The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-10-19
STOCK MARKET
CLOSED WEAK
Central and Union Pacific on the
TobOggan.
HEAVY REALIZING SALES
BANK STATEMENT WAS CoNsID-
Erred FAVORABLE.

New York. Oct 1s.-The market
opened with a partial renewal of yes
terday's pool operations in the railroad
stocks. Baltimore & Ohio advanced
about per cent Pennsylvania was
active. though selling fractionaiIy low
err as did also Norfolk & Western. The
reaction on the latter stock was
ascribed 10 heavy selling by those who
believe that any increase in the semi
annual dividend viii not be more than
one-half Of l per cent, putting the
stock on a per cent basis.
Extreme weakness was shown by the
Central and Union Pacific. and st. Paul
also sold below yesterdays close. Bal
timore & Ohio made further advance,
but the southwestern group. under the
leadership of Missouri Pacific. showed
some heaviness. In the industrial
class Tennessee Coal and the United
States Steel stocks were the features
in point OF strength. while Sugar and
Amalgamated Copper were lower than
at the previous days close. The list
| showed some further realizing. due to
heavy selling for London and profit
taking by local traders. Prices showed
a tendency TO sag in the second hour.
! but the publication OF the bank state
ment. which was favorably regarded,
brought a resumption Of the early ac-
tiVity with better prices.
In the final trading there came an
other realizing movement, however,
and the closing was weak. with lowest
prices of the day for many of the more
active issues. To the conservative Cle-
ment the bank statement presented
several gratifying features, namely. the
decrease in the loan account, the In
crease Of almost sl.S00.0O0 In circula-
| ton, the gain in cash and the increase
of reserve on all deposits. which now
places the surplus reserve about $3.-
600, 900 above the legal requirements.
Attempts were made 20 revive interest
| in a gold import movement, but they
met with little success. In the opinion
of experts any serious efforts to bring
in gold before the middle or end of
next month will be wholly artificial
and profitless.
The week was one OF the most men,
Orable in the history of Wall street.
1t began with a further liquidation of
stocks. this movement being largely
| induced by the previous weeks dis
/ appointing bank statement, a further
] contraction of loans by the local banks
and fears of higher money. That this
latter feeling was justified was shown
before noon of the first day, when the
rate for call money advanced to IS per
cent. In the early afternoon a general
reversal OF these conditions set in on
/ authoritative news that a settlement
Of the coal strike was at last under
way. The selling movement was
checked all around and the list made
net gains, and with few exceptions
Increased its advantage as the week
wore on Advances in some instances
extended more than 10 per cent. Other
causes that contributed to the general
| Improvement were the large purchases
of bonds by the treasury, releasing
/ about $40. 900. 600 practically in securing
easier rates for both call and time
money, and the foreign trade state
ment showing a large increase OF ex-
ports.
Sterling exchange weakened 10 a de-
gree and was accompanied by reports
of probable gold imports, but no en-
/ gagements were announced. Trading
in the latter part of the week was con-
spicuous for series of upward drives
in the securities controlled by the vari-
/ Gus pools. Such stocks as st. Paul.
/ Union Pacific B. e. o., Norfolk &
Western and the soft coalers as a
whole were bought in large volume
and closed with heavy gains. 1t is
| generally admitted that a better I'M
Outstanding exists between the St.
Paul and Union Pacific interests, under
the terms OF which the first named
system is expected to reap benefits,
but the exact terms of the deals have
not been disclosed. There appears.
however. to be little foundation for the
rumors that the st. Paul Union Pacific
alliance has been made at the expense
of the Missouri Pacific. Taking the
stock list as a whole, prices still aver
age 10 points below the high level
reached a few weeks ago. In fact, If
has recovered only about one-third OF
the loss. which began with the heavy
liquidat ton about two weeks ago. Trad
! ing during the present week was wide
ly distributed and commission houses
were active on the buying side. but
there was much profit taking.
Trading in bonds was on a large
scale and there were very many sub
stantial advances in the special issues
u. S. Is advanced Ia per cent as COM
pared with the closing call Of last
week.