The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-09-29
BUSINESS AND
FINANCIAL NEWS
Day of Small Professional Opera.
tons on Wall Street.
LITTLE INTEREST TAKEN
MARKET SELLS OFF AND TRAD
Frs TAKE THEIR PROFITS.

New York, Sept 2s.-With only two
hours of trading today and a yacht
race in progress, a large part of the
usual interest in the stock market was
diverted and the affair was principally
one of small professional operations.
There were some heavy blocks. running
from 1000 to $500 shares of Steel COM
mon and preferred, New York Central
and Union Pacific transferred in the
opening dealings, and the market went
higher during the first hour. A num-
Der of obscure stocks were brought for
ward as yesterday, some new ones be-
ing added to yesterdays list Amalga-
mated Copper fuctuated uncertainty
rising small fraction at first and
meeting support at early declines.
The whole market sold off in thG
second hour, when traders took their
profits, and Amalgamated fell "a below
last night. The Vanderbilts were also
notably affected by the realizing in the
absence of the buying from the sources
which was responsible for yesterdays
strength. The market closed weak.
The bank statement showed larger
gain in cash reserves than was antici-
pated, but failed to reflect the expected
contraction in the loan account from
the stock market nquidation. Prepar-
atoms for October disbursements and
for subscription to several municipal
bond issues during the week probably
account for the offset to the repayment
Heavy liquidations from all source
have been apparent in the stock market
all the week. The motive of this liquid
alton was obviously mixed and seem
ingly somewhat conflicting. What are
called the large financial interests
showed very divided sentiment early il
the week Morgan and Gould stocks
continued to advance with signs of in
side support, after all evidences of sup
port had been Withdrawn in the stocks
soI fV7fn ncTC cy~a
dominant.
There has been activity for some
time past by the speculative pools in
the market, based on the assumption
that the great financial powers are
united in a determination to support
prices and protect the money market
as they did through the crisis follown
ing President Mc&inley's assassination.
The fact of a divergence of policy
among these influential capitalists was
sufficient to check the activity of the
professional pools, even while the one
party continued their measures of sup
port, which was only for a short time.
Not only did the brokers who have act
ed as agents for the supporting powers
in the market discontinue their meas
ures, but they became large sellers Of
the shares accumulated by their heavy
buying at recent periods OF weakness.
Joined with the rush to realize by pro-
fessional pools. the effect was to throw
ing on decentralization.
The disconcerting effect on specu-
lative sentiment of the developments in
Amalgamated Copper doubtless was an
important element in deciding the
change of policy on the part of the
leaders. The conditions in the copper
trade, which are assigned as the cause
of the present demoralizat ton in copper
mining stocks, are not new subjects on
Wall street. Even the omission of the
dividend AmalRa-
mated Copper stocks was industriOuSly
rumored for many days before the
fact.
It was news to the spectators in the
stock that foreign consumption and
exports of copper had decreased enor-
mously owing to trade depression and
failures of electrical enterprises in Ger
many. Copper trade statistics were in
circulation in Wall street for weeks
before the collapse in Amalgamated
Copper and even while its price was
soaring to near its record figure. 1t
was only on the very eve of the divi-
dend action by the directors that the
manipulation for the advance and sup
I port of the price ceased. The rush to
/ sell after the reduction in the dividend
/ found the market practically bare OF
/ demand and the drop in the price from
/ 1071k on Friday afternoon last week
before the dividend was announced to
:
pendicular.
The selling Of stocks elsewhere in the
| market was due in large part to spec
u1ative losses incurred by the drop in
Amalgamated Copper. The whole spec
rIatiye tone became pessimiStic and
! there was large selling of long stock
I and short selling by the bears. The
| general outlook was considered discour-
aging and views were expressed that
I the cycle of prosperity had reached the
! crest.
J OF some OF the important financial pro-
/ jects looking TO extension OF commu-
nifty of interest, and announcement was
I made that measures for financing the
I purchases of Northern Pacific shares
! on behalf Of Union Pacific were to be
! postponed until more favorable condi-
lions. This renewed the latent appre-
| hension of an outbreak Of the quarrel
| over the control of Northern Pacific.
| Eastbound freight rates into Chicago
were reported demoralized on account
of the light rain movement. with a
| threatened extension to trunk line ter
! ritory. and specific assertions were
! unfinished of a feud between PennSyl-
| vania and Wabash over the entrance
| Of the latter into Pittsburg with threats
Fears incurred that the interior de-
| rnand for money would exceed the re-
| serves of New York banks and would
necessitate large curtaiiments of call
/ loans to meet them. while the sharp
recovery in foreign exchange carried
rates we'll away from the gold import
/ point and destroyed hopes of imme-
! diate relief from that source. Such
were some of the items making up the
| feeling of announcement in the stock
\ market during the period of violent de-
! cline in prices. The future of the
| market. indeed. seems by no means
! clear. although interest rates have de-
| clined and banks have shown increaS-
| ing disposition to accommodate Dor
rowers. That heavy requirements re-
main to be filled for interior currency
| needs is certain.
There has been no notable selling
pressure in the bond market outside a
| few speculative bonds. United States
refunding Is advanced X. the IS q and
the new Is q over the closing call last
! week.
Bond Quotations.
L s. ref IS reg .1OSss Erie gen. 4s...... SIS
| Do. coupon -. .1o9is Hook Val. 4las. 1861
i u. 9. IS reg. 1885, I. e n u IS. 1O2