The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-01-18
STOCK MARKET
WAS ANIMATED
Heavy Dealings at the Close of
the Week.
CALL MONEY WITHIN REACH
NO CHANGE SHOWN YESTERDAY
IN GENERAL SITUATION.

indicated today by the publication of
the very favorable bank statement.
Traders had bought a few stocks in an
tieipation of good showing by the
banks, but their attempt to take profits
after the publication caused a melting
away of gains and in some cases their
total wiping out The known move
ments of currency from the statements
| of the banks themselves indicated a
gain of from $S.e00.000 TO $9.0G0. 600 in
I me cash item, but the actual gain by
| the average system Of computation
| shows a rise OF upward Of ST., O0o 900.
Last weeks statement understated the
/ amount of the actual cash gain by
about the amount that tOday's state
ment Overestinsates it, which is not IN
usual where heavy movement comes
! late in the week. Today's large loan
increase is normal to the season, but
| there has been no evidence of the en-
ployment of so large d sum as s14, 000. 900
! IN the stock market this week, and it
! Is supposed that syndicate opera tons
| unknown 10 the people have figures in
! this item. The increase of the sur
plus amounts TO S5.%oSS25. The COM
paratlve ease which has been reached
in the money market left only a IAN
J guild interest in the bank statement
Only Missouri Pacific. Atchison, ST
Paul, Chicago Great Western, Louis
| Vile & Nashville, Great Northern pre-
ferred and American Car made any
noticeable show of strength, and their
gains were not well maintained. In
/ ternational Power was run UP points
but reacted 3. The market closed ir-
regular.
Resume of the Week.
The stock market has shown a re-
/
any distinctly unfavorable develop
ments in the business Situation to &c
count for the change in sentiment from
the week before, when operators in
stocks seemed to feel great confidence
IN higher range of prices and in the
usual January boom. The action of the
market is seemingly due to technical
| causes. The speculative pools have de-
sisted from their efforts TO boom prices
or have found that such further efforts
as are made do not attract large out
side following. The money situati
seems clear. but the consideration has
/ reverted TO investment values with a
result of causing some cessatir in the
buying There seems to be lone di-
! vergence of agreement also among the
so-called pools themselves.
Wealthy Men interested.
The makeup of the pools is not
matter of well defined knowledge, but
the dominant clements in them are
known to be capitalists and wealthy
men of ample resources. The most in
fiuential class is made up of fnan-
ciers, whose connections include not
only railroad and corporation owner
ship. but Influential ownership also in
the great banks and trust companies
upon which the country's money mar
ket is largely dependent.
he ii Of v~.I,a ~
control Of the Reading by the Penn
sylVania and Vanderbilt interests in
Dictated that the purpose of new aims
had not been suspended by large cap
italists even during the period when
the activity of the stock market eli4Ies
was sought TO be repressed. The re-
newed activity of this class following
the announcement of the Reading deal
is believed to have been tinctUred with
some resentment over the time lost
for themselves in disposiag of holdings
while available money supplies were
employed by more powerful interests
for furthering their own interests.
Market Manipulated.
With easier money market facilities
they have been prompt to enter upon
operations for a rise. employing all the
expedients known to skilful market
operators to lift the prices and at
tract an outside demand The sus-
picion has grown that much of rhe
appearance OF activity ana strength
in the recent market has been due 10
the use Of such expedients. rather than
to competitive buying to secure con-
troll of railroad systems or maturing
financial projects promising attractive
profits in the market for securities
Some Of the pools in attempting 10
sell their holdings at the higher level
of prices, have demonstrated the feeble
&c -
made inroads on prices. There are very
few prominent railroad stocks IN the
country whose rate of return is 5
per cent, or even ~ per cent, of ruIing
prices.
From time to time there are sales
on the exchange al wide declines OF so
called gilt edged investment stocks,
which are so closely held as to APP
pear in the market not more than
once or twice in a year. The whole
subject of future returns on fixed cap
ital is thus brought up for considera-
ton, with the possibility of a readjust-
ment to a lower price level for in
vestment securities.
Probable Gold Exports.
The upward course of sterling ex-
change during the week has fixed at
tention on the probability of an outgo
of gold. 1t is known that an outgo in
December was averted only by extern
sion of obligations then maturing to
foreign bankers. Tt was even sug-
gested that foreign bankers were CO.
operating with the bankers protective
pool here by agreeing to defer their
demands for repayments. The present
heavy Outgo of grain and some buying
of stocks for London account serves
to ease the exchange situation. But
it is believed that the coming require
ments of foreign markets for the 1e-
tation of government loans will de-
mand some shipments of gold from
New York The heavy government dis
bursements at New York on contracts
are believed to be about completed so
that the New York money market is
not expected 10 benefit TO the same
extent from b-treasury operations
as it has since the first of the year.
There has been some demand for
lower grade and speculative bonds
United States Is have advanced u and
the old IS and the IS Il per cent while
the IS. coupon. and the new As coupon
have declined Il per cent on call during
the week.
GRAIN AND PROVISIONS.
Chicago Ian 17-There was an ar