The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-11-24
BUSINESS AND
FINANCIAL NEWS
Much Speculative Activity on
Wall Street.
MARKET HAD FEVERlSH TONE
1RREGULARITY ON EXCHANGE
DURING PAST WEEK.
HAD FEVERISH TONE

session of the stock exchange and ma
nipulative devices were freely used,
both by the bulls and the bears. The
consequence was a feverisn and ex
cited market There was a notable ac-
cumulaeion OF New YORK Central. Nor
folk & Western and Southern railway
and individual transactions in these
ran from 500 TO 1860 shares. New York
Central was lifted an extreme "a;
Norfolk & Western, 1&, and Southern
railway preferred 13s There was a
disposition 10 take profits in some Of
the recent favOrites, which had an un-
settling influence on the market from
tho outset. Michigan Central jumped
20 points. The Buffalo, Rochester &
Pittsburg stocks and Minneapolis, St.
Paul & Sault Ste Marie preferred rose
21a TO Ga.
Amalgamated Copper was weak
throughout. with the exception of a
slight fractional gain at the opening.
Ia the late dealings the stock slumped
70 SO, which is a fraction below the
lowest prices ever previously touched.
The assertion was published in the
street that papers against the Amaiga-
mated company are being prepared in
the attorney generals office at Wash
lugton. This affected a break of 3IA
points in Sugar as wei.
This weakness took the edge off the
rally on the strong bank statement
and made the closing very irregular
Renewed selling developed at the last
in tTansCOnunental stocks. The cash
reserves of the banks increased about
as f0reshadowed and the heavy loan
contract Of S13,504, 400 confirmed the be-
lief that the gold exports of the week
went to liquidate foreign loans.
fe aerarfa1 Fhof fba T,rsoolr in, Nv
change is partly due to renewed SELL
ing by bankers in the process Of eN-
tending foreign loans still maturing
which amounts to the creation of a
fresh supply Of short accounts in ex-
change, to be covered at later ma
Turtles.
There was extraordinary irregularity
in the stock market during the week,
leaning TO the side of depression in
the earlier part, but giving place to
strength and animation after the mid
die of the week. In the comparative
dullness If the earlier part OF the
week II peculative sentiment of the
general ItlOOk was vague and con-
fiiCtinF nd the only movements Of any
import. ice we're based on causes in
diVidual to the stocks affected.
AS a consequence. prices of different
stocks were often moving strongly in
opposite directions. The COntending
factors were on the side of depression,
the uncertain money outlook, due to
The heavy requirements of foreign
money markets for our gold. and the
agitation set on foot in the northwest
states against the purposes of the
Northern Securities company. So much
has been made of the formation of
this company as argument for higher
prices and the stocks of the companies
effected directly and indirectly by il
have been advanced to so high a point
that the prOsP 1t of executive OppOsi-
ton to The company was bound to be
considered in the speculative situation.
Protestations of determination to
maintain the separate organization OF
the railroads brought under the own
sTship Of the one company did not
prevent a persistent dropping of the
prices Of the transcOntinental railroad
stocks.
IL export on Tuesday to France
and Germany of upwards of $1,000 02C
in gold the largest amount ever eX-
ported from here in a single day. kept
attention focused upon the unprece-
derted conditions in the foreign eX-
change market and offered no relief
10 the anxiety as to how far the OBJ
The fact that the money market has
been only moderately affected was moi
convincing as to the future.
Ii is a noticeable fact that the hard
ening tendency of call loans in tbs
New York market has not driven Dor
rowers to resort to the time money
markets to supply themselves against
a rs d term in the future with funds
at the present rates, which are rathe'
below the current rates for call loans
TO say nothing of what they would be
in the event of stringency by reason oil
the gold exports.
The extensive resources Of the dOmes
tic money market are illustrated by
the constant recuperatiOn against the
losses of the gold output. Although
this outflow is about normal at this
season of heaviest merchandise eX-
ports, and must be to a large extent
unforeseen, it has partly made good bS
tho constant inflow of Australian gold
at the Pacific coast. This couutry's owl
production IF GOLD at the rate of Over
81 900 900 per month is also a part OF
the accC1nt, and must 20 TO explain
the facility with which the needs OF
European countries for the metal fOl
money purposes are supplied.
The option offered by the treasury
department for redemption of govern
ment bonds is also a safety valve
against money stringency. although
the effect Of these redemptions is mod
flied by the fact that some of the bono.
offered for redemption are withdraw
from the treasury. where they were de
posted to secure circulation, thu.
operating to reSire that much circula
don.
rrtI,o ,-,r.-y, ss,.- 80 tr.- 4..----- e. Al
foreign exchange market i'm the latte
part of the week has been an import
ant inhence in relieving the fears o.
yloney stringency and re.iving spec
Ulative movements in the stock list
The absence of gold exports today Il
taken as an assurance tat the re
Quiremeuts abroad are satisfied. as i
was expected shipments would be nee
essary 20 meet American subscrip-
tions. due fin London on Dec. 5. to NEE
the final installment Of the British loan
Beside the British loan, a large Rus
sian loan early next year is impend
ing, while the Chiense loan TO provid,
that government with resources t,
meet indemnity charges is 70 be mad
some time in the future
Whether these requirements can b
met without further resort TO on
money requirements remains an un
settled problem. The consideration
which served to make these doubtful
factors in the stock market have to dt
with the extraordinary trade activit,
and prosperity of the country, as re
hected in the record of consumption
Of pig iron in attempts 10 keep nj
with current orders heavy voiUme
Of bank clearings and volume o
traffic in all lines never equaled. an,
beyond the capacity nf railroads Z
net in snite Of the gcaat Incraase n