Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1900-01-02

Prices touch a still lower level on Fri
day, December 49, but the panic was at
Its worst December is. The declines
were much the most severe In the In
dustrlals. not only In points but pro-
portlonately. Many OF the industrals
sold at about one-half OF their best
prices, while some lost fully tw0-thlrds
and over OF their previous market value.
On the other hand railroad shares lex
ceptlng local tractlons) declined only
about 20 per cent and less on the aver
age, compared with the highest Of 1899,
showing much greater stability than IN
dustrials as investments, and proving
the necessity for the discrimination
against the latter so often insisted upon
in these advices. As already said the
position Of the market has been much
improved by the late decline, wedding
out soft spots; transferring stocks from
weak into strong hands, and Offordlug
a fresh and better basis for new specu-
latlon. In some respects We should
have been more complete, as few
weak spots still remain; but the general
situation is 50 satisfactory that any un-
favorable developments in these quar-
tiers would have little effect.
SHARP RECOVERY.
The sharp recovery OF the last few
days has been somewhat too rapid be-
ing materially accelerated by short
covering. AS FOR the future OF the mar
ket II Is now quite promising The
year closes with business IN exception
ally sound condition. Thus far there
are no indications Of oyer-trading or
over-expansion OF credits. Merhan-
disc values are on a higher basis ana
labor Is every where wen employed at
good and In numerous cases at higher
wages. The phenomenal activity In
che iron trade still continues, and shows
no signs Of abatement Production OF
pig iron, enormous as u ls has failed
10 outrun consumption, which is receiv-
ing a tremendous stimulus from the
many new uses to which iron Is applied
and through filling the gap caused by
years OF economy Many Of the biz
steel companies are now running upon
orders received some time ago, which
Will keep them busy until the middle of
1900, II not later. IL ~ known that
numerous contracts are now held up
pending lower prices; so that the pro-
spects Of continued activity are excel
lent Other lines Of industry also show
great pressure Of orders. am OF which
means continued large earnings for
American railroads during the coming
year
ENCOURAGING FOR RAILROADS.
For railroads the outlook Is especial.
ly encouraging. The majority Of these
properties are now organized up0n a
satisfactory basis. our best roads are
IN better physical and financial condi.
tion than ever before. earnings are
constantly Increasing while the train
cost per mile IS steadily decreasing. la
boz has already received q share Of
present prosperity, aud stock hodera
have right 10 expect tetter returns
Several OF the cheap stocks are now
approaching a dividend basis and PROM
Use 10 become speculative fav0riies.
while many OF the older dividond-pay-
ers viii be gradually absorbed by in.
vestors and taken out Of the market.
MONETARY SITUATION.
The monetary situation IL much im.
proved. Preparations for January dis.
bursements, which viii reach consider.
ably over the usual $3.50 100000. were
safely passed Much relief has been
afforded by Secretary Cages efforts Co
counteraot the effect Of treasury opera
tlons which are taking millions out Of
circulation and encouraging panic by
contraction at time when expansion
was most urgent. Instead OF abuse.
Secretary ge Is entitled 90 high credit
by Intelligent men for iudiciOus action