The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-03-03
COMMERCIAL AND FINANCIAL.

New York, March 2.-Dealings were
rather unimpCftant in the stock mar
ket today, neither the volume of trans
sctions nor the range of prices Offering
any striking features. The bank state
4nent bore out the index of the money
market during the past week, rather
than the indicated cash changes. No
Ineligible explanation can be offered
of the fact that the known movements
Of money showed a loss of over $1,000
go for the week, while the bank state
ment disclosed an actual increase II
cash reserves of over $1,000, 600. AS
there was some selling Of stocks by
tracers yesterday on the superstition
that a decline in surplus reserve
would be reported. the publication OF
the statement brought a demand from
this source to cover short contracts.
Prices ran off again in some cases ana
the closing was Irregular in tone.
Net changes are mixed. The days
market served to cOrroborate the view
that trading has been relegated largely
to the hands of board room traders.
Sugar was inclined 10 be heavy, but re-
covered the most of its loss. There
were advances in some of the less i'm
pOrtant stocks and some strength in
individual railroad stocks on reports Of
good earnings.
Events of the week in the stock
market hinged on the consolidation Of
the steel companies. The stock mar
ket world has not concerned itself
much with the larger bearings of this
vast project as to the ultimate effects
on the iron trade of the world, the
increase in efficiency of control and di-
rectiOn, maintenance of stable cOndi-
tions and such like problems. Operators
IN stocks have been almost wholly
taken up with the question of relative
values of the different steel stocks,
measured by their allotted rights to
participate in the securities Of the new
corporation by exchange.
There was wild speculation in the
steel stocks on Monday when the con-
viction was general in Wall street that
the basis of exchange had been settled
during the previous three days inter-
val OF a closed market. The failure to
put any official statement Of these
terms left room for excited speculation
on the part of those who We're left TO
conjecture the terms from tips, and
from the actions of those credited with
having inside information. When the
official statement of the terms of eX-
change was given out, it WAS quickly
preconceived that the allOtments had
not been made at all in the pro-
portion Of the ruling market prices for
the securities.
brisk market was made on the
curb for contracts to deliver the stocks
Of the United States Steel corporation
when issued The making of quota
tons for the expected new securities
furnished an index from which to es-
innate the market value of all the Sc
cUrities concerned The price of the
United States Steel corporation stock
was seen to conform approximately to
that OF the lowest priced of the old Sc
Curities, in which the terms Of eX-
change were at par. The movement OF
prices in the group. while very uneven
owing to the adjustment of the prices
to the ratio of exchange rights, was
towards a lower level and with a di-
minishing volume Of trading.
To the approach OF the period Of the
year when the domestic interior finds
increased need for money in circula-
tion, the current ABSORPTION of funds
b. the subtreaSury, the continued de-
lay in the resumption of EurOpe's sup
ply Of gold from the Transvaal and
the upward tendency of sterling OK
position of speculative holders to light
en- their loads may be traced.
It is of no small consequence either
that many of the men of great means
who have been foremost in the opera
tons which made the recent unpFe-
cedente6 stock market have left the
street for vacations of various durs-
lions. This has the effect of causing
what the professions call a tired"
market. General conditions are report
tinue large and traffic heavy. The st.
PauFs stock privilege and the result
ing strength of that stock were the
grounds for animated speculation. Sew
eral of the industrial specialties had
sharp movements due 10 individual
causes, but generally speaking, the
stock market has been left more and
more in the hands of the professional
traders who operate from day to day
in stocks without regard TO general
conditions.
There has been a good demand for
railroad bonds, especially of the
Southern Pacific issues and some of
the southwestern railroads and those
effected by recent consultations or
changes Of control.
United States refunding IS regis
tered advanced 81; do coupon. a. and
IS. 4 per cent over the closing call OF
last week.
Rond OnOfa4fn--