The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-01-05
THROW STOCKS
ON THE MARKET
Rush to Take Profits DemoraIizes
the Exchange.
WEEKLY BANK STATEMENT
THE CAUSE OF THE UNIVERSAL
DESIRE TO SELL.
WEEKLY BANK STATEMENT

quay made II difficult for the stock
market to make Roadway against the
selling to take profits. A good part
OF the gains were wiped out after the
tstement appeared. and some of the
WeaS stocks fell point or more below
last night.
ISealtzing was in evidence from the
outset among the coalers and some
Others, but the heavy absorption OF the
United States steel stocks. and rise
IN Amalg0mated Copper gave some
tone to the market. Copper. promptly
relapse, and selling also met the ad-
vance IN the United States Steel stocks
Inc rise in the copper stock was based
on the reported dissolution of an in
Junction against the payment of divi-
oenqS by one Of its subsidiary com
panies
4 number of low-priced industrials
developed strength during the dav
especially the producers Of railroad
equipment. St Paul advanced on its
increased earnings for the fourth week
IN December. The announcement that
this company would discontinue state
ments of weekl- earnings gave rise to
some doubts among SPECTATORS over
the railroad outlook. The market
N+-NIA vel easy. DuL WIN some sight
reeoVeries from the lowest.
The activity and strength Of stocks
ms week has reflected a hopeful and
confident spirit over the outlook for
Lne new year. The year END stringency
Of the money market has been ignored
IN the confidence that few daVs
would see a relaxation of money rates:
with a turn to the channels of the
money market Of vast resources
through The unprecedented disburss-
mems on account of interest and divi-
deIds and of the currency which has
been In active circulation to accommo-
date the needs of the great holiday
trade, the volume of which has been
an index Of the great prosperity which
the country enjoys. The conviction has
long been prevalent that the January
relaxation Of money rates would bring
a rise in stock, and the buying of last
week and this has represented an effort
10 anticipate the January rise.
There has been little evidence of
what Wall street calls outside interest
IN the market, meaning the rank and
ME OF spectators the country over
The operations bear the stamp of pro-
jessional traders of large means joined
IN speculative syndicates and of bank
ers and large financial interests. The
movement seems to be based on gem
erdi considerations Of confidence in the
stability Of values the sustained prosA
perlty Of the country and prospective
willingness of capital to invest in Sc
curltles at their present high level of
valuations. The practical consumma-
fiOn Of the conversion of Northern pa
Cihc preferred stock into common
stock, which was an essential to the
pan of organize ton of the Northern
securities company, has been an eIe-
ment. Of strength for stocks
The adjustment of hOstilities which
seem to be still latent in the transcon-
tinental railroad situation was felt to
be dependent on the success OF this
Plan, and its progress reI1eves anxiety
caused by the evidence of obstruction
TO II. 1t is hoped also that the way
is Chus opened for a RESUMPTION OF
some OF he important projects for fur
Their combinations which were inter-
rupren by the shock of the Northern
Pacific last May. The lookup of cap
ital which resulted from that struggle
of financial giants has been admittedly
an element Of embarrassment ever
since Now that there is a prospect
Of a release Of part of that capital,
spectators are hoping to see a renewal
of the stimulating effect of powerful
combinations Of capital in the stock
market to further the f1otation of new
securities which may be the product Of
new corporations. The special strength
Of anthracite carriers during the week
is the reflex of the impression that
those properties are first on the list of
the plans for a merger. On the pros
pect for the coming year in the stock
market. opinion in the financial world
by no means unanimous The pres
mt high level of prices is a subject of
~,.fgs ~fv.rr
It is pointed out that not a few de-
oartments of the market recovered
after the May panic to higher prices
than before, Notwithstanding the ex-
cess Of speculation, which resulted in
that upset TO the market There are
many stocks whose prices were the
highest on record at the END of the
year,
The speculation which made those
prices WIS counting upon continued in
crease ip the earning power rather
than upon mere maintenance of that
power. The Amalgamated Copper in
cident and the developments in that
trade are felt to be pregnant with the
suggestion of possible results to flow
from a decline in demand for products
~ other industries capitalized on a
~ sis Of heavy consumption at high
Yrices. The course of the country's
foreign trade towards decreases of
manufactured exports and increase of
imports is suggestive Of lessening de-
mand and increased competition from
the depressed foreign markets. The
lack of financial stimulus of enormous
foreign credits by reason of favorable
trade balances has already been con-
sDicuously evident. Signs of revival
I'm foreign financial and industrial az
fairs raise the question OF the rela-
tive attraction for capital of a turning
point from depression and a level far
advanced toward expansion, if rot in
hation.
The balance between these considera-
lions and of the apparent purpose Of
prominent capitalists to embark on
further large enterprises which are de-
pendent for financial success upon large
demand for securities and strong
stock market give promise of two par
ties in the speculative field in the fu-
ture. The bond market has been fairly
active, but somewhat irregular. and
there has been no striking investment
demand for mortgage securities
United States refunding IS declined
Il and old As 4 and the 5s advanced
4 per cent from the closing call of last
week.
Bond Quotations.
Z. S. ref. 2s r.; W. & D. c.
reg ~ * :loS'4 lsS \ mi - iSi3
coup ..-..-.10Si2 Mex. c. Is 80. s.
7 s IS reg. .107& NJ. c. 1st inc. 1914
= new Is IL K. & T. As. 9SIk
reg . 1885, NJ X. & T. 2nds. S57k
~ 6 new As \. Y. c. lists. .102I2
3 coup =. d. ....159iIN n. Y. c. gen.
L s old As res5-ll-s4I Si2S ..--.---.-IvN