The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-05-08
STOCK MARKET
Is NEGLECTED.
Many Of Tie Prominent Arc
Hardly Mentioned.
PRICES CONTINUE TO SINK
CALL MONEY ABUNDANT AND
VERY CHEAP.

New York. May 7.-Today's dealings re-
vealed condition OF neglect IN the
stock market fully equal TO that which
prevailed before the Northern Securities
decision was handed down, ana mas nos
been equaled for many years pFetIeusiS.
Many of the most -promlHent STOCKS pa
the list were not quoted OF aI ulut
near thc. close of the market and then
were only dealt in iH single lots OF lvJ
shares. Prices sank from pure inamuon'
and no regard was paid to- anF' news
The hank statement itself was OF only
nominal effect aS the large changes
shown iu the various items were pretty
accurately fOreseen. The depletion Of
$40 i2oo50 in the surplus reserve stl
with &nNa,A-s on this date last year
and 1851 0a0 two wears ago There IS
on threat or construction OF money sup
ply interests showing, but the statement
shows a rather pronounced process OF
depletion of the pietheric condition of
money, both by cash reduction through
the gold exports and by loan expansion.
The iodgmeut Of capital thus erected,
as Inn the New 10rk City bond issue this
week and the japanese loan TO come.
gives some relief from the idieness of
large amounts Of capital which has
shown signs of some pressure for out
let IN the railroad bond market
Run Of the Week.
The feature Of the financial markets
this week has been the abundance and
cheapness of money ana the neglect.
Nerglug on sJagnatlOn. or the market Tor
securities Intermittent advances and
declines from day to day have not been
sufficient 20 carry the level OF prices
as much as a point away from last
weeks level at any time, except for
PC" stocks Lhe eELect mas been so dis
couragtng 90 operators that even the
professional traders have almost abau-
dOned their efforts The opening of the
closed for a holiday. leaving feeling
OF uncertainty as TO how the market
would accept the news Of the serious
Russian reverse on the YaIu, which came
% hand after last weeks closing Of the
markets. Attention later was concern
trated on the large operations COINS on
lH t4e money market the conclusion "f
Nlileu ana lheif ERECT on money was
aWalted before entering ON any commit
menus The most Important uf these in
tnelr immediate bearing on New YORK
FdnaHla canal purchase and thu sale OF
q e5i,tJlO0J block of New YORK CITY
ponds. The obscurities I'm the Panama
c---lal transaction have been largely
cleared up by statements rr1n1 govern
menL officials and j.. p. Morgan. whose
1Hm has Deeen iutrusted Dy uhc GOV
glALleht with carrying out lhe details
- me opetatlol- me notification from
tne secretary of the treasury of a cali
upon government bank deD1situgIs for no.
per cent additional OF government do
POSTS on May lu and an iutimaTfln of
q later call i'm June for further 10
per cent had q bearing on ebis trans
action being designed TO raplauish the
governments working balance from les
depletion on account 0f the Panama ra-
ltal payment The --Lf.et OF -haa.a do
Felopmcnts is 20 dissiulra the exuerrs-
I-ons of aileViatious nor tH1 money man
from tne results ur this operation.
ne plan TO make che payment lu Paris.
u5ts away with the hope that g. LARGE
part or the disDurseuaut might Dee lee
banks and available 10 the none 1,,ar-
~ Arl r. Llg treasury call upon cha
oallAs lof aldluOndl deposits viii have
ti-e pfaeucai effect Of WItldgawiur the
WnQle amount of The purchase price son
LAe canal from the banks This IS con-
Nai1 10 Lhe expectation fHaE q lt1za
from The idle surplus I'm r1e +r-,..-,-,--
thus reDIenisHiuE bv So rarfeE ~ -
A4aIAet supply OF funds
Plenty Of Money.
The extreme ease which has deveIoped
~ the "otid money markets since the
I,auama payment first came zap for c0u-
sldeIalou has prevented any disturbance
by these changes i'm tine method -T6s
placing Of the New York CITY bond i-s5Te
Jaa largest single block ever offered by
the city was equally without disturbing
effect on the market. This operation was
regarded as encouraging for the seclIrf-
iies market Dy reason of the evidence
AFFORDED of abundance of avaiIahI cam
lta-- ODD spite or The stagnaut demand for
railroad and other bonds and securities.
me issue price OF these bonds was Iov-
compared with the Older issues. bur the
advance III the price over the preceding
issue was regarded as Indicating q turn
FOR the better i'm the outlook for invest
l4eHt demand The placing of half Of the
taken as evidence I'm the same direction,
and tse details of the Russian loan i'm
FaEl5 define another of the uncertainties
ueieIe the financial world. The effect
N nH
been almost uauureeiabI1- Receiufs of
dapahese sold continue 20 relieve the
IeHcN lf9m TIE interior continues 90 acc
Cumuidtc TIA New York banks This evil
ueHee or declining business activity is am
~ otl1ll lactol ~ causing me bait San
a} the declining volume of bank clear
lngs. which is extending to the country
at laEee in contrast to JUS former re-
tiers The export movement of grain and
cotton continues very light thus increae-
ls the requirements for sold exports.
aI4 eSIrs-e.il tHo1e on IRON ana steel, but
not HullicieutlE SO. either iu volume or
price, 90 compensate for the shriukaEe in
golilfSlic business The number OF Ha-
hl.ities of failures make an uufaEors bic
comparison with last ECar. and the large
nuWper Of smaii banking failures attracts
especial attention. Dissatisfaction with
Che iron and steel trade outlook is an
important influence ON the prevailing
uuilHess and hesitation Of snecuIaff1n.
The dissolution OF the Rcssemer ore as
ISOLATION ana of the Omitted States Steel
stocks conversion syndicate have helped
90 depress the United States Steel seluri-
Ties Railroad earnings. both Ernss and
net. reflect tho falling off iu traffic from
last years level and the high level at
which operating expenses remain. The
strike of macliHiFts ON the AtChlsgu sys-
tom had some slight sentimental effect
The formal statement hy p. Ut. Hartman
OF his hopeful views of the business and
1uauslTiai outlook iu the west and south
west bad sustaining influence iu the mar
hft- but its effect seemed TO pass quick
l}. Iho season ~ the making 0f the
crops gives the daily aaEices from the
crop region an important influence i'm the
stock market The crop news has not
proved stimulating te prices.
tnc tone OF tie bond market has beer
fatlfr better than stocks but mo- large
investment demand has been shown. and
weakness iu some Of the speculative is-
sues mas unsettled the market
g.. 81 81 registered have declined "a the
p coupon. tHe 3 and che Old As p and
the new 1s per cent on call during Tie
week.
Stock Quotations.
sales. High Low. Close.