The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-12-08
RUSH To SELL
BRINGS DECLINE
Prices Carried to Low Level on
Wall Street.
&
ALL GAINS WERE WIPED OUT
AMALGAMATED COPPER LED IN
DOWNWARD COURSE.
ALL GAINS WERE WIPED OUT

ANA gamated Copper led the van with
Manhattan q close second. The copper
stock touched SASS, a loss from last
night OF 59s. The scramble to cover
amongst the shorts reduced the net
lose to 3ls. IN Manhattan the extreme
decline was IL ard the net loss only a.
The stock touched 1856 several times
in It's erratic fluctuations.
On the first break in the market
many railroad stocks and the steel
stocks were little affected and they re-
sisted the decline stoutly. On the sec
ond break after the appearance of the
bank statement the weakness became
general at declines Of 1 to 5 points.
New York Central Rock Island, St.
Paul Northwestern. Great Northern
and General Electric were especially
weak.
The bank statement was even weak
eF than expected The loss in cash re-
serves reached over SL0OO,000 and an
expansion Of $4,000 600 in The loans
stretched the legal reserve require
ment so that the surplus was cut in
half and brought TO S. 900, 600. Heavy
losses in Amalgamated Copper neces-
STATED sacrifices in other stocks. 1t
was manifest that recent pool support
IN various stocks had been withdrawn,
the insiders having presumably taken
their profits on the weeks rise The
transfer Of funds for speculation to the
grain and. ccEton markets impinges on
the supply available for the stock mar
ket Liquidation for account of an i'm
portant firm about to retire is believed
% figure largely In the selling. The
acute weakness of American Ti1 Can
stocks on the curb was an incident Of
the days market. The closing was
feverish, but slightly better than the
worst
There have been periods of general
strength in the stock market this week
and points of continued strength, but
the spirit of doubt has been sufficiently
obvious The operations were By pro
fessionals, some times combined into
strong pools and by banking interests
and large CAPITALISTS. The commission
houses report that there is no evidence
that the general public, which makes
<de really good periods of speculation.
has taken any interest in the market.
This is accounted for in part. no doubt,
by the large diversion Of interest to
the cereal markets, in which a rampant
speculation has ragged during the week.
The presidents message was a favor
able Influence III the stock market es-
pecialy as the bears had sold the mar
ket in expectation O. a hostile atti-
tude on the part Of the chief magis-
tTate against the great combinations OF
capital
The buying by the bears to cover aft
eT the contents of the message became
known, argued that the document did
not meet their expectations in that re-
gard. The list of stocks which adj
vanced during the week is rather con-
spicuOus nevertheless, bEt the absence
of those concerned, directly or indirect
" in the formation of the Northern
Securities company and of such stocks
as the United States Steel corpora ton
and Amalgamated Copper. The copper
securities + As had its own special con-
siCeratiOn 10 contend with.
The discussion of the progress max
ing in the plan involved in the fOrma-
ton of the Northern Securities com
p2ny has been without any further
information on the subject from those
concerned. The meeting Of western
railroad presidents called to discuss
the new conditions and to further the
community of interests was without
the attendance of the most prominent
of the executives expected and the in
timatiOn was given that It was con-
sidered wise TO hold the discussion in
allegiance
a number Of directory changes in
the railroads concerned in the North
ern Securities company were explained
as due to a purpose to avoid questions
possible To rise out of the anti-merger
laws Of the northwestern states. 1t IS
feared also that the money outlook to
the end OF the year is not altogether
clear. owing 10 the international stu
alton Less gold went out than was
expected, but further requirements are
to be met apparently. Conditions are
h.. i'm,
many. and the Berlin money market
has been easy, but the year-erd re-
Quirements there are very many.
Money scarcity is expected in Lon
don to the end of the year. Paris has
renewed the buying of discounts in
London, but money rates have ad-
vanced again in Paris. and sterling ex-
change at Paris has declined. The
prospect of further gold exports from
New York is not viewed with eQuani-
minity by spectators, especially on
account Of the continued depletion Of
the bank reserves here on domestic ac-
count.
Against these factors admonishing to
precaution is the indubitable fact that
the COuntTy's business and industries
are still on the upward trend. Bank
cleaTingS for November were in excess
OF any previous November in the cOun-
tTy's history, and it is notable that
the ratio Of Increase is largest outside
the great speculative Centers.
Railroad earnings continue to show
increases over those. of last year,
though i'm a somewhat diminishing
ratio. The earlier fears OF wide in
roads upon railroad earnings on ac-
count of the shortage in the corn crop
are giving way to conviction that the
general merchandise movement is more
than Sufficient TO offset this as it did
in The case of the wheat shortage last
year in the northwest.
Complaints of insufficient car supply
10 carry the freight offered come from
an parts of the country, and railroads
are increasing their supply Of equip
ment and making improvements 10 in
crease their carrying capacity. There
is apparent confidence I'm the cOntinu-
ance Of demands on their reserve.
The present activity of the iron trade
and the demand for future require
ments continue to break all records !
General trade in all lines is reported
active and prosperous. The contrast
with the commercial and Industrial de- /
preston reported in foreign countries
is striking Increasing attention is /
given 20 the course Of Our foreign 1
trade which reflects the depression 1
abroad. The question is asked whether 4
this condition of the outside world can /
fail 10 find an ultimate reflection upon /
our own conditions. our iron trade and
steel exports have fallen off SIS. 000. 900. |
or 21.5 per cent i'm ten months OF 1901, |
compared with the corresponding pc /
Rod OF 1900.
IN copper the decrease has been S23.- /
600 900 also. but the percentage is ass. /
II is claimed that the domestic re- /
quirements of IRON and steel are so 1