The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-12-20
STOCK MARKET
MORE ANIMATED
Active Speculation in AmaIga
mated and U. S. Steel.
ATTACK ON ROCK ISLAND
FALLING OFF IN DEALINGS DUR
ING THE WEEK.

New York, Dec ia few stocks
supplied all the interest IN today's
stock market. The continuance OF the
recent active speculation in Amalga-
mated Copper and United States Steel
preferred showed a firm tone on the
better feeling regarding the trade out
look. Opinions on the outlook in these
two metal trades are inclined to react
upon each other. There was a repeti-
ton Of yesterdays attack on Rock ISL
and and Of the rumors of a coming
equipment bond issue 20 which that at
tack was due. The coaIers were nota7
bly, strong. especially the high priced
stocks in the group. The foreign mar
kets showed I'm rather pronounced form
a recrudescence Of the fears Of war be-
tween Russia and Japan. A rumor
found circulation that Russia was
seeking a war loan in Paris. and that
New York bankers had been APP
preached to participate I'm the loans. A
continuance for any length Of time OF
the recent course Of our foreign trade
would offer a probability of some
American Investment IN foreign govern
ment- securities but the volume of de-
mand for railroad borrowing waiting
TO be satisfied by our money market is
O.
showed an even greater accumulation
OF cash reserves than forecasts had in
dictated. and the preparation for meet
ing the annual dividend and interest
disbursement is plainly in evidence.
Review of the Week.
There has been a notable decrease IN
the volume of dealings in stocks this
week, and business has been largely
congested in a few Of the specialties IN
which there was evidence Of the actiT-
ity of the organized speculative par
ties. The advances in these stocks has
served to hold the general market. de-
spite the apathy and Indifference Of the
trading. The dullness is normal 20 the
approach of holiday period and the
speculative tone is a waiting one. 4
large share of attention has been given
TO developments in the iron and steel
trade on account of the series Of meet
ings held in New York by members Of
the pools in various branches of the
trade TO decide upon the question OF
maintaining prices There was much
public doubt early in the week as the
maintenance of rates and reports were
freely circulated Of selling by independ-
ents below the schedule, especially Of
steel billets and of urgent pressure for
concessions Of steel rails by a number
of the great railroad systems of the
country. The rumOrs regarding the net
earnings OF the United states Steel
corporation for the current quarter
were also very discouraging. AS the
meetings of the different steel pools
were successfully held without making
any changes in the prices Of their prod
uct there was a marked change for the
better in the sentiment on the outlook
for the trade. A better inquiry for
forms of structural steel was reported
a a result Of adjustment Of some OF the
d. IA a.n4
have tied up operations in the building
trades and a firmer tone for pig iron
developed as a result OF the heavy cut
ting down of production and the tax
ing of some large stocks of the market.
The progress Of retrenchment of wage
reduction ia the trade also gave prom
isn of important economies in operation
The iron and steel and tin and copper
trades were inclined 20 react upon eaCn
other. and ne important growth OF for
eign demal~ for copper which was re-
ported helped the improved sentiment
over the steel outlook.
Northern Securities Case.
The detailed reports Of the arguments
iu the Northern Securities case were
studied with great attention in the
financial world. and the bearing of the
points at issue in that case upon q
great mass of corporate securities and
was appreciated with renewed force.
This influence was only mitigated BY
the probability OF the final decision OF
the case being still deferred for sever
al months. The approach Of the end OF
the year brings with II a sense OF Sc
curity in the ability of the money
market to meet all year-end require
ments without disturbance. The free
return of currency from the interior
and the large inflow of imported gold
have so forfeited the banking reserves
as 20 afford apparent ample margin
10 rthe temporary requirements mel
dent 20 the disbursement OF dividend
end interest and the meeting of matur-
ing obligations. Provision for such of
these Obligations as are due to for
eIgneUs has caused a sharp rebound ia
the sterling exchange market and has
lifted Il definitely away from the gold
import point. This result has also been
furthered by a falling off in the sup
ply Of cotton bills in the exchange mar
ket with the renewed advance in the
price of cotton. Interest is thus awak-
ened I'm the important question wheth-
or the abnormal export Of cotton for
October and November is to give place
TO corresponding lapse in later
months. To cotton exports was due
the fact that the exports and the eX-
cess Of exports FOR November were
lifted 20 value only once exceeded
for any months in the history of the
country. namely. in October OF 1900.
when "a great wheat crop I'm this c0un-
try conceded with a disastrous short
age in European crops. 1t is pointed
out as possible analogy between that
season and this that gold went out in
large volume from New York in Janu-
arv Of 1901 Notwithstanding the unprec-
edented trade balance piled up in our
favor.
Special Features.
In view OF a disposition to draw this
analogy "a Is proper TO consider the
special factors which were In force i'm
January. 1901. There had been a series
Of failures OF mortgage banks in Berlin
and Of the London & Globe Finance
corporation in London. The Bank of
England was constrained to advance
fits discount rate from 4 TO > per cent
fn the first week Of the year. and if
was estimated that American securi-
ties were being sent home to the New
York market at the rate Of 81 600. 600 "A
day. II win be remembered that the
foreign money markets became so de-
pendent upon American resources dur
Ing the following months that Oae-half
a total issue Of $4,000 900 pounds Of
British ccnsOls was placed with Amer
ican bankers I'm the following April.
and there was an important American
participation during that spring in an
imperial German loan and IN other
German and Russian loans The ex-
penses Of the BOer war and the inter
ruptiOn Of the Transvaai gold supply
we're the principal disturbing factors
IN the foreign money markets of that