The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-12-31


New York, Dec. 3O-Thes transactions
OF the stock exchange today were more
or less interrupted by the holiday frol-
les of the brokers on the floor, but
there was sufficient trading in the
evening up accounts for the close of the
year to make quite an active market,
and some irregularity in prices The
Baltimore & Ohio stocks. after their
upward leap OF yesterday, were con-
spicuously afsccted, the common falling
back nearly 21s, and the preferred over
a point. The most active of the spec
iaIfies including Sugar, the Tobaccos
and the New York City traction stocks,
We're also inclined to react, although
the undertone was strong and there
was a disposition to hold stocks for the
expected demand after the first of the
year.
The expectation of this demand is
based on the sudden relapse in the
money rates at all the leading financial
centers, the London discount rate fall
ing below the bank rate today and the
Berlin rate showing a further decline
This gives ground for hope that the
export movement of gold will be
brought to a stop. IL is possible. how
ever, that the relaxation in foreign
money rates may be based on expecta-
tions of further supplies of golds from
this country. That being the case,
bankers believe there may be recur-
rences of money stiffness in January.
The days trading demonstrated that
the level of prices still offers induce
ments for investment buying. The sales
of small lots of less than 100 shares
continued even more conspicuous than
on recent days. All grades of stocks
III ri \
TO the non-dividend paying stocks, with
only remote prospects of return. The
prevailing sentiment on the exchange
was decidedly bullish. The constant
striving OF the financial world to antic
ipate events is responsible for the par
adox of a lively recovery of prices of
securities and easy money conditions
in the last week of the year.
This tendency of the financial world
is responsible for the weeks event in a
two-fold sense. Last weeks panic con-
ditions were the results of preparation
for the money pinch which has long
been looked for at the close of the year,
owing TO the extraordinary magnitude
of the Jan. 1 disbursements this year.
Last weeks forced liquidation over
did itself as such violent movements
are certain to do. and Wall street found
itself unexpectedly flush of funds, with
prices of securities at the lowest level
OF yhe year, and a practically universal
conviction that the beginning of the
new year will mark a period of easier
money with the regular refiux of funds
from active use in business TO the
worlds financial centers.
The speculative world, therefore ex-
pected an abrupt about face anG
rushed to buy stocks to anticipate the
good times supposed to-be coming with /
the new year. The demand was par
ticularly urgent from the short inter
est which mad over-extended itself last 4
week, and worked some violent <eeov-
cries in stocks, which had suffered most
severely from lest weeks panic. For
instance, metropolitan Street Railway, i
which closed on Saturday Dec. 16, at
1871 sold in the panic at 147, and rallied
this week to 17SIA. which, allowing for 1
the dividend deducted, is equivalent TO
over $50.
In fact. the general level of prices I
has recovered to about that of the Sat
urday before The panic.
From the speculative standpoint |
doubts have arisen whether tie vio- !
lence of this recovery was not exces-
siTe. and there has been realizing by /
holders who bought in the panic, either /
TO sustain prices or in a hunt for the /
bargains and renewed short selling at !
the recovered high I1vel.
The following table win give an idea /
OL Liz N4OltAiNE VI NllG o4'GCuAdAANC
ment in the stock market during the 4
past year, and wiz account for the
wide vibrations of the last two weeks 4
in the attempts to find the equilibrium /
of the true values. Those stocks have I
been selected in which the variations /
have been widest, but generally speak
ing they are also those in which trans
actions have been largest, so that they
are fairly representative of the mar
ket In the column headed About
Jan. 81 prices marked with an asterisk
are the first or listing prices of stocks
fioated during the year: