The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-10-26
PROFIT TAKING
THE FIRST THING
Wall Street Preparing to Un-
load Stocks Immediately
After the Election.
ANNIVERSARY OF THE PANIC
SOME REMARKABLE RECOVER
les IN SECURITIES.
ANNIVERSARY OF THE PANIC

New York. oct. 25.-There was a de-
..Jed propensitv in the speculation last
week to look toward the close Of the
present campaign. which is expected 10
release the business and financial
world from depression. Much of the
activity I'm the stock market was based
upon the assumption Of the good re-
suits 20 follow.
The movement involved not only
uotabIr advances i'm prices caused by
-n-culativa buying. but in regard to
-ubseguent reactions due 10 realizing
Of DToHts thus covering the full cycle
of "a speculative movement in advance
of The event. The extent 10 which the
expected Improvement i'm business has
bccn anticipated in the stock market
movement in fact awakens some senti-
mont of caution in the seasoned specu-
I1tfvc clement over the possible large
following which viii be met in the
movement TO take profits when cleo
lion uncertainties are out Of the way.
Anniversary Of Panic.
The week was one Of anniversaries
Of the incidents of last years panic.
and this was made the occasion of re-
uiiuiscences and comparison which are
nominating as TO the extent OF the
ground traIersed and the progress
since that depIorabie period 1t the
matter Of price quotations of stocks
the approach during the present move
mcnt to the high levels of last years
priccs. before misgivings had begun to
arise and while the country's proSperi-
o. was believed to be at full tide,
moves a surprise TO the incOnSiderate.
Tho showing is the more remarkable
since the prices Of the early part Of
the year after the first rebound fol-
lowing the panic had reccde[ again to
the neighborhood of the sow prices
touched i'm ihe panic and. in some
cases 90 lower point The advance
lon prices from the panic level shown
hv The quotations current last week in
consequence shows some large figures
High Points Reached.
Union Pacific for instance, sold more
than seventy points higher than in the
panic. Reading SO. st. Paul and Ma
tional Lead 30. Northern Pacific As
Amalgamated Copper IS. etc. These
are the extreme gains. and il viii be
perceived also that they are i'm the
stocks which have been the favorable
mediums of the active speculation of
IIlf Nllblt ShllillitA anu III WHICH AA2ONAA
more than half of the total dealings at
the stock exchange in all issues was
congested The progress of the trial
of the officials of the bank of which
the difficulties served as the prelim-
mary 10 last years panic gave set de-
tails during the week Of the reckless
banking and stock market methods
which were practiced in the period of
speculative furore-
Condition of National Banks.
The controllers extract of the con-
dition os national banks of Sept %
gave an exhibition of the part restora-
ton which has occurred in the banking
situation and I'm credit resources In
dividual deposits, loans and cash re-
serves all show heavy increases over
the figures of Aug. % last year. which
was the last abstract published before
the panic. The enormous expansion in
the items due to and from national and
state banks and repositories also show
the complete restoration of the rela-
tions between banks which were most
violently disturbed by the financial
crises and We're long in being re-
sumed The fact has been especially
remarked that of the fifteen banking
institutions in New York which be-
came embarrassed last fall all but one
have either resumed or paid all de-
pOsitOrs. while the one exception is
preparing TO pay the last 10 per cent
Of deposits.
The slower process Of recuperation
shown by the figures of bank clear
ings. railroad earnings. iron and steel
mill capacity and other indications
does not impair the faith that the pro-
sress will be continued to a fun re-
cOvery.
Demand for Copper.
The more immediate events of the
week were of small importance or in
duence on the securities market. the
varying phases of the Balkan situa-
Ton were of lessening effect in this
market A revived demand for copper
was regarded as important Placing
9. some orders for rails and eoufprnent
IVY me abroad companies was of ia
--ao.c aucury for the iron and steel