaires.
I who deal in lines of hundreds of thou
sands of shares The party which
/ leads the market is undoubtedly made
/ up of millionaires who deal in concert
/ or in pool. There seems to he ample
( ground for the superstition that the
/ passing of control of L. & n, which
/ was the feature Of the week. was an
/ incident rather than the object of these
! speculative opera tons. The passing OF
] control nf railroad 9
/ the open market against the desire OF
! a centralized interest. which has domi-
mated the property, is calculated tC
! created a degree of confusion and dis
/ turbance and uncertainty that would
serve to upset the market and check
| the upward progress of prices else
/ where. For one thing, there is the
| mass of contracts for delivery, which
J have been ventured in the attractive
uprush Of prices, for which stock has
been borrowed on certificates, can be
secured for definite closing of con
tract. If there is any doubt of th'
ability of sellers to make delivery, The
existing control in the property vii
naturally refuse to admit the contest
ants claim to control, and Will buy
in the market 10 defeat that claim, il
the Northern Pacific contest last yea
il was this process that swept the mar
kets bare of stock and precipitated ;
corner On Monday of this week tn
same state of affairs was IMMINENT,
threatened in Louisville & Nashville
IT is clear that the contestant was in
duced to relinquish his claim to cOntro
and consent to its lodgment with J. T
Morgan & Co. Just what the induce
ment for this action was is a puzzle {
the speculative public and has give
~4srFz rrvalan
uIatiOn, based on this or that assump
ton of what the quid pro quo may b'
The unprecedented dealings in South
/ ern Railway on Tuesday breaking a
stock exchange records for d day
81 dealings in a single stock, were base
0 on the suppOSitiOn Of a merger OF a
; agreement for an exchange of Interest
! in the two roads with the new interes
81 in Louisville. Another supposttion va
. that the REIMBURSEMENT of the newi
{ acoujred control of Louisville wa
8 prompted by the danger threatened
S an upset in the general market
Il which the same interest was largel
committed. The renewal OF the lars
speculative operations was attributed
in this connection. to the replenisf
] ment of speculative resources, whiS
2 resulted from the settlement of Louis
% willie matter. That the controlling Il
n Auence in the Southern Railway ne
10 has been centralized as a result OF Il
% episode. goes without saying, and 1t
5 accepted as a demonstration Of Il
10 sweeping tendency of the times. Gel
eral conditions have been almost tOta
" ignored during the week. The col
seryation of the steadiness of the mol
0 ev market has been an important IA
tor in fostering the strength Of Il
= stock market.
The interior has sent money to Ne
FORK this week, and the sub-treasul
drain on the market has been suspenl
ed. owing to large pension payment
{ The money rate has remained su
y fcientIy high to invite further lendir
ny foreign housc in spite or the d
n mand upon the market incident to Z
- issue of the British loan.
The large Over-subscriDtion Of tn
-lloan is evidence of the abundance
capital seeking investment. The lol
Threaded reduction in the Amalgamat
division passed almost unnOtced in Z
general ANNA ton of the market
The bond market showed some d
- lciine in activity. United States &c a
&c vanced Il, and the IS, registered, al
s.. old As coupon 4 per cent over the clio
= ing call of last week.
II Bond Quotations.
I lT. s. ref Is. Erie .. ]. 4s.....1o
10 reg. ...... .J093s Hook Val. 41ss u
y Do coupon .-.l099sL. & \ IN 4s--B