The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-01-08
STOCK PRICES
AGAIN SACGED
Slight Rally When Feeble Sup
port Was Offered.
CLOSING WAS WEAK AND DULL
REVIEW OF THE OPERATIONS OF
THE WEEK.

REVIEW OF THE OPERATIONS OF
THE WEEK.
New York, Jan. 7.-Prices of stocks
were inclined to yield again today, but
the pressure was not urgent and any
evidence of support in the market tend
ed to check the selling. Such support
developed for Erie and Reading dring
the course of the first hour and a prac
tically complete recovery of the open
ing declines was made There was
good demand for Illinois Central which
was accounted for by unsubstantia ted
rumors of an intended increase in the
dividend rate. At the recovered level
of prices the demand became so Ian
guild as to cause fresh discoura cement
over the failure TO appear for the jan
uary reinvestment demand. and prices
sagged away again at the last, making
the closing weak and dull.
disappointment was profeSsed over
the bank statement, but the showing
was not calculated to produce more
than a nominal influence with the ex-
treme ease ruling in the money mar
Ret. The fact is not doubted that cur
rency has started 10 move in strong
tide TO this. center and the failure OF
the bank statement 10 reflect it is at
tributed to cross currents in the move
men which confuse the computation
by the average system. The MetropOl-
ltan traction stocks were weak from
special causes. notably the threatened
competition for their suburban traffic.
and their sharp declines had a SYM
pathetic effect on the rest of the mar
ket. There were persistent rumors,
such as have circulated for some days,
that the report of United States Steel
earnings for the final quarter of the
year would prove less satisfactory than
preliminary estimates had promised
There was much discussion of the con-
ference of political leaders which was
announced to- assemble at Washing
ton during the afternoon to consider
the PrOgra mme for congressional ac-
ton, including legislation concerning
corporations and tariff revision. The
weekly mercantile reviews offered no
grounds for selling stocks. and the
enormous figure of the December an
thracite output was "A fostering infiu-
ence upon the firmness of the coalers.
The favorable industrial news failed,
however, to stimulate any demand for
stocks, and the market for bonds was
also quieter than during the early part
OF the week. Total sales of bonds,
par value. 10000
Review of the Week.
The stock exchange contingent start
ed the new years on Tuesday with q
number of important happenings to
account for and spent rather a busy
day on that occasion. uBt the sub
sequent dealings showed large abate-
ment of speculative interest and a
growing tone of hesitation and indif-
ference The fall Of Port Arthur and
the decision of the Northern Securi-
ties injunction suit in favor of the
company had been long counted on.
but they were responsible for a squirt
in the market nevertheless. Interpre-
tation of these events was evidently
favorable one from the point of view
of the financial world. But the natu-
raj effect of realizing sales with the
good news out was to cause some re-
action in the level of prices.
The London financial public has held
a clearly defined conviction that the
fall of Port Arthur would serve to
hasten the end of the costly struggle
I'm the far east and bring to the world
the benefits of an early peace. This
opinion has been somewhat modified
by the course Of events during the
week and the. apprehension has grown
up that the termination of the war is
still indefinitely in the future. The dis
aster to the Russian arms has raised
some misgivings also as to the sue
cess of the Forthcoming Russian loan
and there has been some liquidation in
the London market for Paris account.
which is supposed to be due to the
large commitments of that center of
capital i'm Russian securities.
This has caused a reflex depression
TO some extent in other great .centerS
of capital IN the case of the North
ern Securities decision as well as the
natural movement of the taking Of
profits has added influence to the
movement In the first place the de-
termination 20 appeal the case and
the stay thus effected in. the proposed
liquidation Of the company comprises
a n indefinite prolongation of the It'll
cation. 1t had been hoped that a plan
of settlement had been arranged that
would be promulgated promptly on the
reaching of "A decision by the court
Much speculation and large stock mar
ket commitments have hinged on the
supposed terms of this settlement and
confidence had been felt that il would
result in such an arrangement of con-
troll and relations in the whole sys-
tenn of transcontinentaI railroads as
would accomplish all that had been in
tended by the abortive Northern Sc
curities merger, and more, too.
The non-appeardnce in these plans
has involved state of sur
prise upon the speculative element who
held stocks in expectation of a de-
mand to be stimulated by announce
ments which have not come The be
lief continues general in the financial. J
world that great projects are work
ing out in the railroad world and II
Is commonly expected that the great |
accumulation Of money resources in I
New York this spring which seems 1
inevitable viii be taken advantage of I
TO secure the additional capital re- !
quired for these projects. Rumors of ]
their form are vague and various. but /
stress is laid on the supposed extern
sion of the Rockefeller interest in !
New York Central and on the admitted |
intention to add Cassatt Of the Penn !
sylvania to the New Haven directorate
as going to show the direction of pol /
icy of the combination
The money market has been album |
dainty supplied and passed through /
the annual settlement period with very
slight symptoms, OF pressure. which |
was relaxed almost Immediately con-
trary to the usual experience. which |
shows a continuation of pleasure for /
several days after the turn of the
year. This condition Of the money /
market oeprives the persistent out /
flow OF gold of any substantial effect !,
on anairs. although there is sentiment
tai effect on the stock market
The market for bonds has been broad !
and good investment demand has
been evident. United estates As reg !
istered, declined 4 per cent. and the /
coupons advanced a per cent on call
during the week.
Stock Quotations.