The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-01-01
NERVOUS CLOSE
! Of OLD YEAR
Prices Unsettled and Final
Quotations of 1907
Are Low.
MANY Disturbing FACTORS
PROCESS OF LIQUIDATION is
THE GENERAL FORECAST.
MANY DISTURBING FACTORS

New York. Dec. 31.-The stock exchange
community saw the expiration of the year
1907 without regret but with some at
tempt at cheerful expectation of the com
ing year. The cheerful sentiment show
ed signs of being forced. to degree, and
was not maintained throughout the ses-
sion, owing TO the interference of one or
two incidents calculated to dash any
budding enthusiasm.
Early Advance in Prices.
The principal incentive to the early ad-
vance in prices came from abroad, where
there was a widespread feeling of en-
enlargement over the prospect for quick
Improvement in the banking situation
after the turn of the year. There was a
pronounced recession in the price dis
count rate in London and confident as
symptoms that the Bank of England Of
lcial rate would come down on Thurs
day. The tone of the market in Berlin
showed an entire subsistence OF an anXi-
ETY. over the outcome of the yearly set
Elements at that point. which has been
regarded as a danger point up to recently:
When the time for trading in this market
foreign account had passed, the foreign
influence on the money market waned and
prices began to sag. The call money mar
ket was affected, by the operations Incl
gdent TO the last day OF the year, but not
anything like the extent that had been
dreaded.
Profit-Taking Came Later.
Some selling late in the day was pro-
fessiOnal profit taking, based on the rise
for several days past The professional
element has been inclined to distrust this
rise as attributable in large part to manip-
ulation in the interest of improved show
ing of market values of securities in bal
ance sheets Of investment holding insu-
tutions. There is a disposition to take
for granted also that the industrial reaC-
ton must run TO considerable lengths be-
fore the point of recovery is reached.
.f.,F
embarrassments, as a prompt relaxation
in the money market is now looked for
which will add to facilities for carrying
mercantile credits.
Look for Liquidation Period.
process of liquidation in general bust
Eess is regarded as essential, however,
following the upheaval in the banking
werld sensitiveness to future demands
on the money market was disclosed ia
the effect on the New York City bonds
of the limitations that the city would
issue long term bonds to the extent of
y20OOO,O00 to S30,000,0O0, some time next
month. The AZ per cents of 1907 receded ,
per cent on Ibis news. The knowledge Of
the needs of large financing by some of
the principal railroad companies weighed
on sentiment and affected the stocks i'm
mediately concerned especially.
The statement of the AtChisOn system
of earnings for November showed so
sharp an inroad on the net return that
railroad stocks were affected unfavOrable
THROUGHOUT upon It's puDlAcdlIOii. a NOM
inal decrease in the gross return for that
month is accompanied by a swelling in
the operating expenses of 81, 2540T. the net
return falling in consequence to $,1S4224.
compared with 1885,. 407 in November of
last year.
Cut in Anaconda Dividend.
The anticipation Of the cut in the Ana
conda dividend had a depressing inilu-
ence on the market and there was no re-
bound after the declaration of the divl-
dend, although some of the gloomier fore
holdings had limited at a danger that the
dividend would be passed altogether in
stead of being cut from 20 to an per cent
basis. The copper stocks were relatively
little affected. the rise in the London
quotation for copper serving as an off
setting factor. The appointment of a re
ceiver for a minor steel company had a
bad impression. Last prices were about
the lowest.
20 %