The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-02-17
STOCKS IN THE EAST
DissensiOn in Shelter Trust
Causes Drop in Prices.
METAL LIST Is WEAK
PAUSE REACHED IN THE SPECU-
LATIVE EXCITEMENT.

confusion and doubt regardiag the
speculative outlook manifested in the
movement CT prices in todays stock
market. and the professional traders
were obliged to change sides several
times during the course of the short
session. The opening strength seemed
to be due to London operations and
gave way Immediately after the open
ing. There was manifest apprehension
over the showing to be MADE by the
bank statement. The steel stocks were
reactiOnary, partly over the delay in
the announcement of the terms of the
merger and partly over the PROBABLE
ity of probing by the industrial com
mission.
The internal dissensions in the
Smelling company were responsible for
The weakness of these securities, and
reported dissatisfaction on the part of
the English minority stockholders in
Anaconda was reflected in a decline IN
that stock and in Amalgamated Cop
per The metal stocks, as a whole,
therefore, made rather a poor show
ing. Tin Plate, National Steel pre-
ferred and Federal Steel preferred were
exceptions. Tin Plate rising at one time
pa over last night, and closing with
a net gain Of rs.
The strength OF Burlington and of
of the market. They led rally after
the opening weakness and they checked
the selling induced by the bank state
ment, modifying what promised to be
a weak closing into duIlness and heavi-
ness AS a rule, the list shows net
losses ranging up to over d point for
many OF the prominent trading stocks.
General Electric lost SO of its rise. The
bank statement proved fully as weak
as the pessimists had prophesied and
Enthusiastically constitutes a danger
signal to spectators. although the Sc
renity shown by the financial world in
face of the showing prevents any acute
apprehension.
Speculation Quiets Down.
The speculation in stocks Quoted
down this week. The pause in the ex-
cited upward movement of stocks
brought the inevitable realizing move
ment and the bearish traders took ad-
vantage OF this selling to put out short
lines, Dut the bears were by no means
aggressive and they seemed content
with a quick turn on the short side
thus causing an early check to the de
Ginning tendency and some recOVeIt >.
The.e are fair possibilities still hanL-
ing over the market of further import
ant developments looking toward addi-
tiOnal consolidation OF railroad inter
ests and extension of the community
TENS and capitalists to afford great
vantage ground for bear attacks on this
market beyond the limits of holdings bv
weak spectators who have not re-
sources to defend their holdings or hold
through a decline. There have not been
lacking signs that the process of alb
sorptIOn of securities of minor rail-
roads in the interests of large railroad
systems has been proceeding and isO-
lated instances of strength have per
sisted IN the stock list all through the
react1onary tendency among the stand
ard railroad stocks and the more i'm
portan, industrials.
1t Is evident that plans are working
out regarding the southwestern rail-
ways and probably regarding also the
north and south lines in the central
LraTT1c territory, but these are not of
such Overwhelming Importance as the
numerous projects which went before
and did not serve to hold the great list
OF stocks. The readiness of the specu-
lat We public to respond to anv sle-
SestiOn of d combination for some time
past has been taken advantage of by
powerful speculative pools TO advance
prices of certain stocks by manipula-
ZION, and there was very large profit
taking during The week by several of
these pools, which made inTOads upon
the prices with the lessened outside
demand for stocks
The Tuesday holiday Interrupted the
continuity Of the speculation and had
the inevitable effect of inducing some
closing of accounts. The fact that
much o. the recent speculation F1s
been on the presumption of financial
plans not fully matuUed. causes some
conservatism about further speculative
ventures
Trouble in Smelter Trust.
The reports Of dissensions over the
merger of the American Smelling
< Refining company and the Guggen-
helm interests and the resulting break
in the prices of smelling stocks of
feTed dfsagTeeable possibilities of diff
dculties arising, even in the last stages
Of effecting consolidation.
The colossal steel merger has been
varying and uncertain shadow on the
market all week. Wall street has not
wavered ia The conviction that the
merger was in process OF accomplish
ment. but the terms have been subject
10 perpetual SurmiSe and gossip. There
has been significant interest in the flu
ture officers and administration of this
gigantic industrial force. aside from
the details of financial adjustment,
which are in themselves of vast i'm
pOrtance. especially in the existing
course of things in the money market.
The fact that American tenders were
received for the new British eXcheuuer
bond issue must be regarded as high
" significant if the extent TO which
American resources of capital are be
ing absorbed for domestic investment
The figures of the cOuntry's foreign
trade for January add to this signii-
canoe. indicating as they 90 undimin-
ished rate of increase of our foreign
credits. There are many indications
that the return of American securities
fTob abroad has been on an unprece-
dented scale lately. but the conclusion
cannot be escaped hat an enormous
balance remains Cl and unpaid from
the rest of the yyo~ TO this country.
That Europe VIII be able TO spare
gold in liquidation OF her indebtedness
seems improbable. in spite of the cur
rent ease of money abroad, which is
largely due To diminishing business ac-
Jivity, and the large expansion of gov
eminent credits for military purposes
Experience shows that stock exchange
spectators might be subjected 20 all
the rigOrs of a money panic before suf-
flcient effect would be produced on the
foreign exchanges TO bring relief. and
even if the domestic exchanges are not
always prompt to respond These con-
eiderations probably und2rlie the hest
tatiOn developed in the recent ram
page.
Bonds have moved in sympathy with
stocks. United States refunding % adj
vanced =, the 5s a and the IS and new
IS y per cent Over the closing bid of
q week ago
Bond Quotations.
L. s. ref 2s reg 05fs y. J. q. gen. SSH
Do coup ----i05&s Nor. Pac IS 80. 711k
u, S. IS reg. llo5s Nor. Pac- Is 1851
n.