The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-01-17
MARKET RAGGED
AND UNCERTAIN
Prices Moved WithiH Very Mar
row Limits.
SOME YIELDING IN SPOTS
REVIEW OF SPECULATION FOR
THE PAST WEEK.
SOME YIELDING IN SPOTS

REVIEW OF SPECULATION FOR
THE PAST WEEK.
Kew York, Jan. 16.-Wthin narrow
limits, both as to price movement and
volume Of dealings, tOdays stock mar
ket was ragged and uncertain. The
handful Of room traders who made up
the market had difficulty in moving the
prices at all. The undertone was on the
whole firm, although there was some
yielding IN spots. The further advances
in minor specialties were not impress
siye, and did not serve TO give tone to
the rest of the market. The downward
course of prices in foreign markets on
the war situation was no followed here,
but the semi-attrsctiou was attributed
TO the uncertainty over the matter A
rumOr gained some currency also that
an early decision VIII be forthcoming
on the Northern Securities case, prob
baby due to the fact that Tuesday Is
the day on which the supreme court
renders its decision. The gain Of up
ward of 81, goo, 000 in the cash reserve
as shown in the bank statement proved
TO be largely in excess Of even the
most sanguine preliminary estimates,
which were more than usually at Vari-
snce. But the stock market was dis-
posed 10 look a little agkance at the
loan expansion OF OBS. SO. 400. Another
week Of expansion at that rate would
bring the loan item Of the banks TO
above any figure on record. the highest
record for loans having been reached in
the week ending Feb. y, 1903, 81 $780,
COS, zoo. Reports were current of the
payment of large loan Of long stand
lug to one of the trust companies,
which may have involved transfer Of
aoan obligations to the clearing house
hanks. The market closed steady but
Illuminate.
Review Of the Week.
There has been no appreciative de-
mand for securities this week, prices
have moved .sluggishly and irregularly,
and the stock market was practically
Idle most of the time. Operations by
speculative pools in minor stocks have
offered the only variety from the pre-
vailing monotony, and the rumOrs set
afiOat to account for these special
movements have proved impossible of
verification. The manipulative move
ment which accompanied the move
msnts has been commented on. and at
least one case has been the occasion of
charges which threatened official in
vestigation by the stock market ex-
change authorities. While the market
has been profoundly neglected by the
outside public, no important pressure
TO sell has been in evidence, and prices
have not suffered during the week. The
general assumption is that the de-
mand for securities which was looked
fer when the money market grew easy.
after the turn of the year is held back
by the threat OF war in the Tar east.
The constantly varying on that sub
iect We're followed for a time by price
fluctuations, but as the week progressed
the war news seemed to lose its in
fuence upon prices and the markets
both here and abroad lapsed into a
condition Of lethargy, apparently re-
solved TO a more definite outcome Of
the question. 1t is uncertain how far
this movement for. hesitation IN New
York may be mixed with other infiu-
ences. since it is not generally feared
that war between Russia and Japan
would do any direct harm TO our in
dustries Or finances. Tt is believed that
the uncertainties natural TO the eve Of
g national political campaign might be
sufficient in themselves to induce a
conservative attitude in the financial
world. There is room for supposition
also that q new turn in the industrial
and financial outlook IS outlined.
Securities Going Up.
The decline of securities on account
of business inaction has been followed
by an upward movement sentiment IS
hopeful but actual developments are
and steel industry is especially d field
OF conjecture and Of uncertainty,
Reduction IN wages and other econ
omies are looked to for effect on future
earnings. The heavy demand for cop
per. especially for European account
is regarded as a probable corolldry of
improving markets for iron and steel.
The future of railroad earnings is by
no means clear. Gross earnings for the
fourth week Of December showed a
gratifying rise in the ratio Of increase
over the corresponding period OF last
year, but the roads so IA reporting Tor
the first week In January fail 10 sus-
tain that good record. The future net
earnings of railroads are expected 10
show the benefit OF extensive economies
in reduction of working forces and cut
ting down of expenditures for move
ments, which have figured largely in
expenses up 10 the present time. The
extreme case which has developed in
the money market seems to leave lit
tie room for fear of trouble on that
ground. The payment of S25,000 of Lake
Shore notes and the calling Of 6715 per
cent installment of subscriptions to the
40.o00.000 of new Lake Shore bonds
failed to create a ripple in the money
market. It was large railroad borrow
ings Of this character which were
feared 70 their effect on the money
market and many remain 10 be met
The inflow OF funds 10 New York has
stopped the import movement OF gold
or the need for il. But the December
trade return with its favorable trade
balance OF over s96.000. coo is eonvine-
ing proof that New York's control of
international exchange remains unim-
paired.
The bond market has suffered
throughout the week from the same re-
pressiye influences as that of stocks.
and has shown no important move
11ents. United States 2's have declined
= and TIE SIS have advanced a Der
cent during the week.
Stock Quotations.
Sales. High Low. Close
RAJ A. Ohio 600 71if -