The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-05-25
STOCK MARKET
QUIET, BUT FIRM
Buying Of Canadian Pacific is
Principal Feature.
UNDERGONE is STRONG
CONDITIONS FAVORABLE BUT
FOR COAL MINERS STRIKE.
UNDERGONE is STRONI

4 EW YORK, May 24.-The only fea-
IN ture of Importance in today's
market was the buying Of Cana
dian Pacific, which has been in evil
dence for several days past, and which
was halted. by the presidents state
ment that the general prosperity Of the
company was all he knew Of to ac
count for it. The price reached a rec
ord figure today at 1888. This move
ment helped to keep the general market
STEADY. There was a number of spe-
ctal movements in less important stock,
but the list as a whole was inert and
closed at small changes either way.
The hopeful views Of the peace out
look in South Africa did not alter this
state of affairs nor did the bank state
ment. There is a disposition to await
definite results in South Africa and
feeling that there might be a hitch that
would again delay the decision. The
outcome Of the coal strike is also
awaited. The report that the control
Of Louisville & Nashville and, in con-
sequence, the Chicago, Indianapolis &
Louisville are, in a measure, contin-
gent and dependent on holdings under
options suggest possible compHca-
tiOns. The weather map was construed
as favorable to crop prospects, al
though showers in the northwest are
not dried at this time The bank state
ment shows an encouraging recupera-
| ton of reserves, but neither the in
crease in cash nor the reduction in
loans was fully zip TO the expectations
formed by the street. The effect on
the market was, therefore, scarcely per-
ceptible. The market closed about
steady.
Weeks Undertone Strong.
There has been a quiet speculation in
stocks this week as is natural to the
/ season and various factors of uncer-
! tainty in the situation. But with the
/ exception of a period Of positive weak
} ness during the first two hours of the
weeks trading, the undertOne of the
/ market has been firm and strong.
! Prices are quite materially higher for
! the week. This is in large part due TO
/ the easier condition of the money mar
I ket. which has shown the results OF
/ the attraction Of funds from our do
/ nestle centers and from foreign money
I markets by the recently prevailing
/ high rates Cor money. The rates for
/ call loans have settled down for the
week to below per cent, and, contrary
( to the general expectation, the rate Tor
/ foreign exchange has not responded
Z with any material advance. 1t was
/ feared that the first show of ease in
/ the local money market would lead to
/ the withdrawal of funds placed here to
1 take advantage of the more profitable
] interest rate. The fact is that the large
( demands made upon Paris and Berlin
/ for New York account made an insig-
/ nificant impression upon money rates
! at those centers and there is still sufil-
( cient profit to keep foreign loans IN
this market. The pressure upon spec
| ulative borrowers in the securities mar
! ket has been relaxed and the process Oh
wedding out undesirable collateral IN
loans has apparently been completed
! The memory Of this process still re-
mains and is an element of the eau
ton which is manifest in the character
of the operations in stocks.
Conditions Are Favorable.
With the exception of the anthracite
miners strike general conditions have
been SO favorable that the provision Of
better credit facilities has encouraged
the confident holding of stocks and has
made the market sensitive to the light
demand. The damage done by the sus-
pension of work in the coal mines and
the restriction of supply is undeniable.
The effect is perceptible, especially in
the iron and steel trade, and has
caused the iron and steel stocks to
share to some extent in the depression
of the coalers. The heaviness of the
United States Steel stocks was asso-
ciated also with the protests entered
by some of the minority stockholders
at the meeting to ratify the stock con-
version and bond issue plan. Specula-
tive holders of these stocks were
alarmed on Monday by rumOrs of the
formulation of a powerful bear party
and by the sharp break in the quota
ton for the new bonds when issued
which are dealt in on the curb. Support
was forthcoming, however, and stead
Ter tame developed.
The news from the crop regions Is
attentively studied and has not been
unfavorable to stock values. The
stocks affected by the copper industry
have risen. led by Amalgamated Copper
on the advancing tendency and re-
ported increasing demand for raw cop
per. The firner tendency in the silver
market has also benefited some Of the
metal companies. European markets
however, reported a growing confidence
in the approach of peace in South Al
riea This has been an occasional IN