The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-10-18
Buying Orders Poured Into Wall
Street.
SMALL PROFITS THE RULE
DEMAND FOR STOCKS WAS
FREELY FED.

less sohcitOus TO cover their short con
tracts and commenced to buy The
sSIers allowed prices to slip back tc
| ABOUT last nights close, at which level
there was a large decrease i'm the Vol
UIne or business. The market for the
resi- OF the day was somewhat hesitat-
ing and Irregular. An advance Of
ABOUT a point in Amalgamated Copper
limited states Steel preferred and
Union Pacific had a reassuring effect
and steadied the market. but failed IA
ne 1t TO materiay higher level. A
number of the industrials which had
suffered violent losses during the week
made sharp recOVeries, and the high
priced coalers were marked up several
point at a time on the professional con
Ildence that accommodations of steam
sizes of anthracite are being worked
off.
The bank statement was regarded as
favorable. The further contraction in
loans IS a satisfactory DEVELOPMENT.
and the small decline in cash reserves.
IN race Of the apparent gain by the
banks on the weeks currency move
ment is attributed to possible with
draWals by the trust companies. The
market did not hold, and closed easy.
but dull
The weeks decrease in bank clarings
again centers in New York. Philadel-
phla and Boston, due apparently to the
decline in speculation, while the aver
age for the rest OF the country shows
an increase over last year. Imports Of
dry goods at New York for the week
show a decrease Of 1892 900 compared
with last week. AS bearing on the ex-
change situation this showing marks
an increase of our power to draw on
Foreign centers for money needs.
Review Of the Week.
The stock market has beer. unsettled
during the week by number of dis
turbing factors and continuance of
| liquidation in spots. The trouble has
eentered in the industrials, as for some
time, and the dividing line between.
that class and the railroad stocks has
grown distinct This has led to some
effort on the part of professional ope-
I rators to inaugurate an upward move
/ ment In the railroad list, in face Of the
i continued depression in industrials. But
/ the attempt met With meagre success.
/ beyond the comparative steadiness Of
/ the shares of railroads, until the sharp
/ rally on Friday. The disturbing indu-
/ eHces have come from outside sources
J rather than from local quarters, and
Stll have TO do largely with security
3 market considerations rather than gen
eral business and Industrial factors
Thus the unsettlemeut on the Pittsburg
stock exchange has been reflected on
d i n
I Pect of the passing Of dividends on the
] Cructble Steel preferred stock. caused
by the falling through of the intended
purchase of the Clarion Steel COrnpa-
/ ny by the United States Steel corpora
ton, has thrown burden of uquida-
ton OF more readily marketable stocks
upon the New York market. especially
of United States Steel stocks. which
have figured cOnspiCuOusly in the
weeks disturbance. Liquidation has
come from Canadian sources and from
Boston, Of which the causes are not
clear from any public knowledge of the
facts. A group Of Canadian speculative
faYorites were most affected by this
selling, but the sympathetic effect on
7. the general list was considerable and
gave rise to persistent rumors of finan-
cial troubles. The London stock mar
ket has passed through a troublesome
settlement during the week, which
proved severe strain and reflected
some influence upon the outside finan-
cial world. At the same time the mar
ket has not been free from depressing
influences drawn from industrial devel-
Opments. The reduction in the dividend
and the formidable decrease in net
earnings of the United States Steel cor
poratdon has been a persisting infiu-
ence. Official admissions Of large re-
auctions in working force by a number
Of great railroad systems have pointed
to a general policy Of retrenchment in
that quarter OF the Industrial world.
The departure Of an inspection party Of
United States Steel officials with the
avowed purpose of seeking measures
of economy Of operation and reduction
of working force where possible pointed
TO the same conclusion.
High Rates For Loans.
The high rates paid by railroads for
temporary loans within the past year
show that many large projects were
being carried forward of necessity, ow-
ing to the stage to which they had
already reached. But the present
movement aWal1ens the fear that their
continuance is to be limited 70 the ne
cessitieS and that curtailment is in
view. This fear has its clearest reflec-
ton in the weakness of stocks Of rail-
road equipment companies and the
close utilization of these with the irou
and steel trade has aggravated their
weakness. Rumors Of heavy cancella-
tiOns Of orders. in various lines Of rail-
road equipment have played their part
fl the weeks, operations in stocks.
These prospects have directed atten-
ton to the labor outlook, which is
viewed with apprehension in Wall
street The troubles in the structural
steel trade are attributed In a large
degree to the tying up OF building OPP
erations by strikes in New York and
other large cities. The intended re-
duction Of forces IA the steel works in
dlcates the reactionary effect Of this
cutting or Of important consumption.
With the reduction of working forces
on railroads the economic problem OF
reduction of consumption growing out
of stoppage OF wages gains increasing
weight in the consideration of the out
look
The sentimental effect OF the United
States Shipbuilding proceedings upon
the stock market would be difficult 10
estimate. There is no difficulty for the
wen informed to make discriminating
Judgment among the many industrial
securities in the market, and there is
no disposition in such quarters to view
the shipbuilding instance as other than
an extreme illustration of the abuses
IN the recent trust formations" It
is recognized that the shipbuilding cpl
scde has focused public attention on
the typical abuses OF recent promotion
and underwriting 20 a degree never
before reached, and the financial world
is in dread Of the erect of this public
instruction upon the demand for this
class of securities, both present and
future. Prospects for future promo
tons are considered Of the poorest. D
The lack OF demand for this class Of \
securities Whieb has resulted from this