The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-12-02
STOCKS IN THE EAST
Market Is Narrow and Without
Marked Feature.
SPECULATION Is LESS
HEAVY TRANSACTIONS BEToK.
EN- SECRET COMBINES.

New York, Dec. There was COM
paratively narrow market for stocks
today and the tone was not we'll de
fined at any time Large and confident
buying of a few railroad stocks was
in evidence. but this was partly OFFSET
by the sharp weakness Of a number OF
industrials and specialtieS, and the
whole market turned downward with
the appearance Of the bank statement
and with additional influence of 3
point break in Sugar. The notable de-
mand for railroad stocks looked 70
shares of companies operating in the
southern region Chesapeake & Ohio
and the Southern railway stocks were
taken in large blocks. and Mobile &
Ohio was moved upward 3l@ points Out
OF a dormant state. Sugar was heavy
throughout on doubts regarding the
approaching dividend, which rumor has
proclaimed would be increased. Re-
ports current OF a projected new re-
fnery near New York had a marked
effect on the stock and helped to break
the price. Glucose. Smelling, PACING
and Anaconda weakened early in the
trading, American Tobacco showed a
strong recovery from recent depres-
sion and the coalers had a rise on the
cold weather The bank statement
was a surprise. The heavy loan ex-
pansion is supposed to be due to prep
aratiOns for requirements for Decem-
Der, but the usual December prepare
lions for Jan. ] are expected to be-
come effective soon and the revival Of
the interior demand for currency to-
ward the last of the week suggest
caution in the borrowing of money for
speculation. The gain in cash of 81
So, 800 was unexpected. and served as
a welcome Offset to the increase in re-
serve requirements of 900, grow
ing out of the large addition Of ST.
flS,000 to deposits. The inrOad of @l,-
412, 600 upon the surplus would other
wise have been much larger. The con-
tinued large demand for bonds at ad-
vancing prices was a noticeable fea-
ture of the trade.
The trading in stocks has been on a
diminishing scale this week. No change
in financial or business conditions can
be assigned as the cause of this les
sened speculation. 1t is rather the
natural pause bound to come after an
Outburst of great activity in human
affairs The same thing Is seen in the
business of the country, where buying
was excessive Immediately after cleo
ton, representing the loOsening of
floods pent up pending the decision Of
that event. while now the animated
demand for products shows some nat
ur2l reaction This is especially no
tiCeable in the iron trade. The stock
market is especially nsitive to the
course of events in that trade. The
purely speculative element has been
quick to take profits and prices have
consequently declined. This survey of
the stock market conditions must. how
ever, be taken in d purely relative
sense. While business is smaller and
prices are lower than in the period
Immediately preceding, there is still
high level of prices maintained and
capital continued to be employed on an
enormous scale in securities. It has
p
actions in some one stock viii show
sales of 100000 shares for d single
days business, and the record has run
almost 10 100000 shares for d single
days business in Northern Pacific.
L Is not conceiva BILE that uniformed
speculative enthusiasm of the general
public should show such result as this.
Great combinations and syndicates Of
bankers and capitalists alone could
command the resources for dealing on
such a scale when the execution CT
buying orders brings our records Of
many thousands or shares changing
hands in these stocks. Nor is it within
the bounds of probability to suppose
that such buying is held on a margin,
with the mere purpose of marketing
the shares at a higher level of prices.
Some have gone into the vaults of
financial institutions to be held for the
sake Of the investment return afford
ed, while others have gone into the
hands of competing or affiliated COM
panies, to secure control or increased
influence. No authoritative announce
ments have been made as to the source
of any of this buying though rumor
has been busy with reports of deals
and corr binations.
Combinations Are Matching.
These rumors are so indefinite and
sometimes contradictory as to stamp
them as unreliable, but the conviction
is very general in Wall street that d
process is going on of TRANSMISSION Of
interest among the great railroad sys-
TENS of the country wherever there is
competition or where there is mutual
interest making a combination desiTa-
bic. The series of operations recently
reflected by the Pennsylvania and New
York Central are the obvious motives
of competition and of diversion of pro-
fits which thus tend toward solution
are calculated to increase the value Of
investments in the properties involved
while from the technical stock market
standpoint the reduction of the float
ing supply of securities is calculated
to add indefinitely TO the stability Of
market prices.
The bond market has been less IN
settled this week than stocks. Bust
ness has increased and prices have
advanced. Junior or refunding and or
ganization bonds have been the favor
ties. especially new issues.
United States Is advanced Il the old
As and IS u and the IS and new As =
per cont over the call prices of a week
ago.
Bond Quotations.