The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-01-11
LIQUIDATION
ON WALL STREET
As a Consequence Prices Were
Trifle Of.
MARKET WEAK AT THE CLOSE
RESUME OF THE DEALINGS OF
THE PAST WEEK.

New York. Jan 10.-There was evil
dence of some confusion of sentiment
in the movement of prices Of stocks
today. The persistent liquidation in
Reading has an unsettling effect. The
strength OF Atchison was on strong
contrast. The purchase of 10000 shares
of this stock within the first few min
utes of the trading lifted 1t strongly
and had a stimulating effect elsewhere.
There was some show of positive
strength also in New York Central and
Pennsylvania on the ground that the
Reading deal viii serve TO harmonic
and strengthen the whole trunk line
system. Amalgamated Copper reflected
the rally in metal copper after a sharp
reaction
Elsewhere the market was inclined to
be dull and fluctuations We're narrow
until the appearance of the bank
statement. The cash item was dis
appointment. In place of the predicted
increase of S9O0O,O00 TO $11 100000 the
weeks gain amounted to only $4,740, 100
1 The only plausible explanation to &C
count for this discrepancy was that the
heavy flow of cash into Chicago the
latter part of the week had been ar
rested there and not forwarded to New
York as had been supposed. Sterling
exchange was inclined to, harden and
discounts again advanced in London
The only explanation of the move
ment in Atchison was an uncOnt1rmed
runor of a plan for a combination
with the Rock Island.
The stock market, afNer backing and
filling TO some extent during the early
part of the week burst into great ami
nation and buOyancy after the mid
die of the week The breaking of the
money rate was the preliminary to the
movement and the disclosure of the
Reading deal was the special incite-
ment to the market. The course of the
money market on Monday was prompt
I to confirm the confidence of those who
| looked for an early return to ease and
/ bought stocks last week with that con-
| hdence, unimpaired by the malnte-
| nance of stiff rates in the call loan
market. During Mondays session one
, large firm marked down its rate for
outstanding loans to per cent ana
/ the whole market was quick TO fol-
low. The rate fell below that figure
during the week.
A factor of further assurance over the
money situation was the continued SOFT
ness of foreign exchange, which con
tinued downward course, with floods
of money returning TO the channels OF
the London market. The January DIVISION
of foreign exchange has been looked 10
which some anxiety. even by those who
profsssed the least fear about the work
ing out of the domestic money situation
The known large balance of credits out
stanolng abroad and the superstition that
they were largely extended during the
latter part of December, had given ground
for some fears that the January relaXa-
ton of the local money market might be
followed by a heavy outward movement
OF gold.
The announcement of the dissolution of
the bankers protective pool, which had
subscribed $J0,000,0 200 for the protection
of the money market against possible
emergency was in effect a proclamation
that the necessity-fOr its existence had
passed. This action and the large lending
I IN the money rFa Fleet by some of the
banks IN the POOL was also regarded as
an intima ton that me attitude of disap-
proval of efforts to advance prices OF
stocks had been modified by the large
financial interests. With the money
situation effectually cleared up there has
been a revival of all sorts of runlors OF
deals. and the speculative idea towards
this development has undelg gone a
marked alteration.