The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-02-09
LOANS EXPAND
At RECORD RATE
-&
Only Once Before Has Last
Weeks Showing Been EquaIed.
Rank STATEMENT SURPRISE
ZONES LIKE A DASH OF COLD
WATLR.
BANK STATEMENT SURPRISE

,,r York. Feb S. The weekly BANK
cement came like d dash o. cold
..sr In the face OF the market today
induced precipitate offerings of
go for a few minutes. The way in
Pan these offerings were taken indi-
"a strong and determined support.
~ large resources at command, and
marEe. rallied strongly, closing
,yirb some stocks az the top prices
.ss day. only once before in the
...ory of the New York clearing house
tho local expansion or a week
.a5cd that reported today of $28,-
~ln For the week ending Feb. ,,
I'd mans increased $50. $40. GEO. This
s- the time syndicates were rush
o., secure control of the promised
.sgnsign of the cOUntry's credit re-
~-4s for the carrying out of the
-. proiects which afterwards eleetri-
IN tho world. There can be no doubt
sst the present loan expansion repre-
--,s +, uqrt the transfer Of obligations
f-m foreign lenders incurred during
=. +rsucial activity of last year to
;,1estic lenders. That is to say, funds
.--oved from New York banks are
,.s5 10 pay off debts TO foreigners by
,5s EXPORTS of gold. But there is a
r-1yietion general in Wall street that
,-ya Iogn., are being secured by syn
;l5.es for carrying out new projects.
ne features Of tOdays market rgere
,ss notable buying movement in the
rsadines. active selling of Manhattan,
,,-rrgtb I'm Metropolitan and a sharp
t.ovarv from an early decline in Anal
,snated Copper. General Electric
,mped 81 and reacted IA A number
=, minor railroad stocks showed
strength.
The large speculative interests in the
market have made determined efforts
an week ,o start the market and have
met Wilh measurable success. in spite
NJ the checks received from several of
rs vefks developments. There is no
rrdenco of a large participation in
ts market by the general public. but
rs invariably the rule that the public
frsits the initiative of the profession
as and refrain from speculation, no
natter how encouraging the general
rnditions, until prices advance. The
r'fessional element in the market has
hrome impressed with the idea that
considerable sums have been husband
Of to an extent that will warrant an
upward movement. and they have been
busy with maaipulative devices to in
fugurate the upward movement. After
working successfully for half a day on
Monday they were met with the post
p0urment by the supreme court of the
expected decision in the Northern Sc
entities case. The mornings gains
melted away in few minutes. on
Tuesday the announcement of heavy
engagements of gold for export on
Thursday had the same effect. These
setbacks proved TO be temporary and
Tie market hroadened and gained con-
siderable activity ana strength later in
The week 4 feature of the week has
been the sensational advance in many
Of the high grade dividend ~ wing rail-
road stocks. Much was hoped from the
bulls from a decision in the Northern
Securities company case. as the uncer-
ta'1ly Of that case is believed to be
The principal restraining influence on
speculative activity IL was feared the
loStponement Of the decision for three
weeks would keep the market dull and
lh1'Uerent. but the uncertainty has
orrn made 10 serve speculative puT-
pose and has given opportunity for the
cremation of many rUmOTs, which
nave helped the advance i'm stocks
The project for the formation Of a
company 10 control the Metropolitan
s,eet Railway company is the latest
instance and has given rise to the sup
POSITION hat the ultimate control of
al the Greater New York transit IA
INHFIHE nj, i
attention IS called 40 the enormous
amount Of capital lied up in last years
struggle Tor control of the northwest
" railroads. and other corporations by
"' present conditions in the inter-
pa I'ndl exchange market and by
'-lE OF the annual reports in detail
" me New York trust companies The
E7Seat export movement OF gold is
larry for the payment Of foreign OBJ
sduons which are believed to have
Ven incurred last spring during the
I'nsrn Pacific struggle These have
partly recalled from time to time
a. The resources of the foreign ex-
mango market allowed and have part
'1en paid of by the gold export
-,'' rnent IN the fall. The present case
'1r ocai money market seems to be
~ hlucement Tor paying them off at
N TINE as they mature But the
80 or the loan account of the clear
mousse banks warrants the suppo-
ZION that loans are made in the local
,..a'''9t To- meet the foreign obligations,
-S transferring the credits from for,
:" lenders 20 dor7estic The donles-
llesHIoad condition seems to continue
49,! prosperous. as shown by the
,',.Dued high level Of gross earnings
..'''e' from week to week. while the
returns f0l December of corn
a. ing railroads show that the short
81 mat traffic has been more than
ss-... ny growth IN general traffic. The
No. TOT all grade, of iron and its
,-,--'l Us into the second half OF ahe
ma. ~ reported in excess of the DO
power Of production and imports
MOI, interpolation 10 meet the de-
r.- ne improved demand for con-
rs-.. .'-- domestic and foreign. is a
t-s+. u, apprehension in regard to that
ana Ntantlme. money continues easy
--.-.... "pparently abundant supply.
trs landing the gold exports and
N,-f Inscriptions for various new
,-- ISSUES of railroads. DESIGNED To
U9aa' lines. "a '''''ii
h,-5- has been a large business in
r ana some notable gains in price.
r.-'. 'eilndings and the old As adj
rs,r IS over the closing call Of last
-. Bond Quotations.
-s- Ter. p IT. W. & d. =.
T. -.---- .-lecis. LIST o.. ............l097s
ra.r -'-- = Hook, Val 4i-s 10Si,
2 s D. ------lVS,4 l. & X. Uni * 10l 1,
r. : '-s.---'lg>4 NJ. e. IS ........ S2i7
g. .--P- .i',i 3. N. q. 1st inc. 32i 4
-sr wv" i NJ. & St. J. IS Jos
T. - 1880 ..-lsi NJ. h. & r As. 90
conn "'" IS u. X & T. ends SIS
T. s ,r5 20 -.--ls3 y Y. G. sSts 105
L. S old J. -, l. = gen,