The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-04-27
SHARP ADVANCE
IN ~INDUSTRIALS
Spectators at q Loss to Ex-
plain the Cause.
BANK STATEMENT NORMAL
3-
UNITED STATES STEEL HEAVY
THROUGHOUT THE DAY.
BANK STATEMENT NORMAL

New YORK. April 26.-TOd8y's stock
market was rather quiet ana gave very
liue evidence of the activity of the
large speculative forces which have
Kept up the animation of the market
during The week. PENNSYLVANIA and
New York Central were the only o n
spicuous stocks 10 show sustained
strength with sympathetic influence on
the stocks of subsidiary or allied com
panles. The l2-point rise in New York
New Haven & Hartford was supposed
to have some connection with the
strength of the two principal trunk
line stocks. There We're sharp ad-
Vances in a number of industrials and
specialties. which had no apparent
connection and were not explained by
any new development. The bank
statement proved closely in accord
with yesterdays preliminary estimates
and was accepted as favorable, but ~
attempt TO make realizing sales on the
expectation that demand for stocks
would be attracted by the statement.
round a yielding market and prices
were carried downward in many i'm
spOrtant stocks below last nights level.
Yesterdays support for the United
states Steel stocks was lacking and
those stocks were heavy throughout.
Inc grangers seemed somewhat af-
Iected by the hrmer tone of the grain
markets. There was no sequel 10 yes
terdayS squirt in Southern railway.
and that stock sagged until the close.
me closing generally was active and
easy. The session Of the committee
having in hand the attempted settle
ment of the anthracite miners de-
mands was a Tepressive influence on
speculation. but the tone OF the mar
ket seemed chiefly due 70 the DISPOSE
ton Of operators to take q whole holi-
day instead Of a half day after the
considerable activity and excitement of
the week.
With the period of growth of the
winter wheat crop and the approach
OF the seeding period for corn and
spring wheat. the stock market this
week has reflected the importance at
tached to the crop prospects as Outlfn-
ing the hope of continued prosperity
for The whole country.
The remarkable weather early in the
week and the absence Of moisture
turned the prices of stocks downward
and there was no appreciable raIlying
tendency until Il reaction in wheat
and the reports of rain in the south
west gave hope of relief from the
threatening conditions. Tt is notorious
that the leading speculative interest in
the stock market is very active also
in the grain markets. and for this rea-
son much manipulation was evident in
both markets and current rumOrs we're
much given to exaggeTation. For in
stance, reports in circulation that the
coming corn crop was seriously threat
are scarcely warranted at a time
when the seed is not even in the
The influence OF last years
shortage is too obvious in the
'ountrys domestic n foreign traffic
lot to make the outcome of the com
ng crop one Of paramount Importance.
Jurlng the current ear the corn
has not materially affected
ne merchandise movement to the corn
as the people there were in a
prosperous condition from several good
previous years. AS is also known
he shortage In corn led to
arge marketing OF livestock So
the railroad traffic was well
maintained. But another o crop
allure could not materially affect
he earning power Of railroads. After
through the winter in only
Moderate condition. the winter wheat
rOp has undoubtedly suffered much
deterioration during the past week.
Notwithstanding the strong influence
( the grain situation. II is obvious that
trong speculative forces are still ac-
in the stock market. and they
ave been, alert in shifting from one
.oint to another and developing strong
oints. Confidence in the general rail-
Dad situation is fOstered by the gen
high level Of earnings reported
nd by such special exhibits as the
nnual report Of Lake Shore. with it's
reat surplus earnings over e~xtraor-
mary expenditures out of earnings for ,
etterments. ,
The details of the great International
teamship merger are accepted as evil
ence Of p. yress toward the strength
Ming and Consolidation Of the trans
Ortation facilities. both domestic and
lternational, Of the country. The
out OF the community of in
7rests in the anthracite carriers is
$50 in evidence, and some OF the
-eek's buying of the Readings has adj
littedly been in the interest of the ,
Junk line systems in fu~rtherance Of
he policy of division of control Of that {
'af1c among them. Lake Shores re- {
ort of the acquisition of a large block
Lehigh Valley is evidence Of the ,
tendency. on the other hand, Z
was a rumOr of the legal obsta- {
es which may be interp0sed for mer-
Pr projects in the decision Of the su- Z
RENE court to allow the state of \
f%ashingtOn to file suit against the
irties to the Northern Securities COM T
any. The force is seen of the COM I
ent by n of the principals that the I
'n~solidation of ownership i'm the r.
lrthwest is assured, whatever may be {
-e decision Of the supreme court on
.e present plan of holding the proper G
But the fact remains that i'm /
'rtant financial results depend upon j,
e success of the present plan of hold n
of these companies, and the ques-
of its validity must remain a /
on the securities market until
is settled. The activity and strength !
stocks of minor railroads in a strong !,
position and available for ad- N
.ntageOus absorption by the larger N
tlway systems, as well as the trans N
r Of control of L. & N. are evil y
of the continued conviction of u
@ steady tendency toward ~consolida- \
IN in the railroad world. The money \
arKet has attracted little attention as \
Q easy terms offered no check to the
eculatiOn. There was undoubtedly .
avy liquidation during the early part p
the week in the stock market. But
e large financial projects in view
ler no ground for a supposition OF anv s.
.pOrtant reduction in the volume Of
edits. In fact. there has been a large @.
pansiop Of our foreign obligations =
shown by tie supply of bankers ex- 81
bills in the market. against
srling loans. IN spite of this the s.
1rse of exchange has been upward =
q gold exports are considered prob
lie again.
me present extraordinary accurnu-
IN BANKING reserves in France IS
subject of wonder in the f-neoci.I N
I'D Lho oa.L------