The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-04-06
COLD TO 60 TO
THE CONTINENT
Yellow Metal to Be Sent Abroad
in Quantity.
TW0-THIRDS OF SURPLUS
&
CUT DOWN BY RENEWED SPECU-
LATIVE ACTIVITY.
TWo.THIRDS OF SURpLU.

the speculative element which has
caused the revival in the market dur /
ing the latter part of the week, but I
their operations had to meet heavy ;
realizing sales after the opening The
market had turned upward again when
the disclosure of the important shrink
age in the surplus reserve Of the banks
renewed the selling and sent prices gen
orally below last nights level. Louis
VILE & Nashville was the only import
ant stock To make notable Roadway on
the final rally, and the market closed
irregular. There was some reverslon to
the obscurer class of stocks, as shown
by the twenty point rise in Burling-
ton, Cedar Rapids & Northern, eight in
United states Express and three and
a quarter in Nashville, Chattanooga x
ST. Louis. Hooking Valley made re-
neWed advance. Sugar and Colorado
Fuel were under pressure, but rallied
effectively. The banks failed % show
the expected set-od TO the drain in
the sub-treasury by a gain Oh the in
terror movement Of currency. Appar-
eutly losses We're incurred on this ac-
count. as. well as on sub-treasuTy
operations. There seems to have been
special transfers Of specie to Phiiadei-
phia during the week. which is attrib-
uted 10 requirements growing out OF
labor troubles in the coal fields.
The activity in the stock market gave
warning Of a probable increase in the
loan account OF the banks The net re-
suit is a cutting down of the surplus
by twO-thirds. Cold exports are con-
sidered probable next week The pass
ing of the April settlements have re-
suited In only moderate growth OF
speculative interest I'm stocks, in spite
Of the efforts of professional operators
to attract an outside following by ma
nipulation Of prices. The more con-
spicuous price movements Of the week
have been attributed almost entirely
to such manipulation. The sudden
squirt after the middle of the week in
the gTangers and Pacifics gave rise to
some conjectures Of important develop
ments under cover, but nothing came
to the public knowledge TO explain IL
The superstition is general that the ele-
ment which mas been active in the mar
ket is made up Of western men. VINO
are conducting parallel operations in
the grain market. There was evidence
C a shift during the week by specu-
( latOrs from the long to the short side
I in grain, and from the short 10 the
/ long side in stocks. There have been
! operations also by professional pools IN
many of the minor railroads appar-
emily on the general assumption that
I the minor systems viii ultimately be
sought for absorption by the great
systems. or for consolidation into new
/ competing systems. Obscure industrial
/ stocks have continued to spring into
sudden activity from time TO time.
/ without special explanation, or on re-
/ ports which fail OF confirmation. Re
llapses in prices as sudden as the ad-
I vances thereUpOn follow. These vari-
\ Gus symptoms go 10 show that the
/ great banking and financial interests
! of the country, forming the backbone Of
/ last years markets, are still holding
alOOf. These interests are supposed to
hold vast amounts of securities. me
! product of last years combined prof.
ects. which are destined for distribu-
! ton to the public. Their abstentiOn
from the stock market operations is
/ supposedly due to their conviction that
4 the present attitude Of investors
/ towards securities is not favorable to
their distribution. Attention of the
speculative public has reverted to the
/ situation in the northwestern and
! trascontinental railroad field by reason
Of the testimony elected from the prin-
cipals in the great contest of last year
in law suit. The ostentatious willing
ness Of these principals to tell all they
( were asked to in "a railway
suit of mino- Importance itself
made an impression on the financial
world.
The deduction is that a policy OF con-
Citation of public opinion is desirable
by capitalists. The same impression
is created by the action taken by
counsel for the railroads in the govern
ment's suit for injunctiOns against Sc
cret rebates and cutting of freight
rates. The acceptance of injunctions
without demUT and the prOtestation by
railroad officials of their willingness tC
have published rates enforced are tax
en- as evidence of desire to have d
legal status fixed for the existing or
der Of things as against the contin-
gency of new measures of coercion anC
: regulation. There is evident sOlicitudt
in railroad circles over the pronounce
ment of one of the interstate commerce
J commissioners that you cannot have
competition and you must put some
I thing in the place Of it, All of The
I testimony OF the principals iu th'
Northern Securities company was di
rected TO convey the assurance tina
competition Is not iuterfered with il
that organization. 1t is perceptibl,
that these assurances have created
some apprehension in the financia
world and the unity Of control anC
purpose I'm transcOntinental railways
affairs was. in fact. not so far perfect
ed by last years huge projects Is wa!
at first supposed in the speculative eX
element then prevailing No treaC
provision is revealed which viii guar
: against the competition of extension
bv other lines in the transcOntinenta
territory IN accordance with their man
fest destiny. The capital increase h.
Rock Island and the passage Of con
troll of minor railroad systems in I'm
I territory concerned are lCOSed upon q
evidence OF suCh projects of extension
" hich necessarily viii be followed b.
other systems. In the eastern terri
tory the intention of the Gould system
to secure an eastern coast outlet is &C
Cepted as fact, and the allege
friendly acquiescence Of the rival trun
T Zines is not believed By the Wall stree
5 public This represents very differ
= emf state of affairs from the suppose
l. comprehensive community Of Interes
4 amCng railroad owners. which wa
commonly credited during the 1000 %
shares daily transactions on the stoc
exchange during the boom last yea
The future Of the money marke
= seems To rest largely on the future re
quirements Of foreign money market
for the satisfaction of the British GOV
eminent loan and other COvernmer
: operations. for which it is expecte
gold viii have 90 be sent from Ne
York. The questions Of she crops an
Of important labor settlements renal
to be settled and must be looked TO q
important Influences upon the stOC
( market
There has been an increased deman
for bonds and prices have general
improved. United states threeS col