The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-10-30
BULLS CONTROL
IN WALL STREET
Prices Marked Up Through the
Active List.
SPECULATION WAS ACTIVE
REVIEW OF THE TRADING FOR
THE PAST WEEK.

New York. Oct 29.-with the effective
clearing up Of the threatened information
~ complications abroad. the speculation
IN STOCKS here broke einto renewed ami
Hlatipn today and the rise In nrices was
renewed with as much animation and
assurance as with the opening of the
week Ihere was no indication that such
80 I'm. "A as an Anglo Russian war had
SSI threatened, and the final prices to-
pdg were III some conspicuous cases the
nlBhest OF the week and of the year The
~, 49,, ave'ce Was even more conspicuous and
more evenly distributed than in the mar
ket or the early week. Such weakness
as was SHOWN was due to specific causes.
SAcsPt tOr the sudden losses of its gain
Dy ST. Paul in the final dealings which
made the close slightly Irregular and
gave the market an appearance of action
between contending forces to determine
the closing tone. The determined support
or the FORCES behind the market generally
prevailed, however, and the closing was
Very animated
One of the weak spots in the market,
that of Ontario & Western, was due to
the doubt thrown upon the earlier con-
tlcuOn that equal terms were to be Of
Tered to majority and minority holders
IN the purchase of control. The break in
metropolitan Street Railway and in Met
ropolltan Securities was quite clearly
speculation on the possible future effect
of the newly opened subway on the local
transit earnings. Copper Sugar, Union
Railway were conspicuous features, but
the strength was so general as TO leave
no room for detailed specification here.
The bank statement showed the expect
ed small change in cash, but the increase
in deposits through the loan expansion
depressed the surplus level. The tone or
the foreign exchange market was slightly
easier but further exports of gold next
week are generally expected. Total sales
of bonds. par value, $5,275,0O0.
Review of the Week
Speculation in stocks this week has
approached the high record level of ae-
uvity at times. and with a number of con-
Ihcting factors IN force the market has
been tumultuous in character. On the
one hand nave been numerous rumOrs of
railroad deals and on the other alarming
effect OF the Anglo-Russian crisis, strain
Ing the relations between Russia and
Great Britain by the firing upon the
Hull fishing fleet by the Russian men
Of-war
The latter factor, coming upon an eX-
tended speculative situation caused an eff
feet in the New York stock market more
acute than in other markets much more
vitality concerned in the outcome. but the
weeks results in prices are mixed, both
by reason Of remnants of the earlier
strength in the market and OF FeCOYerieS
after the Anglo-Russian crisis mad passed.
The furious speculation has conferred in
Union Pacific. dealings in that stock ris-
ing about 200 600 shares on three separate
The weeks sales of this stock on the
stock eXchang have been considerably
over 100000 shares, or as much as the
total outstanding common stock of the
company, which numbers 1.0S7, 729 shares.
No one supposed that the control Of the
company has passed, the same stocks
changing hands many times in tie course
of the week or even of a day. The strong
side of the market has offered great OPP
pOrtunities for traders, and this constant
changing of holdings has been feature or
the trading. Individual traders and firms
are credited with handling as high as
10000 shares of various stocks during a
day. Given to such operators who buy
successfully from each other. each time
at an advance in price, it will be seen that
constant succession or speculative
profits are indicated. but with the profit
on the whole dependent on the success or
the final holder in distributing MS hold
ings above his purchase price
Suspicion Aroused.
Suspicion of enormous transactions Of
this kind was the cause Of the tenderness
OF the market and the precipitate unload
ing Of stocks in the rush to save profits
or to prevent heavy losses wien prices
turned downwards. The dimensions of
the market are indicated by q comparison
with the record dealings for the week
ending Saturday, May 4. 1s0l, which was
the week OF the competitive buying of the
trans-continental railroad stocks which
led uD 10 the Northern Pacific corner and
the panic of May in that year Aggre-
gate sales have been 9.SS1,s0o shares
Union Pacific's prominence this week has
been due 10 the supposition that a plan
of settlement o. long projected community
of interest in the trans-continental rail-
road was being worked out. The decision
20 retire the Oregon Short Line partlci-
pating bonds according 10 the privilege
under the mortgage at 1929 was tie basis
OF the widely embracing cOnJectures which
We're current regarding the plan, As the
Union Pacific holdings OF Northern Sc
curities stock form the collateral security
for this mortgage il was assumed that a
desire to free those holdings for use in
carrying out the plan was the motive for
retiring the bonds. Persistent official dis
chalmers OF any plan for settling the
Northern Securities dispute except by
regular process OF the courts did not i'm
pair the speculative influence OF the cur
rent cOnjectures.
1t was generally assumed by spectators
that the extension of the community OF
interest idea would add TO the value of
practically all Of the low priced indie
pendent railroads available in any way
for absorption by the larger systems. and
speculative commitments on this assump-
tiOn were freely made throughout the list.
in addition 10 the severe check admins
tered by the alarming friction between
England and Russia, an unfaVOrable ef-
feet was caused by the poor quarterly
statement Of the United States Steel cor
poration. The passing Of the dividend on
Pressed Steel Car and the official doubts
expressed I'm connection with the perma-
paRy's product aggravatcs the effect OF
the United States Steel statement. The
beginning of gold exports is notice Of the
urgent financial needs Of the belligerents
in the far east and OF the effect OF their
requirements on the European money
markets. with reflection on the other
money markets OF the world, including
our own. Although but slight effect has
been produced on our own money mar
ket this week, IL is evident that another
factor is 70 be FeckOned with in the prob
lem Of the sufficienCy OF our reserves 10
accommodate further interior demands for
currency. and IT the same time leave
heavy borrowings for speculative pur-
poses undisturbed.
Speculative bonds have been most prom
inent and have moved in sympathy with
stocks.
L. s bonds were unchanged on call
during the week.