The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-03-22
LATE DEALINGS
WERE ACTIVE
Stock Market influenced by the
Bank Statement.
CLOSE WASDULL AND STEADY
RESUME OF THE WEEK ON THE
NEW YORK EXCHANGE.

New York March 21-Prior to the
publication of the weekly bank figures
the stock market was very dull but
later showed some degree Of ANNA
| ton. Opening prices reelected steadi-
ness Of tone, and Metropolitan, Rock
Island and Mexican Central were
among the stocks that moved up
ward. The activity in Metropolitan
suggested a continuance of the attack
upon the short interest. Rumors of
a Rock Island Mexican Central c0mbl-
nation were not very generally cred
tied and the last named stock was
! checked in its advance by offerings
aggregating 10000 shares. The profess
sional element INDUCED in some profit
taking In certain Of the Vanderbilt Is
sues. These included st. Paul, Union
Pacific and Atchison. Yesterdays spe-
/ cial selling of Sugar was renewed. The
demand for Pennsylvania was reported
10 have disclosed a considerable short
interest In that stock. Southern Pa
citic, which was lower in London,
showed little change i'm this market
and was comparatively neglected. Fig
ures published today show a decrease
In Southern Pacific net earning for
January of over 1907 ,000 Louisville &
Nashville was firm. Canadian Pacific
responded only In a slight measure TO
the keen demand for that stock in
London. The report Of the coal strike
commission seemed to have been dis
counted, the hard coalers exhibiting
marked hrmness from the outset.
There was no trading Of any conse-
quence In the soft coal stocks in spite
Of the announcement of an advance
Of 10 cents per ton in tidewater prices
on April j. The individual group was
without feature. Gains We're registered
by Tennessee Coal and Colorado Fuel.
The close was dull and steady. The
bank statement was well received. al
though the loss Of cash was somewhat
in excess Of most estimates.
Resume of the Week.
Comparison with last week finds the
stock market generally higher Evil
IDENTIFY the forced liquidation due to
the calling of loans has exhausted it.
self. The demand has not extended
far beyond the ranks OF professional
bears who We're short Of stocks and
who saw no immediate prospect Of
much further pressure on the money
market stil I'm force but this was ap-
parently due TO the special eXigency
of the Standard Oil special dividend
payment With the disbursement Of
this sum the money market became
appreclably easier. Ii was considered
encouraging that the absorption Of
funds by the sub-treasury was on
much smaller scale than for some time
This is really the result of the lessened
pressure for interior points upon New
York for money. The governments
fiscal operations as a whole have
shown running deficit from day to
day for the whole current month. The
fact that practically all customs duties
are payable In New York always has
the effect Of congesting the govern
ments requirements upon the New
York money market. But for some
time past there has been Ia addition
the practice 0f interior banks to ar
range internal revenue payments due
at interior points by drafts on their
New York correspondents payable TO
the New York sub-treasury.
Money Pinch Checked.
The result has been to repIenish the
interior circulation at the expense Of
New York In precisely the same way
as though shipments OF currency We're
being made from day to day from New
York The money pinch here has
checked this form Of encrOachment up
on bank reserves along with others.
1t is noticeable, however that with an
easing of the money rate there is
prompt check 10 the movement of
funds to New York This is especi-
ally perCeptible Of the foreign exchange
market. in which offerings of banker
loan bills have entirely ceased. Last
week the market was flooded with this
class Of exchange. Compared with the
low point for demand sterling on Mon
day of last week there has been a
recovery this week of more than a
cent i'm the pound There have been
some limitations from England as
that they We're not disposed TO rush
back into the condition Of over-eXtend-
ed American credits, which was the
cause of uneasiness to foreign lenders
and embarrassment 10 the New York
money market last fell
The ratification of the Panama canal
treaty by the senate, although action
remains to be taken by the Colombian
legislative body, is believed to give suf-
fcient basis for the taking of active
steps to provide for the $50, 600 900 pay
able by the terms of the treaty.
The bond market during the week
huctuated In sympathy with the course
of the stock market, but displayed a
better undercurrent of steadiness.
United States IS and 5s advanced
Al per cent as compared with the clos
ing call Of last week