The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-12-15
HEAVY SELLING
ENC0UNTE RED
Bank Statement FaVorabIy Inter
prsted by Brokers.
FIRM CLOSING Al ADVANCE
[
MONEY IARKETS AND GENERAL.
CONDITION OF BUSINESS
FIRM CLOSING AT ADVANCE

New York. Dec. 14-Operators in the
stock market placed a favorable inter-
pletatlon upon tOday's bank statement
aud bought stocks briskly after its 20
pearance. As prices rose over last
night level heavy selling to realize
was encountered, which carried prizes
back from the best The offerings 81
unfinished at the decline and the clos
Ing was firm, at a level generally
- ShtiV above that of last night. Pre-
Yious TO the bank statement the mar
ket was dull and hesitating, and gov
erned largely by the erratic fiuctua-
tons in Amalgamated Copper That
STOCK opened with running sales of D.
500 shares ut 655a to g., compared with
6b1a at last nights close. It declined 10
b454I breaking the low record and
checking the advancing tendency in
ether stocks. The last price was 6515.
net loss OF point from last night. The
STOCK went Is lower than last Satur-
day, compared with a high price early
in the week of more than 10 points
over last Saturdays low level. The
sentiment regarding the stock was
much confused and brokers usually
credited with acting for insiders both
bought ana sold the stock. The decline
in cash reserve of the banks was about
OF. 7
liquidation in the speculative markets
was reflected in the loan contraction Of
Slll1S, 100, which reduced the encr0acn-
ment on the surplus to $1,152,65 The
transfer Of funds to New Orleans
through the sui treasury was cOntin-
ued today and foreign exchange here
hardened, bun money was easier in
London.
The contraction OF the yearly supply
has been the dominating influence in
the stock market during the whole of
the week, as was clearly fOreshadowed
in last Saturdays bank statement.
With surplus reserves Of the banks
down to below $I,000,O00 and large re-
qulrements for credits incident to the
season definitely known, the problem
was one Of very simple arithmetic.
Loans placed on call with easily mar
ketable collateral and especially such
as was used for the speculative holding
Of stocks on margin are always the
first to be called in when money re-
quirements are to be met for other pur-
poses The action Of the money mar
ket has also suggested rather clearly
that some of the solid financial powers
have aCQuiesced in a downward course
Of prices for the time as offering more
substantial vantage ground from
which to face the eXiEenCies of the an
nual settlements. In addition there
have been demands to meet which were
not counted upon.
Such has been the foreign demand
for gold, in Spite Of the decline of eX-
change rates to below the point at
which gold exports are profitable as a
simple exchange operation. The gold
which has gone out is believed TO have
been purchased at what was in effect
a premium by foreign banking insti-
buttons which are DESTROYS to make
favorable showing Of bullion reserves
for their annual reports. The active
speculation in grains and cotton has
also made continuous demands upon
New York for cash, which was not
counted upon at this season Of the
year. The smaller expenditures Of the
government, IS compared with last
year, has expanded the current surplus
and made larger demands upon the
New York money market through the
Bub-treasury operations. The decision
of the treasury 10 pay the January in
terest in advance is designed as d re-
lief from the drain, but the payments
viii Tot be made available until next
year. The money market has been ac-
tive and stringent during the week
and there was a good deal Of liquida-
ton. but liquidation Of speculative. &C
counts forced by calling of loans.
Amalgamated Copper, though very
erratic during the week. was very
heavily dealt in, has been less Of & dis
turbing element than last week, its oc-
casiOnal rallies exercising a sustaining
influence on stocks at times.
Railroad bonds have been quite aC-
tive and irregular While the outlook
is for well sustained money rates until
the END Of the year and a repression
o. speculative buying, the prosperous
condition of general trade in all lines
keeps the undertone Of speculation con-
fdent
United States old and new As and the
IS advanced Z per cent over the clos
ing call of last week.