The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-09-20
Review of the Week.

G1SHASW u the W eek
a survey Of the week on the stock
exchange shows that in most essentials
1t was a repetition of the previous ona
The market movement was. again ir-
regular and narrow. and always under
professional control, the outside de
mand for stocks being too small 10
merit serious consideration. in u few
isolated instances some traders wpo
I thought the market had been OVar-
/ SOLD made feeble efforts to turn che
/ Lde, but attempts to bid up prices met
with such heavy offerings that these
attempts were speedily abandoned. The.
| result was a steady saggiIi. Of prices.
One OF the redeeming features Of the
week. as yet unexplained. was the
steady buying OF certain high Grade
railway shares. chiefly Atchison. the
Pacifics and a few others Of this ErOup.
at almost every recession The absorb
ton of AtchisOn stocks revived the ia
story of change of control. The coal
| stocks were not I'm much demand at
| any time. although reports are re-
| strucdon of anthracite output were
probably exaggerated. Runors Of Crop
damages came thick and fast and
I helped largely TO depress prices during
the early week but these, 200. proved
false in large parts. In fact. a much
more hopeful view regarding crop con
ultlons prevailed at the weeks end ara
resulted in considerable short cover
ing Conditions in the iron and steel
trade came in for much discussion and
were largely responsible for the de-
cline OF the steel stocks and those of
animated companies to new low levels.
Steel common was conspicuous
throughout for its absolute weakness
and was by long odds the most de-
pressing feature of the list. 1t was
heavily sold, both for home and for
eign accounts. Thousands Of shares
were poured in and at times the stock
was really the football Of the market
New Low Level.
The new low level of Il was reached
on Saturday. the further decline at
! fecting practically all stocks in the
same classes. In the past month steel
I common and preferred have lost over
seven points each, making a shrink king
IN the market value Of the total iESue
of those stocks Of over $63. 0OO 600. Some
OF the other issues are said to hc-a
lost from FIVE to fifteen points in the
same period. the latter figure repre-
| senting the decline in Tennessee Coal.
/ The condition of the local national
/ hanks. as disclosed by the recent call
OF thee Ontroller of the currency, is re-
garded as favorable enough. though
I loans and discounts are greater by
SZSOUO.OOO than they were at this time
last year. It is argued that this in
crease is offset by the increase OF. can
/ ltal and surplus. which show a gain of
$25.OO0,O0O. while circulation increas ed
! over $4,000. 000 Last years demand for
crop money was three weeks in ad-
vance Of this years The weeks cur
rency movement to the south went
| Chiefly to Georgia, Alabama and Joui-
siana. where the cotton movement be-
gan earlier than in Texas. There is A
possibility that some local financial in
situations may be Inconvenience by a
concurrent demand for croD MONEYS
I from the west and south. but thus Tar
transfers Of funds to these points have
been under 81, 500 900. compared with
$1,000 for the same period of last wear.
The political crisis in England seemed
only to exercise passing interest in
stock circles here
The bond market displayed a good
deal of irregularity but there was little
of interest to dealings outside of the
large transactions in L. S. Steel fives.
/ The general market followed the course
Of this security closely il ii achieved its
! leadership in the market
L. 5. Is advanced ] per cent, the old
| Is reg = Der cent and the new As u
per cent. The old As coupon declined =
! per cent. as compared with the closing
call Of last week.