The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-09-23
Week Shows Decline.

r,rfcos are considerable lower as a re-
suit Of the weeks trading IN the STOCK
Virret ON Monday and Tuesday there
seamcd 10 be an effective check 20 the
HC1iidatiOu begun on Friday and Saturday
of last week and the oeman1 rom shoIIs
40 cover effected some consldefable raj
He.-brt Wednesday the hquidatfou was
rsnevyed in force and broadened out so
AS 10 include pretty much the Whole isl,
Tive a ( we'll as dormant. In the latter
class some heavy declines are recorded:
owing to the length OF time which mad
eIansed since there was any trading in the
stocks and the change in conditions IN the
rnc3ntime The Immediate news develop
rnents of the week have not been, Import
amt but the conviction has been forced
upon a speculative element, which mas
held out persistently for nigh prices,
that the usual factors making Tor depres-
SION al this season are not to be evaded
mis- wear. For some time past various
speculative pools have been at work In
he manipulation of prices here and
there, some times by dissemination of
unwarranted assertions regarding pros
pec.ive dividends. the entrance OF IN
fluential new elements into speclt1c prop
critics and such devices The task OF suS-
tanning prices has been comparatively
easy owing to the firmneSs with which
the controlling interests in various stocks
have held and the continuance OF low
rates for money. But while the bull party
has been able TO sustain prices by care
ful nursing, the market has. been en-
firev unfit to absorb any realizing sales,
owing to the determined abStention OF the
general public from any buying. Even
after perceiving this condition, the specu-
Iators held on in the confidence that the
money market was to escape the usual
ran stringency, and that they would be
able 20 carry their speculative holdings
over to the later Der I'd when advancing
prices are generally expected IN van
symptoms have developed this week that
the course Of the money market is to be
about as usual this year. The SPECTATORS
have therefore abandoned their attempt
10 maintain prices and have thrown over
their holdings bringing out other offer
ings on the decline as Is Invariably the
result Of a fall in prices.
New York Lends Abroad.
Foreign governments needs for loans to
meet military expenditures have absorbed
large credits and the German money
markets have had a burden TO carry of
initiation of capital issues On industrial
projects. Furthermore the London mar
ket is still cut off from its recent source
of gold supply in South Africa. and the
large sums of gold which usually go from
Australia to London have been diverted to
san Francisco. In consequence New
York bankers have been large lenders in
foreign markets and for a considerable
period have been practically out of the
local market Interior markets in the
New York market The effect of these
conditions, which have been ripening for
long time, became manifest last week
When demands were made upon New
York bank reserves for currency for IN
terror points. The hope that the Calves
ton relief measures made last week s
weeks larger movement, demands from
western points being added TO those from
the south. New York money rates have
risen apDreciably in response and specu-
lative sentiment in the stock market has
been much more sensitive to elements of
uncertainty in the outlook. The coal
miners strike, the unsettled wage
schedules in the steel trades and the
growing completely of the diplomatic
situation over China have played parts
Of Increasing Importance. 1t is recalled
that in the experience of last fall, the
needs Of speculative holders OF stocks
were the last TO be consulted by tenders
or money and many industrial dividend
paying stocks were uncompromtsingly re
lected as collateral for loans. The call
loan rate on the stock exchange scared
10 lS6 per cent while no more than . per
cent was paid for loans on the ordinary
business transactions. These are the
considerations that have induced the
weeks LIQUIDATION.
The bond market has been only slightly
affected as compared with stocks, but
Liquidation has been in evidence there
also.
New IS coupons advanced 4 and the old
4 a uer cent in the bid price. The IS
declined 3 per cent