The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-12-04
Big New Companies.

IL is interesting TO note in this con-
nection that the individual incOrpora-
ticns for November of a million CAPT.
tai and over, while reaching an aggre-
gate Of over S121. OOO. 600 and thus rising
considerably above the aggregate for
November in either last year or the
year before. are more than half ac-
counted for by the new Chicago sub
way company and the New York West
chester q Boston railroad. 1t is thus
evident that the present revival in the
market has--not yet stimulated any
think like the activity i'm individual
combination and formation Of new
companies which reached such huge
proportions of the new bond and stock
issues of railroads, both Of those al
ready absorbed and those known to be
yet provided for. including American
participate in the japanese and Gu
ban loans, are nevertheless a subject
Of consideration in the financial future.
It viii be remembered that the late
state of indigestion in which the Sc
cUrities market was involved gave rise
u very large borrowings on short time
obligations and at high rates OF inter-
est by several OF the great railroad
corporations. 1t is to be taken for
granted that the present absOrptive
power of the securities market will be
taken advantage Of to fund all Of these
obligations. A considerable part or
them have already undergone this pro-
cess of substitution. There is not lack
ing a widespread belief that the present
strength Of the stock market has been
diligently fostered by the most power
ful financial interests in the country 20
further the nOtatiOn of these new cap
itel issues, both by supporting prices
I'm the stock market and by guarding
the money market from disturbance
and from stringency. Confidence is un-
abated among speculative enthusiasts
that the effective guardianship of the
money and stock markets will continue
through the year and demands upon
the money market. but the special
needs Of that period are recognized and
this exercises whatever restraining in
fluenCe is at work in the market
The event of the week with most bear
ing on safeguarding the money supplies
vas me relaxation of the continental de-
nand for gold and the easing OF our for
elgH exchange rate. The slump in cot
ton induced large foreign buying of cot
ION and has replenished the supply Of
IoIeign exchange. London continues 10
sell stocks here however 1t il ex-
pected that remittances Of subscriptions
on the Cuban loan will involve further
shipments Of gold to Havana either be-
Tore or after Jan. ] and the possibility
Is canvassed OF gold going to Japan for
american subscriptions 10 the japanese
ioan The January requirements also in
Guido the surrender OF $4,000 coo of GOV
eminent deposits with the national bangs
set Tor Jan j.. These contingencies are
rot ignored in considering the probable
supplies of funds available FOR maintain
ing prices in tho stock market Tncon-
flrmed reports that We're an influence in
the weeks stock market dealt with the
supposed Northern Securities settlement
the acquisition of the Lehigh Coal &
navigation company for cOnsOidatfnc
the anthracite situation the conversion
into sinking fund bonds Of the remaining
S50m0.9e9 of United States Steel pre-
ferTed available for that purDoze and
plans for the absorption by larger sys-