The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-03-09
MONEY RATES
To BE HIGHER
a--
The Street Expects Advance in
Loan Charges.
COVERING SPECIAL STOCKS
A
FRRATIC MARKET INTTMIpATEs
SOME or THE INVESTORS.
COVERING SPECIAL STOCKS


some irrrrularity, but The prominent |
railroad stocks were firmly held and
the limited selling was chiefly Ia the
gpctialues particularly Colorado Fuel
Moderate buying of Missouri Pacific
and Rock Island advanced those stocks
o. points aud there was some dis
d, ,sitIou 60 cover later in the special
irs. bringing the entire market above
last night Colorado Fuel was lifted
aA above Yesterdays close. bat deal
mss were up In the other metal stocks
rNcrpt AmalFamatrd Copper, which
showed momvutnry atreasth, There
Ne. some renewal of the recent de-
m,..d for international stocks but ma
r.rinl advances were confined 60 Pa
ciHe coast common and the second pre-
fprred Westinghouse Electric. Mime
aroIis & So. Louis and Pacific Mail the
latter being bought OF expectations 90
"a renewed contract with the Panama
railroad. Publication OF thc bank
statement. showing cash loss of near
Iy So O0O. Oua which more than doubled
tha preliminary estimates started SELF
ng Of the general list, Prices how
ever. asa not WELD much except In
some OF tho stocks which had notably
advanced earlier. and there was no de-
rided pressure az any point some
satisfaction was felt al the loan retuc-
zion of $300o. 0e0, thls bclng the irst in
nearly two months, The tn-ae cash
loss was quite generally attributed TO
thr Vaearses of the bank average SNs-
tenn with surplus reserves down 10
less than s. 600 coo and the gold eN-
mort movement unchecked the optAion
naturally prevails that higher money
r4fag ara Imminent The stock market
closed active and easy
There has been some movement OF
prices of stocks during the week, but
10 was by no mearS consistent ana was
not we'll held. the market showing a
tendency Go return 20 its former level
whether from advances or declines,
The money market situation was the
cause OF uneasiuSss which became
rather acute during the mid-Week. This
was due TO the calling of 20 per cent
OF the syndicate subscriptions Go the
san Francisco traction merger anp the
announcement that remittances would
bc made 10 San Francisco through the
sub-treasury by Geographic transfer.
This would mean the withdrawal OF
money from the New York market Tor
deposit at the sub treasury and ITS
payfaent into the san Francisco mar
ket from the sub-treG sury there; an
operation which the governments large
holdings OF gold I'm san francisco
would make convenient az the treasury
department, Wall street was mystiued
I'm the meantime by the Inquiry al
washington hy New York bankers as
20 faciiues for TRANSFERRING in this
way S,a000.0o0 10 S600o0.000. This
threatened au invoad ppon New York
reserves beyond anything calculated @
this ,sme and promised a serious sttua'
lion i'm view of the low level OF tins
surplus r7st.Nes of the banks and the
other requirements for gold exports
which had 20 De met The equanimiN
nf fhe snerulatiNe mind was somewhat
unset in consequence and prices weG'
inclined 20 give way. They recovered
when 10 was announced that the SAL
Francisco rrmittapces haze been ar
ranged thrcueh the REGULAR eNchang'
market and would be settled without
any actual movement of cash. Whiti
those Interested I'm exchange banAin.
seemed DESTROYS of avoiding. This epi
code seemed mainly responsible toT th'
pr.ncipaI price movement OF che week
The constituencies OF the market to IN
condition OF money reserves is perfectly
reasonable. with the loan ANA depoSi
items oi the banks at higher figure
that ever before the small surplus rep
s--snts au even smaller proportion @
actual reserves than Is indicated by th
aVlual reserve, I'm tacJ under thc sNs
tenn OF computation oy averages use
ny the clearins house banks Wiih uE
tres such as those now involved Ia de
p..SftS ANA reserves. tho present surplu
reserves of the banks must De regorde
as a purely nominal one and subject {
change. either side oi the line Of les,
reserve limit irom day 80 day in 90
cash syndicate lean operations on IN
scale now become familiar 90 che Ne
York market, lt may easily oc an on
Umata knowledge az the condition ,
these Iarye syndicate loans is the res
SON for tbe unruhied placidiN ar On
money market in tacc of nominal SHOW
ing by the b9nHS- TIE liquidation ,
even one Individual syndicate utsi
put a d.0er5nJ tacc upon tbe who
moaey situation oNc- uishJ The poU
crn3 combinations which have BEL
CLOSE upcn the available credits of u
market since the UrsJ o. tcc year haN
every intention in toUSerNiuS thC Quie
ude au3 stsadiuJSs ol tht money ma
ket and are possessed oi enormous r
sources Con doiIg So. The New Yer
money market. however, is by no meal
exempt from the Influences of foreis
markets by reason of iarse ubligatiol
sul oulSlaujing as a result of enc
mous purchases of American SeCuriu
ITom togeiga holders In last yeaI
ftruEgtC for control of tuDSCOOunent
suilreat systems. As q ConsCQu
che requirements cy one torViEn Gems
New York. March S-rhc Fmancl
saws. Tnc statement OK tbc NeW 40
associated banks This week showed
less OH SN2.s eaoo cash, ot which Si-stH
u.a Nas SPecie ana SlO6S.1oo of les
tenders rae loss OK cash, as estimate
s.am she tray-ahlc movements
money jur.ns Ihe Wtsk WAS $&>sAS'
This however. ala not inciu0e the ave
ac. less TeSulung nom the shlpmen
So sold Co Eurone Feb, Sc, nor q
average az ous-NiNta ~ the amou
shipped oa saturday last These ave
asses JoSether amounted Co S1Ioo,0
fte entire Aw0Uu- exported on ThuI
day ot this WeJk seems 30 have be
i.cluied in The oiicjal statement, Ad
aE yo the estimated less of SSSE9. 500
ahur The S-to0Doo averages OF {
SHIPMENTS ON Feb. - sad on March
would make $3.50 500
rhe di0ereace between this sam al
The loss 1f cash 01lciliiN reported
The statement. or 81 o--iJ go. Is proh3
Gus % 80 uuCecorjed movement
money out ot The institutions, citf
ta nearby or 10 distant paints. L
lcanS 90 tha banks show a decrease
NuS2Ioe This Is the FIRST time sin
Jan. ID THAR decrease has been
corded iD rhis item The deposits va
rctucel Si1>2l.Soa which amouGt
or,y S-satoo less than che asEregate
the loss 81 lo-tnS ans ~ Cash. hen
she sesurH barfaoalEas, The striki
Gesture of Che statement MAS lAe
fn surplus reserve, rais WAS re3u,
hV Sttll.toe to S.S5S s-5, or Ss.,5S.
below the surplus SO The correspond
nerLOd ycar aEo, lt IS nOteSOr,
thar the abcVe Is The lowest amol
OF surplus recorded since OcI. 90 d.
sVhen I'd was S1sjc.-oes and a5so q