The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-09-13
LITTLE DOING
IN WALL STREET
Weeks Business the Lightest of
the Year.
BETTER PRICES IN LONDON
BANK STATEMENT PUT A DAM
PER ON TRANSACTIONS.
BETTER PRICES IN LONDON

FIX ON TRANSACTIONS.
New York. Sept. 12.-Trading during
today's brief session of the stock mar
ket was SO light and otherwise COM
monplace as to call for little comment.
Only slight response was made to Lon
don. which reported better prices for
our securities, and particularly the Pa
cific and grangers. the features over
there being Union Pacific and st. Paul.
Even the steel stocks were bought
abroad. The exchange was very small
and. from the outset here the market
was narrow and irregular. early tones
showing advances and declines in about
equal proportion st. Paul alone eE-
hibited frmness at the opening, al
though an easier tone was shown by
such issues as Pennsylvania and Read
ing The first transaction i'm United
States Steel common was at a slight
advance, which was soon lost. while
the preferred was altogether neglected.
Atchisou, the feature of the week as
60 activity and strength opened down
and sustained a material net loss Be
fore the end of the first hour the mar
ket became so Hstless that it could
scarcely be said to have either ten
dency or tone. The bank statement
with a loss OF cash almost three time
as large as had been predicted together
with a further expansion of the loan
contraction brought increased weak
ness all around. the chief sufferer being
Brooklyn Transit. which made an eX-
IRENE decline of 25s in spite Of a mod
crate increase of net income over the
previous year. The list closed weak
Some comfort was derived from the
fact that the excess reserves Of the as
ISOLATED banks i'm the face of a further
drain upon their holdings is well over
Sl5'OO0,00O, as compared with about
100000 this time last year.
Weekly Review.
The weeks business was probably
the lightest Of the year, total trans
actions barely agsregating as much as
a single days operations i'm the bull
campaign of 1902 In fact. duIIness was
the chief Characteristic Of the market
which, from Tuesdays opening until
today's closing. bore frequent evidence
OF Migrant manipulation by the profess
siolal element Events that in more
propitOUs times would have been fol-
lowed by higher prices, were either is
nOred or turned aside as having no
bearing on the situation. The resUmp-
ton Of business after the triple holiday
brought no demand for stocks although
the attitude of London and the con-
tinent generally were friendly. The
most depressing feature Of the week
was the depression Of the steel sha- es.
The recent reduction in the price Of
southern pig iron naturally served to
initiate against the steel and iron
stocks generally, added to which it is
admitted that orders i'm almost all
branches of the trade show a falling
OFF. According to estimates Of the gov
eruments own experts the crop re-
ports show an increase of something
like $150000,O00 I'm the market value Of
six important items, Notwithstanding
a decrease in other crops of lesser inn
portance. In keeping with this exhibit
Is the latest government report con-
trasting the extent and volume of this
cOUntry's foreign trade for this year
and that Of ten years past. The figures
show an increase on the export side for
the period named of S573. 600 OOO as
against an increase of imports for the
same period of $159 900, OO0
Despite this marvellous growth for
eign critics continue to remind us that
our accounts are still on the debit side
to which they We're transferred when
our speculative fever was at its HEIGHT
At home the financial situation is APP
paUeutiy viewed with calmness. There
is an abundance of money for mercan-
klr ana SlIlltldE purposes. DuL the banks
continue TO show extreme conservatism
where money is wanted for stock mar
kct purposes. Reports that Secretary
Shaw will discriminate against banks
retiring their currency find new believ-
ers I'm this connection 1t is to be
noted. however. that the application of
banks for the retirement of circulation
still come i'm large numbers, the limit
for this month having been already
exhausted. Bankers are not giving
very serious consideration "a { present to
the various financial reform measures
in process of formulation and President
koosevelts recent Utterances on this
subject. that nothing revolutionary is
advisable under present conditions
offers little hope for remedial legislation
in the near future. Railroad earnings
arc still regarded as satisfa Glory.
though in almost every instance show
ing a heavy Increase in the operating
and maintenance items. Coal trade
conditions are exciting some interest by
reason of the apparent intention of the
coal-carrying railroads TO restrict pro
ductiOn. Indeed. il has already been
announced that the anthracite TONNAGE
I'm the future is not to exceed the de- /
mand-
Trading in bonds displayed little fea-
tuTe of interest and fluctuations fol-
lowed closely the course of the stock
market. United States new As advanced
q per cent and the Is q per cent as
compared with the closing call OF Iast
week