The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-09-14
STOCK MARKET
OPENED WEAK
Whole List Was Dull and Ge1er-
orally Inactive.
CLOSING PRICES WERE UP
RESUME OF WALL STREET BUS
MESS FOR THE WEEK.
CLOSING PRICES WERE UP

opening To-Day Dy reason VI bSttC4
demand from London and early news
OF the governments decision to anticl-
pate October interest on bonds, but
the list was generally dull and inaet-
i've during the first hour. Commission
houses did very little and foreign
houses were made the buyers. Money
conditions were more favorable, ana,
contrary to custom at the weeks end,
there was a brisk demand for call
money, which ruled at 6 per cent.
Slight pressure was directed against
some issues in the early trading, but
support came later. Rumors of gold
imports were again current, but ap-
peared to have no foundation In faet.
II was clearly shown that the rate
precluded engagements except at
loss The keenest interest was
evinced in the bank statement because
of the many pessimistic reports and
fears of an utter wiping out of the
surplus reserve. Although this item
shows a decrease of nearly S3,SS2, 600,
there remains a balance of slightly
more than 500 900, the result of heavy
shrinkage ia the loan account. The
statement proves beyond doubt that a
number of banks are at this time much
below the legal reserve requirement
The loss in cash-slightly over $,OOO,O0O
was about up 10 expectations. The
market appeared to take kindly to the
bank statement, and this, together
with the action of Secretary Shaw.
brought Increased activity with i'm
proved prices to a number Of leading
issues, including st. Paul, Reading
Pennsylvania, New York Central, Hi
nOis Central, Louisville & Nashville,
Baltimore & Ohio and Sugar. The
closing was strong and active.
Resume of the Week.
The passing of another week with
the coal strike still unsettled and an
advance in call money to 20 per cent.
the top figure of the year, finds the
general list moderatively steady and
higher in not few instances. Finan-
cial students declare that this rather
anomalous condition is due largely to
the undertaking of this country's re-
sources. They point TO the gratifying
crop reports. AS a matter Of fact. there
was less satisfaction as TO corn and
cotton at the week end and the in
creased railroad earnings in proof Of
their claim. though apparently losing
sight of the fact that the same in
creases have for the most part brought
with them heavy increases In operating
expenses. The event of the week was
the placing of st. Paul common on a
per cent dividend basis. this action
having been advocated. il is said. by
the strongest interests in the road. The
street attached no ordinary signln-
canoe 10 the increase, in view Of the
roads established reputation for con-
servatism, but the stock failed TO make
response in this market or abroad.
Reports that George ]. Gould is TO
become a director in st. Paul gave
weight to stories of a st. Paul Nilsson
ri Pacific alliance.
The Missouri Pacific.
The course of Missouri Pacific was
interesting, that stock touching a new
high record with St. Paul, and boSa
selling off proportionately. Another
event was the decision of the Balti-
more & Ohio directors TO issue SAP. $780,
600 new common stock, part of which
had been authorized last year. I'm
pressions are current that some news
dealing with the general railway sit
uation in the south viii soon come out
and that the settlement of the Louis
vilie-Southern railway matter will
l.
Atlantic Coast lines.
Cali money fiuctuated wildly, the
rate ranging from ga per cent early in
the week to is per cent on Thursday
and 20 per cent yesterday The bank
statement figures showed a loss of
over 81, 600, 600 in early forecasts, added
to yesterdays feeling of apprehension,
with resultant declines. Foreign ex-
change broke violently several times
during the week. thereby increasing
the probability of gold imports. but
with the exception of the 100000 in
transit from Australia, no conslgn-
/ ments we're announced.
Short Line Bonds.
The second installment of about SIS
600 600 on account of subscriptions TO
new Oregon Short Line participating
bonds is due next week, but arrange
ments to meet this payment have been
made, it is said, in a way TO cause no
disturbance to the local money situa-
ton
The bond market during the week
was unusually active, with large per-
| centage of the dealings in Wabash
| debenture BIS, which at one time
showed a gain OF over points, result
ing from the heavy speculative pur-
chasing movement. The market gen
orally was firm. in sympathy with
stock manipulation.
U. s. SIS advanced 4, the new Is reg
istered IL, and the new As coupon Ia
per cent The old As declined u, as
compared with the closing call of last
week
Bond Quotations.