The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-01-12
BANK FAILURE
AIDS REACTION
Assignment, Though Small. Felt
on the Sensitive Market.
NATIONAL SALT ADVANCES
GAINS EIGHT POINTS IN a
SMALL TRANSACTION.
NATIONAL SALT ADVANCES

changes in stocks today shows that
the selling by the traders TO Te5,izN
practically -counterbalanced Their ear
lier buying, and professionals HAD the
market practically TO themselves. The
market evidently continues to settle
towards dullness by progressive stages.
The buying this morning was in antici-
patton of a favorable bank statement, /
and in the hope that a strong showing
by the banks would reassure specula-
tive sentiment and attract some buy
ing Of stocks.
The bank statement did not disap-
point expectations, but it failed TO in
dGce any new buying. The increase
in cash reserves fell considera bly, below
the estimate, in spite of a hope that
last weeks similar shortage might
have thrown a residue of gains over
10 this week by the system of averages
used in computation. a shipment of
100000 in gold cOrroborated the i'm
preston that there would be exports
of gold in quantities next week.
A small bank failure in gainesville,
O., supplementary to yesterdays fail
ure in Cleveland. was an aid to the
reaction American Tobacco unaSsent-
ed stock made further jump Of %
points to 200 on the sale of a single lot
of 100 shares. National Salt preferred
advanced eight points on light transac-
tons.
The January boom in stocks which
has been hoped for by professional
spectators did not make its appear
| ance this week. and the professionals
who had been buying stocks for some
time in expectation of an outside de-
! mand found a poor market in which
to dispose of their holdings.
There WAS a decline in r1riPAS
then dizziness and irregularity in the
normal course of such movements. The
short contracts put out by the bears
While the liquidation were in progress
We're covered later, causing recovery
| If prices. With the clearing out of
these large speculative contracts the
volume of transactions in the market
fell away and the market became
| largely an affair of board room pro-
fessiOnals, whose tactics operate to
| keep the price range within narrow
limits. Any sustained movement In
any direction must await the action of
/ genuine holders or general demand for
| stocks. Speculative sentiment showed
confusion and hesitation as 10 what
! direction the new movement would Ill
timately take. The selling of the week
was due more to profit-taking and the
| failure of expected favorable develop
ments and their effects than TO any
positively depressing influence. Much
/ has been counted on general reIaxa-
ton of the money market, due to the
| seasonable disbursement of yearly
| profits and to the usual return of cur
rency from the channels of active
| holiday trade. These influences have
been at work in the money market,
which has become notably easier, but
! the additions TO resources have not
] been so great as was hoped, and the
general public has not been tempted to
embark in speculation. What relaxa-
/ ton has occurred in money has been
offset as an influence by the prospect
i've foreign demand for gold. Foreign
money markets fell into a condition of
great ease Immediately after the turn
or the year, but they already show a
! rising tendency again, as a result of
| large requirements Very large reve-
| nue. collections are to be met in the
| English money market, and a new Brit
! ism war loan of some sort is in imme-
| date prospect. London has counted
| upon large supplies Of French capital,
| on account of the large accumula tons
| in Paris, but Paris shows Indicate Of
having other plans for employment of
! capital, especially in the taking up of
| a large Russian loan. Exchange au-
! thorities maintain that heavy maturi-
! ties are coming due in the New York
market, covering foreign Indebtedness
| contracted during last year, and eSpec-
tally in the Northern Pacific struggle
London has also been a steady seller Of
| securities in this market during the
week. 1t is generally expected, there
fore, that a considerable outward
movement Of gold will set in next
week. The large requirements of our
own government surplus come in for
| consideration also. 1t is feared that
the treasury will find increasing diff
Guilty in finding means to relieve this
drain upon the money market, on ac-
| count of the scarcity of government
| bonds available for redemption. Sales
OF bonds to the government at present
seem TO involve corresponding retire
| ments of bank circulation, indicating
| that there is more profit in the sale
| OF bonds than in keeping them out of
circulation. This contrasts with the
| continuing effects at this time last year
OF the refunding law, involving pay
ment of premiums upon refunded
| bonds, and increased privileges of
| bank note circulation.
Bearing further on the money mar
ket are the developments of unsound-
ness in the rubber market the affairs
of the trolley promoting syndicate and
| the collapse of the asphalt trust. The
proceedings in the United States SUI
preme court against the Northern Sc
curities company and the steps toward
investigating the affairs of that cor
poratlon by the interstate commerce
commission have been a depressing in
! 1uence, as it is believed they will re-
tard the plans of the promoters of that
project for the distribution of It's
shares as the active operations in the
stock market which are expected to
accompany that distribution, There
has been disappointment, also, in the
failure Of the United States Steel stocks
to maintain leadership of an upward
movement in the stock market. The
statement of the earnings of the cor
poratiOn for the December quarter was
a keen disappointment to spectators
in its stocks, as it was the preliminary
rumOrs Of earnings, which were widely
credited, proved to- have been greatly
exaggerated. The selling of these
stocks by disappointed holders has haC
a notable sympathetic effect on the
whole market. This has not been ef-
fectually Offset by the strength showr
by few special stocks from individual
causes, notably Sugar and Manhattan
Confidence continues in the genera
business prospect, but the present leve
of prices of securities is the subject Of
some doubt. Railroad and miscellan-
eous bonds have moved in sympathy
with stocks, but over a much narrow
er range.
United States refunding IS declined
Is and the IS coupon and IS coupon
advanced Is from the closing call o.
last week.
New York, Jan. 1.-THE Commercial
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