The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-01-22
BU0YANT RISE
IN CHANGERS
otherwise the Stock Market
Showed Little Change.
GENERAL LEVEL MAINTAINED
CLOSE WAS EASY WITH A SHOW
OF ACTIVITY.

New York, Jan. 21.-There was a
good deal of commotion and some con
fusion in the active two hours trad
ing of today's stock market. but the
important changes on the day were
confined TO a few stocks The further
buoyant rise in the Northwestern gran
gers was in connection with another
rise in the Northern Securities on the
curb.
The general level of prices. however
was maintained with difficulty. and
gave way entirely on the appearance
or the bank statement, disclosing an
unexpected loan expansion of $34 474 700
Ihis is far in excess of any previous
weeks increase in the loan item during
the history of the clearing house and il
was further notable for the fact that
the increase in loans has been made by
the three or four largest banks in the
clearing house. in which usually con-
centrated the greatest syndicate oDera-
ions OF the country's most powerful
fT ancfal groups. Nothing has appeared
or the surface to indicate into what
channel this enormous extension of
credits may be turned. There have
heen several bond sales during the
week. but not sufficient to account for
the propositions of the loan expansion.
some part of the resources thus ex-
pended may have gone for the pay
HeHt OF maturing American railroad
notes and bonds held abroad, and If is
known that the cheapness of money
mere has prompted bankers to employ
FUNDS for the purchase of large
amounts of bonds held by European
investors which are to fall due in a
snort time. But there will be room still
Tor the supposition that some great pro-
Ject of corporation finance is in pro-
giess or being worked out
compared with this weeks great loan
increase. that for the week ending Ian
-
amount. when the bank loans increased
*"V'ooS,5O0 The only other parallel oc-
Cured during the spring of 1901 Dre-
g olng the great flOtation era. when for
several weeks the clearing house banks
made increases in the neighborhood of
$31.0OO.000 in their loans
Ioday's stock market closed active
ana easy. Total sales of bonds. par
value, $5,330,OO0.
Review of the Week.
Dealings at the stock exchange this
' eek nave expanded to an average Of
over I-OOO,OOO shares a day. and the
growth in the volume of the bond deal
ings has been more notable Win an
increased health IN the demand for in
Nestment issues along with the con-
tihued activity i'm the more specuIa-
tive bonds. But the tone of the stock
market has shown much iTreguIarity
and unsettiement- The volatile spurts
IN a rev very active stocks have not
carried the general list along with
them, and the special movements have
served To beget doubt and suspend
rGtner than to encourage general de-
Tuand for stocks This was TO the an
preheHsion that professional specuIa-
tive operations were largely RESPONSE
Die FOR the congested activity in a few
and doubt of the senuineness OF. the /
general activity.
me money market has been unruff1ed
by an adverse influences such as the
withdrawal of 10 per cent of the gov
ernment deposits from the national
p3nks and the continued outflow of
gold TO foreign markets But the
heavy influx of money from the interior
10 this point has been sufficient 10 gIut
the money market. The falling off i'm
railroad traffic and the easing of the
car shortage and the gross earnings
for the second week of January do not