The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-04-29
nan TONE OF MARKET
rms DEPRESSED AND AS
' INF A WAITING ATTITUDE.
.,.,.rorable Reports Made BY Com
UD- -,,srcial Agencies Indicate That
Trade Activity and Business Pros
.r;tv Are Not Being Fully Main
i.ired-Drooping Tendency.

pV7t NJ depression which cid not
g., - =, .posirye weakness. A waiting
e. - would be the proper descrip-
''..' The reDods Of the commercial
u'- - for the week, which make
- anpeararee on Saturday morn
caused a feeling that industrial
"a trade activity and business pros
-itv were not being fully maintained
tho time being. There are sugges-
" y. in various financial circles that
.l,g prices are serving to diminish
- 10 an extent that may
''-..-its+a cur-aiIment of production
ps-- 11yrarirg Of prices. The report
sl-N,fsrcb of the Lehigh Valley finished
~ ". whit OF unfdvorable results in
las eTtbrqcite field. The bank state
W. while a strong one. according to
. w.. ordinary rules Of Interpretation,
tod an unfay0rable impression.
'p-,fi-,inarv reports of the large in
Of currency from the interior were
aJ r-.frmed by the statement. This
.--,snsnt in view Of the ease of
~ an this center, gives force to
pr s1qgestfOr that there is a falling
~ IN trade activity. This view, at all
O.-.1ts was the keynote Of the drooD-
s.,, tendency Of prices, to which there
.rs-s NOT sufficient exceptions TO affect
~. General tone. The steel induStrials
,-,-s sDecial sufferers, on reports of
t-.sTdaI competition by the Carnegie
.-,nanv I'm the field for steel and wire
,mngre,' products and the shutting
S,wn for repairs" Of a plant Of the
National Steel company.
The weeks increase Of loans is I'M
sTrbtellv largely due to borrowing on
ss-ling collateral. Owing to the
s5saDnegs Of money here and the rela-
tive dearness abroad, this operation is
more profitable than drawing the ex-
change This operation. as well as the
EXPORT Of gold. represents the lending
a money to foreign borrowers as the
euntrieS foreign trade continues TO
accumulate credits in our favor.
Reports Of bank clearings do not
warrant the assumption that the re-
turn flow Of currency is due TO dimin-
ised trade activity. New York and
Boston are the only important centers
IN the country to show a decrease in
ca7riugs for the week. compared with
bs, yesr. The five other leading re-
srre cities, as we'll as the total for all
other cities show increases running
from TO over Is per cent. The true
explanation must be that the extension
O. bank note circulation and the dis
tusement of cash by the United States
today has Overrun the needs OF the
cCulatiOn and is forcing funds back
into the idle reserves of banks.
Prices Of stocks are rather higher at
he end Of this week than they We're at
De End Of the last. after having been
considerably lower. The amount Of
support accorded To prices and the eX-
tent Of the demand at any reaction in
prices has been something of a sur
prise to Observers. II was feared that
the break in prices in the iron trade
would induce widespread liquidation in
securities Wall street by tradition
looks upon the iron trade as an infalli-
BE index Of prospects for business con-
Gt'onS Once established that iron and
s'eel production has Outrun demand,
ana that prices have reached a level to
e1ectually discourage and curtail con-
SUMPTION, or that needs for the future
nave been 50 far met as to lead to de-
preston IN IRON and steel, and Wall
street. IS prepared to accept the evf-
uslce as conclusive of a elimination
VI prosperous cycle, with the certain
y OF a period to follow Of business re-
a',0n and comparative depression.
UA last Saturday the cut in prices by
NE American Steel &, Wire company
seemed to establish the fact of such a
wllliion in the iU0n and steel trade.
-t ule week opened in consequence
s,A evidences Of general liquidation
~ SUCKS The first check to the de-
zane rom the powerful support
INSIDE interests in the various
80. 80 IL became quickly evident also
I'll ia. .A me steel stocks themselves the
SEl'eSl Aqudation had already been
--s.5u oy holders who knew what was
- ana Who had not only sold
49,, - Aglllngs Of stock, but had gone
49,. VI me market at the higher level. |
si -s II happened that the opening
- ' Monday morning marked the
- lLlce in the iron and steel move
g. Inc eager demand from the
,,,.. 10 cover proved an ample sis
Nun r-rus force for these stocks Rut
bssrs. $50. $50 renewed that after the
n, ' - s.eei stocks mad taken their pro-
ana ' -e might be d renewed define
NJ - operators continued to sell Ru-
sail 10 circulate that recent
5sr5. -o F'ellcuons of inaugural divi-
c-bs-, y. ~. SOlhe stocks and increases in
he $50 We not wei founded. and that
uass Sc 10 1--WE pools which had caused
Olt tbsir L -,-,e''7 I'd Pc made had sold
ifs .IoIulnSs and taken their pro-
NM .lInateS WEI. published Of the
r,slR..o'eements planned bv some Of t ~,
hy. e. a. lil"..oolVn- an enormous out
clrr5 52 as 70 threaten The absorption of
lave Is. increases Lu earnings. which
rsr, zen counted ON FOR a disb,,rsa-
M. 10 dividends. '7'''i &C
Start 9.nditicns which were demon
I'o had !" 'us Steel O. Wire company
ssat '1 o- strong influence on aenti-
1s ops IN saeeoga. O. their bearing on.
u1t t.17 :-.n Of III. ..acacv Of the 81 81
ht vss, '0SlflaI canbiuations of the
s SSae conditions 81 t ''a.. IN controlling
FssSon u IT, f.eurant Industrial de-
O eo,5 IN. Inc Prospects, of larga evrorfg
sS S'I ny vas an a.f.i eact",. Sc S je,
h.-iv me Professional 49, fCl ~ u ,Iie
ar ts my .ea ia Die varioUs rsoc IT,
Al ors- alie1eiss and sod Ufod Ieactl9n-
aeir ds, -,-.-l. They sold so freely that that
teysIo1.o'5i' ma TO cover snort cort- siD4.
ta '5ILea keen c1uratitio0n, = G I2