The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-04-24
PRICES REMAIN
ABOUT THE SAME
Stock Market Is COIOrless and
LitelesS.
AN ABUNDANCE OF MONEY
CAPITALISTS WANT SMALL BUT
QUICK RETURNS.
AN ABUNDANCE OF MONEY

New York, April 23.-Today's stock
market was colorless and inconclu-
sive. The small dealings We're trans
icted at little variation in prices and
-ews developments were ignored and
were without power to move the
market. The engagement of $4,000
in gold for shipment to Paris on Tuea-
day was announced, and probable
further shipments on that date We're
outlined. The signature of the con-
tract of sale of the Panama canal
brings the arrangement of the pay
ments into the immediate field of the
exchange market. 1t is believed that
an accumulation of exchange bills
with the demand for the payment in
view has been absorbed again, owing
TO the high price at which exchange
has ruled since the various postpone
ments of the payment were made,
change market gold is the cheapest
form of remittance and it would not
cause surprise if the total S40,000,000
to be paid to French stockholders
should go out in gold. The bank
statement shows how money continues
10 accumulate here, and explains the
easy outward movement of gold. The
plethOric inflow of money does not
carry an index of wholesome business
activity, and is not a favorable in
fuence on the stock market. The
moderate loan expansion shows that
corportion note issues have not been
fade on a large scale this week. Wall
street expects more Of these issues,
however. and rumor today was busy
with two Of the. large railroad cor
pOTatiOns, one east and one west,
which are expected to be next in the
field with large Temporary loans. Total
sales of bonds, par value. $1,31O,OOO.
Review of the Week.
The growing duIIness of the opera
tiOns in stocks this week has not re-
suited in any loss of ground so far as
prices are concerned. There were oc-
CasiOnal recesSiOns, which were made
up as the sentiment of the traders
varied from day to day, or as their op
erations on one side of the market,
proving unsuccessful. were followed by
the closing up of small speculative con-
tracts. The neglect of the market is
largely attributed by the public Opin-
ion in the street to the prospect of the
manner of distributing the assets Of
the Northern Securities company. But
it may be questioned whether other
and deeper-lying causes are not behind
the hesitation shown in the securities
markets both here and abroad. The
condition which is common TO all OF
them is the plethOric condition which
has developed in the money markets
and the backwaTdness Of capital about
taking fixed Judgment in investments.
Money on call and ordinary time
loans are in redundant supply. with
very slack demand while railroad and
corporation notes running from one TO
three years command a high rate of
interest in our own market, and capt.
tai issues in other forms are withheld
for lack of an absOrptive demand.
Government issues in London and
Paris have met with an improved re-
ception within week past, but the
rate at which they have. been issued
does not indicate a good market for
even these high-Erade securities. The
placing of these issues is accepted as
a symptom, however, Of a possible
breaking of the deadlock. So is the Of
fer of $37,O0O,O00 of New York City
bonds. which is more than twice as
large as was ever before offered at one
time. The accumulation Of capital 1T
Paris has fOreshadowed the issue OF a
Russian loan at that point, and rumOrs
of French subscriptions 10 such loan
have become more defined as the week
progressed.
War Plays a Part.
It is evident that war expenditures
play "A considerable part in the present
redundancy in the money markets. The
inflow Of japanese gold TO our OWL
market is a case in point. and the ship
ment of gold from New York To Pari;
carries the supply To that market. The
gold shipments are supposed TO be re
mittances against the japanese gold
the payment Of Japanese obligations il
Europe by that route Offering adVan.
taees over others by reason Of the FREE
transmission by telegraph across thj.
continent allowed by the government
The reduction of the Bank Ot England
discount rate from 81 to per cent this
week, following a similar reduction las
week, marks the assurance felt by tn
London money market I'm face OF thu
continued bidding for gold by Paris
Beside the outflow of Japanese gold il
the money market il is reported tina
Russian balances in the banks of west
crn Europe have been largely draw
down since the outbreak of the war AM
presumably disbursed in the none.
markets Another factor in the none,
markets that is receiving increasing
attention is the growing supply of new
gold. both from the Transvaal an
from Alaska, with the prospect of
stil furthsr~increase in the rate of pro
ductiou by supplying labor require
meuts in the Rand. How far or hON
soon this may prove to influence tn
measure Ct value and the rate Of in
terest is problem that may enter int
the hesitation in taking fixed forms 70
long periods now manifested by cap
ital IN nearly all markets.
The bond market has been dull an
sluggish and has moved ConfOrmabl
To the stock market
United states IS and the old As hav
declined u. while the IS have advance
u and the new IS = on call during IN
week.