Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-04-26

INDUSTRIAL ORGANIZATIONS
capitalization OF Them nigh since
January 4 Money MARKET i"n
Condition OF Greater Basc.

Special Correspondence.
New York. April g.. During the past
week. Wall street has shown some
abatement In speculative operations.
such a high state u excitement as has
prevailed for nearly four months past.
almost without intermirsion Of the tcn-
sion ~ exceptionally hlgh prices. cam
not be prolonged IN definitely. Il must
encounter reactions. " not sharp
breaks; and. at the present moment
affairs seem to be drifting towards q
breathing spell.
The capitalization " new indnatriai
organizations since January 1T have
undoubtedly been quite large, and the
distribution % such mass ~ securities
requires some time. and II IL not sur.
prising II there be- some poatponemcnt
OF further creations until this process
Of distribution has made some consid-
cradle proHrDHa. u u not tn b. sup.
posed, however. that the entire rrusa
amount u these issues are placed a..
rcctly on the market. 4 large portion
N taken By tho stockholders In the
concerns going into the combinations.
In exchange for their properties. and
NJ mora or less permanent Invest
ment by It's recipients. and therefore to
that extent. ut least. can have no Inn
portant cff'ct upon the security market.
Another considerable portion Of the H.
sues VIII b. held IN the treasury ~ the
now organizations a. provide n reserve
resource, The stock 10 be- placed on
the market, In probably most Instances.
represent principally the requirements
n the combinations for wurking cap-
iiai, and. judging fr1m appearances.
those requirements are Wisely being
TO provide the concerns with "a iarge
/ ready money resource and
make them the lees depend
cnt upon borrowing facilities. Prom
these facts u viii be- seen that the pro-
liability OF the market being danger
gualy Hooded with the isHucr 1T the
new combines may easily have been
/ oycr.eriimated through haHty infer
vnccH from the larrcnera uf the agErr-
gate Of the new creations. People are
apt To draw diaproportionate Cunciu-
sions from great totals. and II may
Therefore arrest the pace at which
this movement has been running for
the last four months. That course
would mitigate the halt which has been
| apparent In some quarters, II would
also Invest the future OF the money
market with more assurances; and
1 my NNNNNfI fNNNNNNn VI NfNfHN NHNNfH
would nnd their path easier. Win. tho
consolidation movement would become
less an element Of disturbance than II
has been.
take Il that the present abatement
Of activity Ia the induHtrlAls and trar-
ton stocks Il due 10 those enEurrd
In these new Interests having cunciud.
81 that the policy 81 moderate move.
ment rather than 81 haHty "TurhinE"
u most conducive TO tho cultivation
OF confidence IN this important rcur-
ganization Of Industrial capital The
movement has come In obedience 10 "a
series or natural causes ana N " u
protected against the faint ~ over
capitalization. these isauea must have
their place and standing la the stock
market, tho same a. they have In Lon.
fnn and continental exchanges. tui
violent movements. no matter how In,
trinHlchlly legitimate, create dirtrusl
and prejudice when they are pushed
with an encrgy and speed for which
tho public afc unprcparcd.
In the absence Of acute excitement
In the industfiaiH, somewhat moro at
iention had been given 60 Tho rnilrond'
list, and an improved feeling has pre-,
vailed In that branch Of operations
Hut, while the market has been fairly
well sustained. II has not been partirn
larry animated. The report Of dnmnE'
10 the wheat crop has given couraE'
10 tho bear side and lcsscned the nrio
| ~ their opponents. There " n dispose
atorr 10 await definite Information nj
10 the winter wheat. A. present tn
reports regarding II are more or les
conflicting. There II no question, how
ever, that II win prove bad enough
still. II must be- considered that Their,
will he very large amounts Of whea
carried oyer frpm the last crop in tn
Increase Of acreage will give an nmpl
supply for export, home consumption
and seeding. Besides there remain
still the open question an 20 sprinl
wheat. The spring crop GENERALLY eS
panda aa the winter contracts. and tina
Of last year reached 800. ooo, 900 bushels
or ioo,po,ooo more than the output o
1887
The money market has settled Into
condition OF greater ease. which mp
pears likely 10 continue until the fal
months. The treasury has 80 arrange,
It's Withdrawals from the deposltor
banks IN connection with the paymen
10 Spain, as 10 cause the minimum %
disturbance. Tho withdrawal of 81.
100000 a week Is a comparatively ligh
affair, when II II considered that IN
governments excess Of payments oys
receipts win cause return ~ part q
the money 60 the banks. The none
| markets OF the Interior are general
eary. aud atif rates here would be np
10 bring currency this way all the NOR
Foreign exchange Il sustained By IN
; Increase IN the imports together wit
the influence ~ the remittance OF $50
900 Ia anain. comnnrod wit
: March. is1s. the Imports Of last mont
show an Increase a. 1ii.2li.0il. on IN
export side. there n d decrease ~ q.
i5G.bgT from. last year and an Increase d
fii,isi.ifg compnrfd with 1857. tn
March excess or exports over Imports
81 .6s0.5c9, compared with tit0is. li3 4
J 1895 and SiO.930 500 In 1897. For IN
first qunner OF tho year tho Import
and exports compare as followsi
isa isps isg5
rxpottsi slipilg8 slihalse l ssdiasi, e
Imports ioLsnl.si it.'e''Aa lApisH
RSee'.i tsg,cstlia slsotag5 t1,ilasi
Thus the surplus ~ exports over I'm
ports, for the last thrce months II ttg2
G9aai1, while for the same dates 81 lns
/ AZ a. a a. 90 -. . -