The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-12-13
PR0FIT-TAKlNG
IN WALL STREET
Pressure to Sell Seems Almost
as Great as Ever.
BEARS HAVE The BEST OF IT
REVIEW OF CONDITIONS FOR
THE PAST WEEK.
BEARS HAVE The BEST OF IT

III AL w LIN
New York. Dec. 12.-The stock mar
ket was irregular and rather dull to-
day. but the reactionary tendency pre-
vailed. There was no perceptible re-
Spouse TO new causes in the movement
which represented the working out Of
new contracts. Some support was &C
corded to United States Steel preferred
and this had a sentimental effect on the
general market. The advance in that
stock. however, encountered fresh sell
ing and the bears die not show great
uneasiness. PrOdt-taking in Brooklyn
Transit was conspicuous ana cost that
stock nearly two points at one time.
There was pressure against Pennsyi-
vania and the bears resorted to the
device Of Offering the dividend on a
limited number Of shares Of the stock
for the coming year at 52s in the curb
market. The money exchange markets
were nominal. as usual on a Saturday,
but cabled reports Of an expected ar
rival i'm London next week of S2.50OO0O
I'm gold, which is likely to be taken for
New York Bank clearings for the
week throughout the country show
slight increase over last year for the
first time IN many weeks. New York
clearings having risen over last year
with dominant effect on the averages.
Other eastern centers still show lower
level of clearings but for the west and
the country at large the average IS
higher. The market closed irregular
but near the lowest. after a lively sell
ing movement following the publication
OF the bank statement.
Review of the Week.
The daily average Of dealings in
stocks has risen 90 near 100000 shares
this week. The market has been highly
irregular. advancing at times and
meeting with backsets and reactions
which leave the net results Of the move
ments of prices small. But large dis
tributiOn of securities has presumably
been effected at a profit and the new
holders have shown little disposition
TO throw over their holdings at recess
sions The action of the market war
rants an Interpretation of an improved
sentiment regarding present conditions
and prospects. The reactiOnary move
ment is regarded as normal after so
considerable an advance. The approach
of the end of the year and the annual
settlements to be met at that period
beget a conservative spirit about finan-
cial commitments owing TO the likeli-
hood of hurries in. the money market
through the large temporary require
lnents upon resources. The hearing Of
arguments i'm the Northern Securities
set for next Monday and the belief in
an early decision in that case are the
occasion of some forebodiEgs. 1t IS
true that the prevalent belief is that
the decision Of the lower court against
the capital forces fOreshadOWs the de-
CisiOn Of the supreme court pointing
90 the probability that an unfavorable
decision has been discounted. accord
ing TO the custom of speculative mar
Fets. But precedent shows that SUI
preme court DEGREES on cases OF this
kind are of long continued effect on he
securities market. The effect of the
decisions ina the trans Missouri freight
case and the Joint Traffic association
case are examples These precedents
are reinforced in their influence by the
prevalent dread in financial circles that
an agitation against the great indus
trial and financial combinations may
play large part I'm the approaching
national political campaign. The vul-
nerability TO adverse criticism of some
Of the combinations developed by cur
rent litigation is an additional factor in
making speculative sentiment on the
subject sensitive.
Hone For Better things.
But these influences have merely
modified the conviction of an improve
ment i'm conditions waTranting hope of
lettering things in the future Even
in tue iron and steel trade the further
indications Of the enormous contrac-
ton that has taken place are mingled
with some signs that affairs are IL
train for an Improvement. Trade sta
tistics of Dec I show the process of
reduction i'm production still heavily ia
progress without yet having reached
the reduction In requirements as un-
sold stocks have still further accumul-
Bted. But n somewhat better inquiry
end a hardening tendency of prices is
reported both in the iron ad structural
steel departments. Next weeks meet
Ing Of the steel billet pool is awaited
with great interest to disclose whether
Eunicient confidence in the demand al
current prices is felt TO avoid fur
Their concession
Appreciation is growing Of the inn
portance upon the domestic financial
situation of the extraordinary course
of our foreign trade. The November
return Of domestic exports shows the
greatest value for cotton exports fol
any month i'm the history of the cOun-
try. The declining value of the c0un-
try'e imports is no less significant
in the explanation OF the cOurs,
OF the foreign exchange market and
the persistent inward movement oil
gold Notwithstanding the employment
Of devices By foreign banks 10 prOtec
their gold holdings The decline IN
prices of our commodities warrants the
expectation that tho decline ia i'm
ports viii continue and puts our manu-
featured products on a basis TO com
pete better in foreign markets, thus
promising a growth in manufacturer
exports. Organized efforts are beine
made 70 extend the foreign markets fol
iron and steel products especially
The extraordinary outward movement
Of cotton invites the comparison witt
the great export movements Of Whea
few years ago.
Eject Of Trade Balance.
The enormous trade balance in oUl
favor has built up an Important ele
meut I'm the era in expansion which
followed. 10 wiz be remembered tina
foreign holdings of our securities were
swept home in a flood as a result. and
American holdings I'm government Sc
cUrities were largely extended in th'
struggle 90 adjust the balance. The;
followed the tremendous outpOuring d
new capitalization, which 20 became
the important item ef the time 30 alb
sorb. In the struggle 90 take care o.
the commitments made a that perlol
Including The formation of the Unite,
States steel corporation and the North
ern Securities company. the American
holdings Of foreign government seCur
tiles were sent back 20 the home mar
kets 10 realize the resources. In addi