The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-11-23
WALL STREET
Is UNCHANGED
Money Is Evidently Scarce II
Spite of Rumors.
MANHATTAN LED THE MARKET
DEVELOPMENTS OF PAST WEEK
ARE NOT FAVORABLE.


New York, Nov. 22.-DeveIopments OF
the week, aside from the latest turn in
the coal strike situation, include re-
taxation of the rate for time money a
sharp upward movement in Manhattan
and almost total cessation of Iiquida-
ton which began six weeks ago, since
which time there has been a decline
Of over Is points in great number of
active issues. The greater ease of time
money is the result of liberal lending by
the prominent banking interests with
foreign connections. 1t is 10 be noted,
however. that Europe is still very bear
ish in its attitude toward this market
as was shown by steady sales for varjo
Gus continental accounts. Much of the
Improvement showing in the latter part
of the week was due to high-class buy
lLSg of certain stocks, notably st. Paul,
some of the Pacific, Gould stocks and
Amalgamated Copper, but there was
heavy covering by the short interest
and many room traders took the long
side Manhattan was the sensational
feature, making a maximum advance of
20 points on very large operations. Its
early course was shrouded in much
mystery, but toward the end of the
week reports were current that con-
troll of the system had been acquired
by the Interborough Rapid Transit
company, or subway interests. This
story is generally believed, although
uncOnf1rmed.
There was considerable pool selling
of Manhattan at the top prices. The
other fractions shared only in part in
the strength and activity of Manhat-
tan. The movement in St Paul was at
times very irregular and that stock
made its greatest gain on Friday, SELL
ing up to 1SO. RumorS that the cap
ital stock is soon to be increased with
rights to present holders, were again
revived. The pools which so thorough
~ dominated the market a short time
ago were passive, and rumor credited
some with heavy losses. There were no
! movements of Importance in the indus
trial group Sugar was strong and ma
terially higher on the advance in the
refined product. this being brought
about by the virtual surrender of the
beet sugar interests. There was no fur
Their announcement of cuts in the steel
and iron trade, but the heaviness of
/ certain Of these stocks, including the
| United States Steel stocks is one of the
disappointing features Of the week, and
gave color to the belief that these
stocks have been very widely distrib-
uted and now receive very little sun
port from their sponsors. The advance
in Amalgamated Copper was accom-
panied by unconfirmed reports of a set
| tlement of existing differences, legal
and otherwise.
Foreign exchange exercised little in
| fiuence during the week, although the
! price held pretty close around 4S7 In
| dicatlonS of early gold exports are still
! lacking. The counter movements of
| currency by telegraph between this city
! and San Francisco attracted consider
! able attention. The sum of 81, 500, 900
| was transferred to the Pacific coast
| and $1,060,000 was received from that
! points. Experts agree that the money
I Etrar to
movements and tax assessments The
/ greater part of the money received rep
/ resented Australian and Klondike gold
1 deposited at San Francisco. In other
respects the local financial outlook was
4 quite favorable. Reports from the in
terror indicate an early return of the
! large sums shipped to those points in
/ the past two months. The local banks
already show cash gains from this
source.
Further Improvement was shown by
| the stock market at the opening of a
number of active issues rising to a
| higher level. The latest news regard
| ing the coal strike situation was doubt
| less contributing factor. Business
was active and fairly well distributed
| with more covering by the short inter-
! est. Commission houses were prominent
throughout the session. Moderate buy
! ing was reported for out of town ac-
! terday's market, made an advance on
heavy trading, and the Gould stocks
were fractionally higher, with a per
cent advance in Denver & Rio Grande.
Reading was active and strong, while
| 9. better tone was shown by New York
Central, Illinois Central, Southern Pa
cific and Pennsylvania. Gains of and
/ 3$s points were registered by Delaware
/ & Hudson and Illinois Central Rock
| Island was firm on western buying or
ders- Sugar and the steel stocks were
the conspicuous industrials Realizing
| in large volume wiped out some of the
early gains, st. Paul and Erie making
material declines, as did also copper
and several other issues. The list as a
| whole was fairly strong. ST. Paul and
J Sault Ste. Marie preferred were also
strong. Comparatively little was done
| in Manhattan and other local trac-
| tions- For no apparent reason the mar
ket went off on the publication of what
was regarded as a fairly good bank
statement and the closing was general
ly below yesterdays final prices
The bond market followed closely the
movement of stocks, but fluctuations
were not so pronounced either way.
! United States old and new As declined
| u per cent as compared with last week,
on the closing call.
| RonI nn1+aEiors