The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-05-01
NO INTEREST IN
STOCK MARKET
Spectators Inclined 10 Let
Everything Alone.
# f
FUTURE is VERY UNCERTAIN
DOUBT AS no THE ACCURACY OF
THE BANK STATEMENT.
FUTURE is VERY UNCERTAIN

New York. april a0.-The bank state
ment was the only news Of the day with
any important bearing on the stock mat
ket. and It Was accepted with lauguid in
tgtest This was partly due 10 The feeling
Ntidt the statement was not AN accurate
srtyWlls 81 actual conditions AN increase
a-,il4Hetl small one, on the cash item q
-ue eaith SO the week OF Ile largest gold
exports on record is an anomaly in itself
Is tatliy explained by the fact that
10000 shipment Of gold that went 0ut
TO-DAY and Which viii be carried over into
next week statement even ailoWlng
LOT Llils- the cash reserve rs more than
sZ.WJVoo better than was estimated fr0m
the knGWn movements of money. Local
eash operations are given as the .eX-
crease IN the loan item Was not greater
than expected iE view of the week
Laiifoad issue notes Further issues are
expected. and the placing of the SD 019.Q0
the loan item still further. 1T is also
generally believed that the outgo Of gold
meuI mat nj today Is for ether pur-
poses than taa Panama canal payment
the principal portion OF which. therefore,
remains to b. provided for The details
Tor the operation are still somewhat OBJ
scura 60 Wall street. especially the man
ner or the actual withdrawal of govern
meut deposits from the bank and the gold
nom The treasury and their immediate
Judgment. This uncertainty was one of
the factors iu the stagnatiou of the days
stock market The price movements of
any interest were confined TO SpeCiaIEies
Total bond sales, par value. $4,000.
Review Of the Week.
There has been no sign of life In the
investment demand for stocks this week
and prices have drifted sIuggishly under
the small operations OF the naDiLudi trad
ers IN vain attempts 70 make profit ~
and out Of the market. The ease and
abundance Of money keeps the market
free from any pressure of selling to pro-
cure cash resources. and those not obliged
10 sell have every incentive TO keep their
offerings off the market ia view of its
small power of absorption. At the same
time the abundant facilities i'm the money
market nave proved no lHdUeement 10
operators TO accumulate stocks for spec
uiatiye purposes, as doubt and uncertainty
over the tutufe course OF values offers
no assurance of profits on the operation.
The market is practically deadiOcked in
consequence While money resources are
ahuudauL this fact i'm itself As a cause Of
luEiCJy uEEr the business prospects the
enormous accommodations iG the reserve
centers argue "a decline i'm active employ
meut of money In trade. This Indication
is strengthened by the reports 0fs mer-
camille agencies, which show backward
demand in many lines and Discrimination
10 enter on future commitments. The
slack demand Tor commodities ana the
tesssued output by producers is stiu at
Iributeu Iu large part to the lateueSS OF
the season. the continued cold weather
decreasing the demand for merchandise
which usually develops with the coming
% warm weather. Ehe weeks heavy eE-
ports OF gold, which have reached a rec
|crd, have not caused a ripple in the
money market and no obstruction TO the
movement bg rise IN interest rates is
Indicated at present. Tt is considered
therefore, that practically all of the $40
C-to00 payable TO the Panama canal
stockholders will go out in gold The
same abundance of money resources is
found In London. Berlin and Paris. and
early reduction in The discount rate OF
the Imperial bank of Germany Is expect
ed The movements OF sold toward Paris.
m view of the large resources already at
hand there. strengthens the conviction
that the Issue of the large Russian loan
there is imminent The securities market
in London has Jared rather better than
our own by reason of the TetaXiug Of
the money rates, and has also shown a
good investment demand Tor blEH grade
securities aud an awakening speculation
i'm South African mining stocks. London
has shown no desire. however. e. buy
port. in connection with the Panama pay
meut and the Indifference felt toward b.,
IS in strouE contrast with the nervous
ness displayed at the time the payment
was first considered and the numerous
couyrivaucCs then discussed for easing
the strain Of the operation
Bonds have been dUl, but prices were
steadily maintained
". s. new IS have advanced q per cent
Uu can during the week