The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-10-04
W0BBLY MARKET
IN WALL STREET
Some Stocks Went Up and
Others Scored Declines.
TONE SOMEWHAT UNSETTLED
IMPROVEMENT NOTED DURING
THE WEEK.
TONE SOMEWHAT UNSETTLED


was narrow and dun and largely con-
fined to professional operations. The
movement was decidedly irregular,
/ especially at the close. when. some of
/ the leading stocks ran up to the top
( level Of She day, notably ST. Paul and
/ New York Central while others ran off
to the lowest, Erie and Missouri Paci-
! tic being conspicuous. The tone was
| somewhat unsettled throughout. Lon
doa's influence caused the opening de-
cline. and an effective rally was lost
/ on the appearance of the bank state
ment- The decrease in the loan item
was satisfactory, in view of the heavy
requirements of the Oct. 1 settlements
and the Steel conversion syndicate
needs, but the decrease in cash of 81
644,500 disappointed expectations. This
item, however, was complicated by the
cash dividend payment OF the National
I Bank of Commerce in the adjustment
of its merger with the Western Ma
u0nal bank. The market rallied we'll
and closed irregular as above indicated
There was evidence Of some eftOver
liquidation, and the outcome of the Bal
, timOre banking embarrassments was
| still small disturbing factor on senti-
ment. Sterling exchange was easy,
and discount rates declined in London
with reports Of large arrivals of gold
from South Africa. New York's prob
able Gaming requirements upon London
70 gold thus promise to be facilitated
There were signs of continuance Of ar
bitrage operations by the underwriting
syndicate by buying United States
Steel preferred and selling the bonds.
Review of the Week.
There has been q considerable Inn
prOVement in sentiment in Wall street
/ during the week as a result of various
causes, but principally the Tightening
/ of the pressure Of unexplained, Hquida-
ton which had been going on for a
considerable time and followed VITA an
urgency and a disregard of prices
which stamped it Enthusiastically as ne
cessitous. Selling of this character was
still in evidence on Monday and made
the closing Of the market on that day
weak to the point Of Generalization.
The next day showed sudden and
unexplained reversal in the course of
prices. 1t became very evident in the
course of the day that the strongest
banks and capitalists were buying
stsks at various points in the list for
the purpose Of supporting prices and
soothing the fears which were threat
| ening to run into panic Formal de-
/ malls were made that any agreement
had been entered into to this end but
1t is certain that there were meetings
and discussions Monday night between
the capitalists concerned which must
! have developed the concensus Of oyin-
ion as TO the proper action to be taken.
On Wednesday again there was album
/ dant evidence that stocks which had
been bought the day before to support
the market We're being sold again, and
there We're signs of a recurrence Of
liquidation which caused the clouds of
gloom to gather about the stock ex-
change again. But when this reseling
was accomplished the market took on
more normal appearance Of strength
and seemed comparatively free from
forced liquidation.
Coupled with the uninterrupted fan
! in the United States Steel securities
| the SurmiSe was formed that the fnan-
cial trouble centered about the rion and
steel industry. The closing of various
mills and the admitted necessity for
curtailment OF the pig iron output gave
additional force to these surmises and
gave rise to an apprehension that a
coming industrial depression and an
economic crisis was being foresha-
dowed by the continued depression in
the securities market
Plenty of Money.
Free supplies have come into the
money market as a. result of govern
ment operations, including the redemp-
ton Of . per cents and deposit of in
ternal revenue receipts in the banks.
The arrival of over $1,000, 900 in gold at
San Francisco from Australia and ms
transfer through the treasury to Nevt
Aok had timely offset upon the money
market The lateness of the corn and
spring wheat crops still deters the
movement of currency to the west.
some hope is INDUCED in that the de-
post of government funds with west
ern banks may tighten the pressure IN
on New York and that the refux of
funds from the cotton region NAV set
in in time to help meet the western
demand. The completion of arrange
ments for the extension of the TTnifed
states Steel stock conversion svndi-
cate seems to have relieved the market
from some immediate pressure Lon
uon also mas had the benefit of the turn
or the month. and this has relieved the
sew YORK market from some sympa-
thetic depression.
The financial embarrassment admit
tea al Baltimore seems to be regarded I
as clearing up of a source Of press
uFe whose mystery had been a disturb /
ing element
Bonds were not so active, and stocks
except Tor the enormous dealings in
steel 5s, but that market had the
peneht or the improved feeling in
STOCKS. L. ;. new and old As declined
p per cent the 5s coupon. p: the 2s
per cent. and the IS registered. IL
per cent as compared with the closing
call OF last week