The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-10-16
OLD TIME BOOM
IN WALL STREET
Buying Orders Poured in in
Great Volume to Brokers.
ENORMOUS PROFIT TAKING
THE CLOSE WAS EXCITING AND
SOMEWHAT IRREGULAR.
ENORMOUS PROFIT TAKING

New York, Oct. 1.-The excited man
ner OF the speculation which appeared
in the stock market yesterday. marking
the throwing off of the restraint which
heid the market in check during the
caller part Of the week. continued today
buElng orders for ali securities pourc1
IN IN great volume and from many
sources. In the principal active Stoke
enormous blocks frequently Changed
hands, marking the concentrated char
acter OF the operations in them This
Was especially true Of United States Steel
preferred, Pennsylvania, Southern pa
clLic and Louisville x Nashville The
opening in United States Steel preferred
vas OF l9.VcO shares sold simultaneously
~ variations OF 3 Of q point in price.
ne accompanying large operations in
pennsylvania and in Southern Pacific
were attributed 10 the revived interest
IN tle market OF veteran operator, who
Inaoe a faVorite of those stocks in pre-
Nious movements and who was en- .
trusted with the management of the flo
tatton OF the United States Steel securi-
Lles. Louisville & Nashville became very
ieVerish in the final deEIfngs. running
UP TO ia by half-point jumps and re-
Iapsng Dy the same Intervals to 135Ih
ne churning up Of this stock Occasioned
belief of revived operations in the stock
uluer the auspices which resulted in the
passing OF control. That there was enor-
nous profit-taking conducted parallel
win the advances in special stocks was
very obvious, not only in the uneven
manner Of the rise. but in the actual
reactionary tendency al some points, no
iiaoly among steel specialties. which came
mo new prominence late in the week
me bank statement showed only q small
part IN the expected gain cash. but the
loan contraction served to reduce the
deposit liabilities and the reserve re-
qtirement, with advantage 10 the sur
Plus. The market closed. excited but
somewhat irregular. Total sales of bonds
par value. S,925,000.
Review of the Week.
a broad ana active market has pre-
Nallcd during the week for all varieties
OF securities and the average tendency
mas been upwards through the opDosi-
ton or some Tery heavy selling of stocks
10 realize profits on the rise. Specula-
ton has shifted from one TO another
quarter of TIE list, the low priced in
oustrials coming in for an unusual share
OF attention rs the week progressed. The
foundation of the market was the prae-
ucal making OF the grain crops, the con-
tlnued promise OF an unusually large cot
ton crop and the continued ease of
money. in spite of the large withdraw
ais of currency for the interior
The government estimate of the con-
uluon of corn on oct. 4 is usually ac-
copied i'm the trade as q definitive basis
Tor estimating the final yield for the
crop, as the portion remaining Unhar-
vested and liable to damage from frost
Is then 50 much reduced as TO offer small
danger Of seriously diminishing the FL
nal output iH indicated crop on the
government estimate of 22i5.000O 900 bush
els or upwards leaves no grounds Tor
tle alarm that was caused by the early
expert estimates Of 1000 100000 bushels or
less. and tho Improvement during Sep
TENDER Of the spring wheat promises an
ADDITION to the cNportablc surplus of that
cereal The effect of this news was ii-
rectly stimulating upon al the grang-
ers and indirectly upon the whole mar
ket With the movement Of new corn
10 market it is expected that the pres
cnt stagnation ~ the export trade in
grain will be corrected. Our breadSttIffs
exports for September fell in value to
only 84l9.S03 compared with Sl5,399, 625
in September OF last year, and from Jan.
] the decrease has been no less than
Sl4.2ie.30S. Great Importance Is attached
therefore TO revival in this department
Of our foreign trade. as the present alb
normal volume of cotton exports Is hard
~ expected to be maintained
Bank Reserve Small.
The continued inroads on tic surplus
reserve Of the banks and the prospect of
Its continuance Vet for several weeks
caused a momcnrsrv hardening OF money
rates early in the week. But large banks
and trust companies promptly appeared In
tho loan and offered local money at rates
down to per cent. again and under
There was. beside, receipt of over s. 600. =
900 Of Australian gold and the sub-tTeas-
ury has contributed q considerable sum
10 the local money market By reason Of
the monthly rise in the tide Of pension
disbursements. The government revenues
have improved and compare favOraby for
the current month with those of last year.
thus relieving an apprehension that the
treasury may be called upon TO withdraw
deposits from the national banks to main.
tain the working balance while the crop
movement demands are Still in force. The
advance in the discount rate Of the I'M
peral Bank of Germany from 4 TO ) per
cent slightly unsettled the money situa-
ton both here and abroad. as 1t was
a ri h0
to our drawing gold from London in the
event of a rise in the interest rate here.
Some obscurity exists as 90 the motives
OF the German banks action, but its IN
fuence on sentiment has diminished with
the easier tone Of money here. The
abundance Of money and the high prices
ruling are made the occasion Tor much
discussion of the general effect Of the iu-
flGence in the production Of Sold in the
last few years, and of the issuance OF the
war loans BY creating great credi. funds
for disbursement in the worlds markets.
The weeks aGvices have pointed 70 the
continuance OF the revival of business in
many lines as indicated by the expansion
of bank clearings, growth IL railroad
earnings and especially the expanding
demand for iron and steel and IN less de-
gree of their products. The statistics Of
iron production with the further Increase
IN productive capacity and an accompany
ing decrease in stocks on hand are &C,
Cepted as conclusive evidence Of revival
even on the part Of those who have MAIN
tanned a Skeptical and conservative atti
tude towards reports OF improvements 10
that trade. The large demand Tor copper
Is accepted as corrob0rative evidence Of
the Improvement In iron and steel anC
the more liberal OUTLAWS by railroads for
equipment points in the same direction.
The strength thus caused for the metal
and railroad equipment stocks has spread
all through the industrial list and has
caused a general rise in prices Of all
grades Of stocks i'm that class. good or
bad and indifferent. This development
has made some impression in sentiment
as a possible fOrerunner of elimination
of the advance in the general market.
ON the OF her hand the 0oed Of UNMARRIED
rumOrs regarding combinations and new
control in the railroad world has consid-
erably abated and has lett more healthy
appearance TO the market.