The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-01-15
To FIND
PURCHASERS
That Sums Up the Situation ia
Wall Street.
TRANSACTIONS WERE SMALL
ERIE SHARES FIGURED IN HALE
THE DEALINGS.

New York. Jan 14-Today's I'M
steady and spotted stock market
seemed TO represent nothing more than
the efforts of professional traders to
find purchasers for shares. The con-
slant fluctuations over a narrow range
were a testimony to the difficulty they
found. The volume of transactions fell
off to a little more than 100000 shares,
or about one-half the business of last
Friday, when the activity of the pres
ent movement reached its culmina-
ton. OF todays dealings no less than
200 900 shares were of Erie. The con-
tinued activity in that stock is the
subject of the greatest interest in Wall
street at present, and surmise eXhaustS
itself to account for it. The failure of
Rock Island to move with it today dis
credited previous rumors that Erie was
being sought for an eastern outlet OF
the Rock Island system
The other coalers were inclined to
move with the Fries today, and there
was disposition to attach Importance
to the formation of the so-called East
ern Securities company as probably
concerned with further developments
in the consolidation of the anthracite
industry. Manhattan was strong for
time. supposedly on account of the
coming operation of the lease to the
PETERBOROUGH Transit company, but
the stock reacted with some violence
TO point below last night. Western
Union was helped by the injunction
against the removal of its wires by the
Pennsylvania Railroad company.
Sugar was first strong and then weak
after the report of the annual meeting
of stockholders showed that higher div
idends were not to. be expected at pres
ent. An incident of the day was sales
of Canadian Southern and Michigan
Central, the former at a decline of ~
and the latter at a decline of 1874 from
the last preceding sales some time ago.
Aside from these special movements
the market was duh and sluggish
throughout. and offered little of inter
est. The fact that realizing sales met
advances in all cases served to dis
courage the professional element and
led to the sharp break in the afternoon
which carried the average level of
prices well below last night. This was
particularly evident in Rock Island,
and the large part attributed to the
Rock Island interests in the recent
speculation for the rise give the move
ments in this stock special influence on
the whole list. The closing was steady
at some rally after the break
The failure of the market TO advance
was considered the more significant in
view of the relief from some of the de-
pressing factors Sterling exchange
eased off materially today and rose at
Paris, thus widening the margin from
the gold export point. Call money
was appreciably easier. and some time
/ loans maturing today were renewed by
/ the largest bank in the city at 3 per
cent Money continues to flow into
the local banks. both from the sub
treasury and from the interior. This
seemed TO afford some cement
1 to stock operators during the morning,
/ but did not prevent the iaJvl reaction.
Bonds were quited active and were
] firm early but became irregular when
! the stock market turned weak. Total
sales, par value, 81, loco. United
! last call