The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-01-10
FAIR VOLUME
OF BUSINESS
Also Small Additional Advances
in Prices.
FOREIGN MARKETS CHEERFUL
"%=
REVIEW OF OPERATIONS OF THE
PAST WEEK.
FOREIGN MARKETS CHEERFUL

New York, Jan. s.-Prices made small
additional advances in today's stock
market on a fair volume Of business.
Damage to the private wire service
and interruption of the outside quota
ton service BY the tickers had little
effect on the volume of business done
in stocks. indicating the largely pro
fessiOnal character of the trading anu
the large proportion Of business OF
iginating on the floor OF the STOCK eA-
change itself. The main influence on
the advance in prices was lhe iiiot
cheerful tone Of foreign markets anu
E, feeiiDe- of restrained hopefulness over
q possibly peaceful outcome TO the tst
eastern negotiations. The bank state
ment also met expectations IN cash
TEN. which showed an increase or over
10000. 900. The continued expansion OF
the loan item to the extent OF $s4zl'4oV
was not received with as mueh satls-
faction. and induced some conjecture
as 10 the source OF the borrowing. IL
was suggested by some banking au-
thorities that the low rate 10 Wnlen
interest in New York has declined mas
induced some reduction OF trust COM
Dauv and OUT of town banking loans,
ing house banks. London discounts
continue to advance, but the weekly
statement Of the imperial bank or Ger
many made a strong showing and ster-
hing exchange at that center advanced
Amalgamated Copper continued active
and strong today, and the Paclncs,
grangers, cOalers. trunk lines and the
prominent ihdustriaIs made quite uni
form advances. The closing was steady,
but slightly below the best.
Review Of the Week.
The opening week of the new year in
the stock market has proved somewhat
disappointing 10 those who bought
stocks in the last weeks of December
in the hope of an awakened demand for
securities with the turn of the year.
and the resultant easing Of the money
market. Attempts to take profits by
these previous buyers have proved an
overweight on the market, and some
sharp declines have resulted. The lat
Ter portion of the week has seen some
dlminution in selling pressure and
sluggish recoveries. The acute stage
reached in the far eastern war situa-
ton and the passing Of the United
States steel dividend on the common
stock and poor showing of earnings
made by the corporation for the De
cember quarter have been important
confributory causes to the light de-
mand for stocks and to the disposition
of spectators long on stocks to lessen
their holdings. The action of the Unit
ed States Steel directors IN discontin-
uing the dividend on the common stock
had been accurately foreseen IN spec
NATIVE circles, but the great decrease
ia net earnings for the quarter proved
q irving thing for stockholders. veri-
flying as it did about the worst init
nations circulated by the bears before
the publication Current trade repirts
were not calculated to remove entirely
the feeling Of encouragement over the
situation. as they pointed to c0ntin-
ned waiting attitude on the part or
consumers and q confidence that they
would be able TO I'll their requirements
As they developed on satisfactory
terms. It is believed that railroads are
stiII dissatisfied with the price OF steel
rails. and reports were current that
concessions We're being made from the
official schedule Of prices. The pre-
ferred stock of the corporation, how
ever. made some resistance to pressure
on buying attributed TO supporting or
s7ers BY the banking interests associ-
ated with the corporation. Spectators
gave some attention TO the argument
that the depression in the price Of the
stock was sufficient to discount the uu-
favorable conditions in the trade. and
that better results were TO be eXDected
from economics by wage reductions.
Some Discomfort.
Reports Of discomfort on the part of
some of the employees and threats OF
strikes against reduced wages partly
Offset this argument. There We're signs
also that the fears OF the effect Of hos
fiIities between Japan and Russia had
reached climax. The influence of
these fears was conspicuous In ali the
speculative markets during the week.
both here and abroad, and the New
York stock market had 10 absorb large
offerings Of American securities for for
eisn. account. The action Of prices made
clear that war IS expected TO benefit
the market for our food products. wheat
rising sharply on all war reports. while
cotton ran of as sharply OG the beiief
that war in the far east would atfect
the Chinese demand for cotton cloth.
From the financial standpoint there is
little apprehension of any direct 'eifeCts
upon our markets. Holdings OF Rus
sian securities in this country are linz
tied in amount II is believed TO about
10000 0C0. principally by some Of the
Insurance companies, for the purpose of
complying with Russian laws for doing
business in that country, French hold
ings of Russian government and in
dustrisl securities, however, are known
90 be very large. There was the prob
ability Of the entry upon war By Rus
STA would develop money requirements
IN Paris As French capital is very
heavily committed TO the London finan-
cial paper market. large Withdrawals
of French capital from London might
be appTeheuded, which would presum-
ably spread 70 other money markets.
Sterling exchange in New York has. in
fact. advanced sharply after SOME en-
gagements Of gold in London for inn
port early in the week. But sterling
has also risen in Paris. in spite Of a
decline in the stock Of gold in the Bank
Of France for the week
Money Market Easier.
Foreign money markets have grown
easier with the turn of the year, and
the usual large repayments Of loans
have been made. Our own money mar
ket has relaxed TO a condition of very
pronounced ease. without I~Sllting I'm
the investment demand for securities
which was hoped for. Corporation
Borrowings Of the banks are absorbing
part OF the available supply of credits.
and there is some fear that these Dor
r0wings viii be largely extended. Of
fetal limitations have been given that
the New York Central does not intend
ANY immediate financing Is provide fer
its terminal improvements. but Rock
Island refunding issue is officially in-
timated for an early date. The success
fui subscription for Sf00oe COS OF bonds
Of one of the Pennsylvania subsidiary