The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-05-13


New York. May 12.-The tone of
the trading in stocks was feverish and
uncertain today, and the disposition to
sell was still evident. There was an eff
fort to support some stocks. and the
short selling by the bears was followed
by buying to cover contracts. Missouri
Pacific was lifted at one time a point
above last night, carrying the railroad
list with it. The grangers, especially
Burlington and Southern Railway pre-
ferred. We're pretty well supported, af-
ter the rally in Continental Tobacco
preferred from its 6H-point slump.
This stock recovered almost completely
before the close. Stocks were offered
freely at the higher level of prices and
declined to the lowest before the ap-
pearance Of the bank statement. Peo-
pies Gas. the local fractions and the
steel stocks were all notably weak and
large losses were registered in a num-
Der of shares which have not been
traded in during the recent declines.
Some effort was made to rally prices
after the bank statement, because It
failed TO show the expected heavy ex-
pansiOn in loans, but it was successful
only in isolated instances. The close
changes were mixed.
The weekly reports of the mercantile
agencies confirmed the feeling that the
business reaction has not yet reached
its limits and the opinions expressed
in the senate yesterday Of the possibil
ity Of foreign complications on account
of the Monroe doctrine as applied TO
the Danish West Indies were cited by
the bears as further ground for specu-
lative depression.
The report OF a small decrease in the
loan account of the banks for the week.
instead of heavy increase, was a
surprise to Wall street 1t did not al
ter the belief in the reported loan TO
the Pennsylvania, which is today re-
ported to be from SIS, 0000 900 to so, 900. =
coo. The placing Of such a loan late in
the week would figure in the bank
statement for the average Of only one
dag. The calling of loans earlier in the
week, in preparation for the new ac-
cOmmOdatiOn would figure dispropOr-
tionat6iy IN the averages. The effect
would be to throw the showing in the
statement Of the next week The clear
ings statements are lower than they
were a week ago, after a week Of great
irregularity and uncertainty in move
ment.
For two days the market looked as
but the quick recovery on Wednesday
afternoon was the result OF a move
ment 10 cover by the bears, who had
been selling short, but who became
alarmed at the cessation OF the pres
sure to nquidate. Liquidation, IN fact,
seemed to be completed for the time
being, and it's limited extent gave color
TO the suppositiOn that it had been due
TO the selling out OF pool whose men,
bers had grown tired Of their non
success in getting prices up.
The strong and sBillfuI manipulation
with which the market was sustained
while the liquidation was being effect
ed showed that the sellers had large
resources and a Wide-TeaChing concert
Of action. The market rallied COnsid-
erably from the low point on the de-
mand to cover bear contracts, and ef-
forts were made by bull pools to eX-
tend the advance, but the general de-
mand for stocks continued extremely
apathetic and the market fell back into
dullness and renewed weakness.
Wall street wants to know how much
further the decline in prices of COM
modities must go before renewed con-
sumption will be invited in sufficient
volume 70 absorb production. Upon
the answer to this question depends
future profits for industrial enterprises,
rs well as earnings Dg IdlAEOduS. %
far as events of the week have fur
nished any light on the problem they
indicate that the readjustment OF
prices IS not yet complete. The pres
ent ease of money is regarded in an
unfavOrable light as a reflection Of the
diminished trade in the interior, but it
affords means for meeting the present
special demand for gold from Europe.
On the other hand, should trade re-
vive in the interior With the lower
price of commodities and the money
market become more active, any strin-
gency in foreign markets might be-
come embarrassing. The volume Of
American credits now placed in foreign
loans makes the home money market
more than ever sensitive to the course
of foreign markets. The statements
for the past week for the great gov
eminent banks abroad snow that
money conditions there are easier for
the time being, in spite Of the strong
CT position Of these institutions.
Bonds reacted in sympathy with
stocks and subsequently showed some
recovery. u. :. refunding IS when is
sued, the IS and Old IS declined Y and
new IS 4 in the bid price.