The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-12-29
SMALL CHANGE IN
PRICE OF STOCKS
Very Large Amount of Proftabl,
Sales Made.
GAIN IN CASH BY THE BANKS
LARGE HOLDERS CONTEND WITH
ADVERSE CONDITIONS.

I
taxing sales which were made. The
market was an excellent one for real
izlng. profits. which are of tempting
| proportions, as a result Of the consid-
cradle exercise in prices the last few
days. There was a vigorous and well
distributed demand which absorbed the
offerings without serious inroads upon
| prices. The continued recovery in
| Sugar. in which the dealings were
! again large, sustained the market The
| unexpectedly strong bank statement
! made the closing strong after the real
izing had commenced to make some
| impression upon prices.
Amalgamated Copper failed to hold
/ its gain and closed only a higher after
! having been at one time rs higher
Sugar saved a net gain Of "a from
an extreme advance of ga.
In the railroad list Reading was the
| feature. on a continuance of recent
| buying attributed to banking interests.
| The stock closed rs higher. Baltimore
| & Ohio and Missouri Pacific were nota-
/ ably strong. Generally the realizing in
| the railroad stocks kept the gains with
/ in moderate limits. The compilation Of
| returns of earnings for thirty-seven
/ railroads for the third week in Deem
| Der shows a decrease of 3.46 per cent.
| compared with last year This is the
| first time a decrease has been shown
/ for the corresponding period since 1896.
| Other roads reporting today showed a
| similar tendency, including the soft
| coal carriers. Hooking Valley suffered
| from realizing in consequence. The
| large gain in cash by the banks is at
| tributed to returns from the local
| channels Of the holiday trade The
IN in Il
| cred favorable in view Of the activity
| in the stock market.
Large holders of securities, with
vital interest in sustaining the price of
their holdings, have had TO contend
with a number Of adverse ciTcum-
| stances this week. These circumstances
| have been supplemented by the active
efforts of an important and we'll organ
lied party who succeeded in making
large inroads in prices of a number Of
prominent stocks, with sympathetic
effect on the list. The operations by
the bears were OverdOne. according to
the indications Of the latter part Of the
week, and their efforts TO retrieve their
position by covering short contracts
caused recoveries to above last weeks
closing prices. These developments
gave some animation to the market in
spite Of the tendency to dizziness char
acteristic Of the holiday period, Ac-
tivity has been largely congested in a
few speculative favOrites, and there
has been no evidence Of what is called
outside interest in the market, beyond
some investment buying Of high-grade
bonds and stocks, presumably in antici-
patton Of the January disbursements
Of profits. These disbursements will
reach unprecedented proportions this
year, and will include many new divi-
dend-payers, besides the important in
crease in distribution by old dividend
payers. Preparation foF these disburse-
ments makes large temporary demands
upon the market and the activity of
the money market has kept apprehen-
sion alive with fiurries caused by call
ing Of loans would throw stocks held
on margin upon the market and thus
initiate against operations for an ad-
vance.
Sugar has assumed the dominant po-
sition in the market lately held by
Amaigamated Copper, and its violent
decline affected the whole market while
it lasted. It's equally violent recovery
was an effective facter in rallying the
market This stock was sold with reck-
less freedom by the bears on the as
sumption that conditions in the trade
were analogous to those recently pre-
vailing in the copper trade, giving
ground for expecting a similar pro-
ionged decline in the stock. Their cam
paign resulted in a rout.
The question of railroad earnings
presents contradictions which have led
to suspicious that conditions have been
under manipulation for the purpose Of
influencing public opinion on the sub
ject of combinations and community
of ownership. Reports seem agreed
that there is such a pressure Of traffic
Of various kinds offering to railroads
that their car supply is totally made
uuate to accommodate it. Branches
of the iron trade are reported in a
condition Of real distress from inability
to secure delivery of material or prod
uct. and grain dealers are said to be
forced to hold grain because there are
no cars to carry it. Cutting OF freight
rates under these circumstances forms
an anomaly that has given rise TO the
suspicion that railroad interests are
seeking to demonstrate to the public
the continued independence of. opera
ton of railroads, Notwithstanding the
community of interests. Railway Of
ficials assert that the expiration Of
annual traffic contracts and the forma-
ton Of new ones explains the present
Reorganization Of freight rates. Signs
of solicitude on the part of those con-
cerned IN the Great Northern cOmmu-
nifty Of interests have caused some dis
quiet among speculative operators, as
the future of the stock maAet is felt
to be intimately bound up with that of
the mass of securities concerned in
that transaction. The formal pro-
nouncement by the president of the
Great Northern, given to the public at
the beginning of the week, was much
discussed. It gave rise to some fear
that antagOnism remained, in spite OF
the so-called Northern Pacific settle
ment, which might leave room for fu-
ture contest and ENHANCEMENT. Those
who accepted the statement as a plea
for non-intervention by state authori-
ties against the Northern Securities
company saw in 1t one of the signs Of
solicitude which might argue a less
confident frame of mind among the
projectors than is publicly confessed.
Another development which Nused dis
quietude was the report Of decreased
earnings for the third week in Deem
Der as compared with the previous year
of the most representative railroad
systems in the west and southwest.
Explanations are offered that severe
cold weather caused a check to railroad
traffic that is only temporary; that the
cutting OF freight rates, which prob
ably had TO do with the decreased
earnings, is also only temporary. and
that comparisons are made with an
extraordinary level of earnings last
year, especially in the soutt--tern re-
gion. The reported decrease had its
effect on the prices of stocks. those
which showed marked declines in earn
ings leading the strong advance in the
stock market the latter pant Of the |
week. The undertone of speculation
has remained confident and the belief
prevailed that the oasSfnor of the x-se,