The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-03-15
PRICES BID UP
WITH ENERGY
Bank Statement Considered Fa-
yorabIe by Spectators.
MARKET DULL AT THE CLOSE
REVIEW OF CONDITIONS FOR
THE PAST WEEK.

New York, March 1.-THE market
waited for the appearance of the bank
statement today TO show amy clearly de
fined sentiment Traders on the floor bid
up prices smartIy Immediately upon the
appearance OF the statement upon the
tape. but no response was received from
any outside quarter and the market
closed dun and easier with the momen-
tary demand exhausted. liz was only by
reducing loans 90 The extent of over fla,-
uluUlJ and lgEseulug the legal reserve re-
qulrement iu proportion that the banks
were able 10 prevent deep inroed upon
the legal reserve 10 shows "a surplus OF
barely a million sriu maintained. The
statement cuufUrmed pretty closely Go eA-
ueCtatIOus. as the cessation OF calling or
banks by che latter part or the week IN
cicated that the losses OF reserves haa
been made good by the loan contraction
already affected. There was another de-
post of E-HNUu az the subLredsury this
morning for transfer TO Sew Orleans.
The weeks imports of merchandise az
New York were valued aL AlJ,ulauul an me
crease over the previous week of 43,AA.l>
which shows LEc continued heavy re-
0ulremeuls for customs payments Zoe
DAVIS large suDtrcasury debit at the
clearing house was due LO the payment OF
an ola Connecticut war claim. These are
not hopeful symptoms for next week s.
Influences upon the bank reserves. The
disbursement uu Monday or tle 2-t,uNuD0u
Standard oil dividend SIS OF better augury,
but there has been AN opportunity to an
ticIpate this benefit which ls not likely
tO have been neglected 4 drop of a-l
iu Consolidated Gas and of lu Brooklyn
Z nlOu Gas was due 10 the Tecuumeuud-
tion for "a municipal street lighting plant
Tor New York. Metropolitan Street Rail-
way scored "a sharp recovery on the OF
ficial offer Go submit it's books for M
specti0u Iu connection with charges of
irregular accounting.
Review Of the Week.
The stock market has been feverish and
unsettled iu tone during the whole of this
week. The fluctuations were wide ana
varying. but the price level settled down
towards the end of the week TO near last
weeks closing level. and became difficult
10 move. while the volume of dealings
Enrauk to small proportions. The cover
ing operations of 90 large bear element
played am important part I'm this net re-
suit as there was o. large ana important
liquidation effected, and number OF
uufaVuTable factors t0 contend with as
well. The practical Wlpins out or the sur
plus reserves of the banks by last sag
urllys bank statement brought heavy
selling orders into the markets as a mat
ter of course. but the demand from shorts
was very large and Monday saw an
actual recovery lu the market. me
strilgtucy of the market here attracted
large offerings of money from outside
sources. There was a break i'm foreign
exchange rates and foreign banking
houses were large lenders iu New YORK,
while New York exchange at Chicago
placed funds iu Wall street The effect
has been am eQuallZlug of the money
pressure. the relief lu New Aurk uelnB
offset by the tightening of money rates
at interior points iu this country and ln
the tOrc.Eu money markets under che IN
fMeuce off New AUTks requirements.
The drop in British cOusOls 90 the lowest
point Iu years was attributed 10 Juls
money pressure lu part. but the coming
reduction lu their interest rate from ia
% Ita per cent was an additional factor.
Besides the additional offerings OF
Ha0ley attracted by the higher interest
rate there has been no betlfrmenL or the
money situation here. The sub-IreasurY
has continued to withdraw funds largely
from the New York money market While
The money scare was i'm force "a report got
abroad that the treasury department
would draw .u government deposits with
the banks 90 meet the Panama Canal
company payment The presence in Wall
street of the secretary OF the treasury
had o. rgassurlug effect I'm its evidence
of his special WdtCnfulurSs of the sItua-
rICu. although his decision was against
the necessity of amy measures by the de-
uaTtmrlt tD relieve the money market. DO
ls recognized that some withdrawal or
government deposits with the banks may
Doe made necessary by the Panama cauai
payments unless the treasury itself ls lu
abundant funds aL the time. and any re-
lease or funds at this time viii hamper
the treasury Duo carrying through the OPP
GRAFTON without disturbance. So far as
these payments arc made by drafts on
funds iu the treasury itself 10 is clear that
they viii operate IO release funds rather
than tl Withdraw them AS 10 the effect
of this operation ou foreign exchange
there is tho hope that its proceeds viii
D." D. L Ca "#".| H
this would De u effect for the account of
the foreign recipients of the payments.
10 is generally supposed that some par,
OF the recent heavy Withdrawals of cash
from the New York banks is being made
by the New York trust companies to rec
r.eu.sl their reserves u compliance with
The new rule of the clearing house. The
heavy exports of money revealed by the