The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-10-20
Pause in Northern Pacific Tn.
settles the Market.
AMALGAMA-ED COPPER FIRM
REVIEW OF NEW YORK STOCK
EXCHANGE FOR THE WEEK.

STOCK IN the absence of assured leader
ship. The stock opened uncha 1ged and
advanced a point. dipped points and
Huctuated doubtfully. This unsettled
the whole market and semi-stagnation
settled over the dealings.
Amalgamated Copper was an excep-
tlon and was strong and active
throughout, with only occasional slight
reactions The buying was concen-
trated in character and was attributed
10 Boston account supposed TO be COW
erinE BY shorts There was no news
10 account for the movement beyond
The insistence by copper interests that
the cOmpanys stocks on hand We're
not unduly large.
Sugar and Peoples Gas showed some
sympathy in the late dealings. Anal
Eamatec Copper rose 3 points and
closed within shade of the best This
stock held the market against the dis
appointment of the increase in bank
loans revealed by the weekly state
T1ent. It is confidently assumed that
this is due to reborrOwing incident to
paying off sterling loans which kept
the exchange market firm all week,
IN spite "f largely increased supplies of
cotton and wheat bills
A further Withdrawal Of gold for
Berlin from the Bank OF England today
indicates a continuance of the condition
OF hardness in foreign markets, which
has been responsible for enforcing this
paying off of sterling loans The mar
ket closed irregular and dull.
The animatsd upward movement in
stocks which was inaugurated in the
latter part of last week was checked
at the beginning of this week and
there was a considerable backset as a
result OF the prOfit-taking by last
weeks buyers. The report set afioat
last week pointing to the renewal of
extensive plans of additional CONSOLE
datiCns in the transcontinental rail-
ways we're disCrC dited by the emphatic
deniais from official sources. The dis
position to revive all the old rumors
which fed the speculative fUrore of last
spring seemed TO awaken uneasiness in
cial powers. with the fan pressure
upon the money market still unrelieved
and the efforts TO awaken an active
Dull speculation, which was discOur-
aged.
Much interest has been felt all
through the week n the northwestern
railroad situation. and there has been
some degree Of excitement, although
of a suppressed character. owing 10
secrecy maintained as To the actual
Developments. There have been many
Indications that the situation in that
field is developing and changing, this
most impressive Of which was the sud
den activity of Northern Pacific pre-
ferTed in the stock market after a
period of almost absolute stagnatiOn
ever since the Northern Pacific corner
land the resulting panic of May 9.
Tine public is quite uniformed as to
what steps have been taken toward a
solution of the tangIe which resulted
from the conflict Of control of Northern
Pacific. beyond the appointment OF the
Cancellation members of the board as
recommended by J. =. Morgan. The
task of a settlement remained for this
cancellation board to work out.
Meantime the situation. so far as the
public was informed. continued to be
ono of armed neutrality. with each in
tereSt jealousy guarding its holdings
of securitiey to insure their advantage.
The liberal supply Of Northern Pacific
preferred stock which found its way
into the market Thursday pointed I'M
Inistakably TO "A realization of the So
licitude with which every availa BILE
share has been held. after securing
every security market in the world to
secure il.
TIE process to which the securities
were pushed by that wild scramble and
the enormous accumulation reflected
in the volume of the transactions in
them Left no doubt that vast amount
of capital has been locked up in the
struggle. Where the capital came from
tie financial world has never known
definitely. No subsequent capital issue
by any OF the railways concerned has
revealed a suspicion of any of the
money expended in securing control of
market
The heavy borrowings from foreign
ers since revealed by the sustained de-
mand for foreign eXchar ge with which
10 repay them. point to the conclusion
that much of * has been carried by
bank loans here and abroad The en-
.larrassment of this condition is obvious
and was the basis of color given TO last
weeks runor of the formation of A
securities holding corporation to hold
and release large amounts OF capital 9"
IL is not difficult to deduce that this
phase deals with the fact that a cor
poration which owned a minority of the
stocks of these roads would be able to
offer a minority of its own stock 10
the public without losing that control.
which would be a multiplication Of the
process used In the control of the Bur
lington by Northern Pacific. This i'm
portant problem and its bearings on the
money and exchange markets have
bsen the dominant influence on the
oppressed specula ton of the week
II the money market the renewed
movement of currency to southern
points has marked the belated move
ment OF cotton to market in large VOL
ufne. With the completion OF the pay
ments for redemption of government
bonds under the treasury department s
late offer. the requirements of the
sub treasury at New York have begun
10 ma kt l1T0auS upon the money mar
let again. The proba bic extent OF these
requirements IS awaited to make clear
the failure OF the money market which
seemed TO be assured last week
4 number of special transact ions also
have to be considered. including the
purchase Of $50. 600 of Pennsylvania
company bonds and a $4,000 600 Pay
ment ON account of the pending soft
coal combination. Some uncertainty
over the future of railroad earnings has
been indicated
The clouds Of dependency seem to
have lowered over the Germln mar
kets again this week. and in Paris
there has been quite an acute Cisturb-
ance. growing out OF the upset in tie
copper markets in part. and Influenced
also BY the prolonged industrial crisis
An Russia. in which FrencN capital is
heavily involved. IN our own market
thc violence Of the disturbance IN the
COPPER stocks has been :nitigatad.
though tn speculation in them contin-
ucs fevcrish nd unsettled
Rail-oad bonds and investment Sc
curt EeuCraIiv have been in i'm
p~st.l dcnand snd have risen in price.
L ~ states y advanced Il per cent
on be ciO ing caI IF last week.
Bond auctatto S.
L. re19 Tossing Valley
T. s. . COuiT 4iss ........... 1882
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