The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-03-11

,.eag Lut there was some small but
e.rr.f.qa. buying from outside sources,
.srsr.alr manifest in the taking Of
fractional lots Of stocks for investment
,,ttcr proved the attractiveness Of the
-,-a-er, level Of prices to those who are
NAT dependent upon ordinary money
market r.eis5,udes for holding stocks
I'm the dividend returns which they
hold. The wide distribution Of the
T.aHne- also added to the healthy ap-
,..rr4ula of the market. The Chardc-
i.r Of tlp bank statement was 80 con-
65erf.v fpre-ecn that its appearance
Was NOT awaited for the closing up Of
professional contracts.
TBe traders have been on the short
side or the market quite uniformly
dgrIre tine week, so that the closing
up of contracts stiffened the market
very apureciably. Sugar and People s.
Gas were notably in demand before
fine bank statement, but were sold off
aeafu together with the local traction
Stocks The obvious unwillingnesS of
prices t0 Yield on the bank statement
drove the bears to cover again. Sugar
advanced an extreme 31B and Peoples
cas- D and the whole list rose to the
highest level Of the morning. with
more show of animation in the deal
jues than has been evident for several
days.
The bank returns were fully as weak
MS was expected. The strength of the
davis market must be attributed to a
faith that speculative commitments
h-.nE small the market is not very
vulnerable 20 a temporary money
squeeze Beyond q temporary gtrln-
gency the new currency and refundinS
law is confidently looked to for speedy
relief There is an under current Of
sentiment also that some Of the re-
cent heavy loan expansion would be
readily convertible or transferable in
case of any urgent need of cerdits
without doing damage to present bOr
rowers. This would be true Of such
portion of the recent loan expansion as
has gone into government bonds with
"a view 90 taking OJt additional note
circulation.
The belief has been held in Wall
street for some time past that nothing
prevented a general rise in prices but
the disturbing effect Of the acute weak
ness Of a few stocks under the intlu-
tuce of causes special to themselves,
Lot anything bearing on the general
condition making for higher values.
But the mos. conspicuous of these dis
turbug causes reached a elimination
DURING the week and the stocks af-
fected have retired 20 a comparatively
obscure place i'm the market. The ap-
puiutmcut of "a receiver for the Third
Avenue company and the action of the
directors of the American Sugar Re
filming company i'm declaring the re-
dUeeI dividend on Monday, two days
iu advance of the expected meeting,
put am end t1 the furious speculation
and the violent and cratic fluctuations
Iu those stocks, but still the market
showed q listless and Indifferent spirit
and halted and hesitated. falling by
progressive stages into a deeper slough
of s-m-stagnatiOn.
The disappointment in the eXpeCta-
ton of a rise naturally led to the de-
preston I'm itself. and the market, while
maintaining a waiting attitude, has
become heavy in tone and prices have
slCggd 10 a level below last weeks
close. The railroad list has offered
much better resistance than the indus
trials and specialties. but has not re-
spOndaI with any positive show Of
strength To- the extraordinary exhibits
OBJ. prosperity made by the great rail-
I0ad systems of the country. The an
uuaI report of the Pennsylvania rail-
road owing 90 the great extent Of the
system operated and the diversity of
its traffic would in itself be accepted
a. convincing evidence Of prosperous
conditions not only in the railroad
business itself. but in the general bust
Ness Of the country
The significant fact. which, pointed
out by the president, that the increase
IN the tonnage for the year, east of
Pit,shurs and Erie, which was 5000,
GOO. was greater than the whole ton
mage moved over the same lines in 1875,
or any year previous thereto. The con-
viCtiau expressed by the same author
ity that "tha general business Of the
country may be expected to increase in
the future as in the past" and the
cgntio'uea That with plans presented
FOR On. outlay of additional millions
Tor taking care OF the future increase
or business. are powerful influences to-
wards VuH.i. confidence in the stability
o- value Relatively high price main
tanned fHr he stock Of the Chicago.
milwaukee, a. ST. Paul company on a
B per g-u- dividend basis, compared
with otn.. granger railroads, is signifi-
can't aisN nt gru-an-meut of stockhold-
ers with ,Ga policy OF that company in
making enormous OUTLAWS Of gross
earnings for improvements and better
@ents looking to the future growth Of
business.
But The prosperous conditions exist
ing ma toe expressed confidence in
aaH continuance are FOR the present
,,eFsladowej by the eNigencies of the
Ne" YORK money market The devel-
-tl'lJs a- t'e point explain the un-
t'-- -ness 'i large capitalists to heed
-- eAnoitsti'ls of spectators fer a
>e -l stocks. that there IS nothing to
L 'n ina. score, and that the new
.,I..ny la" g,vCs an assurance of
-l-l.Incg uf IoauahIe funds Tbs-cor-
-----' IS no, lacking that the currency
.- VIII result IN expansion of the cur
t ln due time after it becomes .op-
There has been cumulative force.
-'r.rr, M the doubt whether the cor
e, cam be turned before that relief
~ available without a pinch in
| .ey market. Large demands
,-l.. 20 be made for credits on tbe
" York banks for mercantiIa loans
-.F buying government bonds by.
-a, ltn view 90 taking ont add
500. REGULATION under the law Tho
-..i.. depletion of New York cash
4 IS due TO the drastic absorb
,- g.. -Inds by the New York sub
q ,a.t. Last week the drain on this
.-s-a- reached nearly $500. 600. but
r- VAS included the payment TO the
.,.. -.. nj Of d S&.0o0O00 note on ac-
~ %. the Central Pacific.
..rS week, without any such special
,-.sa .-.n and with disbursements of
,-.s incident TO the first of the
aS.- 'le treasury has nevertheless
~ GU. Of circulation a larger sum
~..F than last wes5z-a SIM,
c--lAS TO more than half the re-
r...--S surplus over the legal reouire-
~ VI me New York banks cash re-
t- lt is indicative of the specis1
o. imposed on the New YORK
Oh. market that the total surnIuS
e- government revenues for tbe
gag, month amounts 20 only about
v.Il OF the amount taken mn tbis
o. "'m the banks by the sub-treas5
Bora Apianation is that a large pro-
tss,- oi the government revenues -