The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-02-01

dispute OAl llAC = AlOL IdNAllC nd4 d
less serious aspect than was reported
yesterday. The extra dividend of y
per cent on Northern Pacific had not
been foretold, but it was without APP
parent influence on prices. The North
ern Securities company is practically
the sole owner of Northern Pacific
stocks and as the increase in the Sc
curities company dividend already
made was presumably based upon the
/ Northern Pacific extra dividend, the
episode was allowed to pass without a
ripple in the stock market.
Interest in Bank Statement.
Interest conferred in the weekly bank
statement and even more in the days
/ clearing house figures The latter dis
closed that the balances to he settled
| between clearing house institutions for
4 the day were the largest in the history
/ of the clearing house, reaching a total
/ of S24.977, 949. The heavy individual
debts and credits of a few of the larg-
est banks in the association made IT
| seem evident that some financial trans
action of great magnitude was carried
| though today. The Sub-treasury had
large credit balance, due to the pay
ment of Central Pacific note due 70
| the government. The large loan eX-
pansion for the week was attributed to
/ the Pennsylvania loan, which is stated
4
! generally believed that a considerable
portion of the loan was taken by for
eigners and was thus factor in the
| easier tone of exchange which deveI-
oped during the week.
The re-deposition with the banks by
| the railroad company of the proceeds
| of the loan has been responsible for
the free supply of funds which devel-
oped yesterday in the money market.
The ordinary speculator in stocks finds
cause for hesitation about operating in
| the evidence of such financial require
ments as was furnished by today's
bank statement and clearing house fig
! ures. The market sold off after the
bank statement and closed dull but
steady.
Resume of the Week.
All through the week there was lit
tie to arouse the market from Its
lethargy. Its occasional fits and starts
were due to the efforts of the profess
sional traders to feel the market and
to anticipate any new movement that
might possibly develop. There has
been no outside response to these tao
tics, and every movement, Of which
ever proportion. has scarcely lasted a
day. A real sustaining force for values
was the better feeling as TO the Vene-
Zuelan situation. For the first time
in several weeks the impression has
been strong in Wall street that all
parties to the trouble were anxious to
be we'll out of it without any other
motive than the settlement of claims
|. as presented. The incident has had a
sensational effect in financial circles,
rather deeper seated than appears on
| the surface. This was partly due TO
the unpleasant memories of the Vehe-
Zuelan panic at the time of President
| CIeveland's boundary message. The
!, mystery which attached to the diplO-
. I INA n inifio tive in the matter and the
, surprise occasiOned by the common act
of Great Britain and Germany kept
> alive for a time a suspicion that the
> movement marked some farreachlng
! policy designed to test the Monroe doc
! trine and thus necessarily calculated to
I provoke war.
: No Revival of Activity.
: Last weeks market closed with the
Venezuelan question causing much
therefore was quite sharp. The strik-
ing point of the traders TO notice, how
ever, was that there was no revival
I of activity in the market and it fell
back promptlv into its narrow selling
from day TO Jay. Meantime the IN
dertone continues pretty firm.
! The subject of railroad earnings has
received attention during the week, oW-
; ing to the number Of important sys-
: TENS which made returns of their net
earnings Tor DGGGnDE. ne was
! looked for with special interest, owing
: to the fact that some of the increase
> in freight rates went into effect IN
y | December. These increases were eX-
d pected to cure the prevailing tendency
!, for growth in operating expenses tic
: overtake increase in gross earnings
With the sole exception of the coalerS
the December returns show the de-
| creaainS tendency of net earnings still
in fun force. All branches of the rail
5 road world and all sections Of the coun-
| try figure in the showing In the ease
| Of the coalers, on the other hand, the
! December statements OF the New Jer-
: sey Central and Erie show the mos
! prosperous conditions in the history OF
q the trade as a result of the large
: shortage caused by the strike and tbs
rush Of the supply to market. The
{ dominant feature in the whole railroad
d situation seems to be the striking In
{ adequacy of railroad facilities TO &C
n coIrmodate the traffic offering. Ca
. scarcity is a cry heard from man!
quarters, which is soon followed b.
T complaints Of lack of engine power t.
= clear the yards.
= Foreign Blockades.
e Freight blockades are the order o
d the day, and serious embarrassment /
caused by non-dehvery OF some form
n OF raw material This is particular.
it tue of the iron and steel trade, ant
n the grain market has fallen off in
marked degree for lack of railroad
lie equipment. That such a condition o
st affairs should exist after the extraor
y binary outlays of the past few year
y for new and more effective equiDmen
d by the railroads is conclusive evidenc
IS of the flood tide to which business ha
T, attained. Manufacturers are import
g ing materials because they cannot sc
h cure deliveries of domestic products
Railroads are turning away business
II but are not earning as much for share
n holders as they were last year, be
< cause of the high prices for materia
ID and labor. Some Uneasiness was cause
lie in the latter part of the week by ad
ID vices from Omaha indicating that tn
Z. Union Pacific labor situation had be
Of come more acute. Fears were expresse
l. that the trouble might spread to othe
IL roads The obstruction felt by tn
n gain movement has had some effeC
K upon the export business and tn
I'd prices attained by wheat evidently ma
is a discouraging effect
of