The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-05-15
STOCK MARKET
OPENED WEAK
Prices ReCeded and Then Made
Partial Recovery.
GENERAL MOVEMENT NARROW
CLOSE WAS IRREGULAR AND an
THE BOTTOM.

THE BOTTOM.
New York, May 1t.-Prices on stocks re-
Ueded for time to-day and then recov-
cred partly, closing irregular and gem
orally lower than last night Acute weak
ness in the F'ric shares had an unsctLliug
effect and seemed to be based on the ma
terial decline iu earnings compared win
last year ANA ganated reacted from
yesterday advance Inc general move
mrut was narrow. The evidence OF sup
port Tor United States Steel preferred haa
a somewhat reassuring effect upou senti-
meHt. The bank statement also failed 70
show as large an impairment ~ the sur
plus as was feared. by reason OF the uu~
eEpeCtedly moderate loan expansion. hoW~
ever the very large transactions OF the
averages by which the bank statement IS
computed confuse the showing so mucE
that the publication oegrts hesitation
rather than assurance. To-Day Shipment
Of S5o9Q000 gold does not figure iu the
statement al ALL nor does the payment
TINS morning or S2.lgl 900 by the suDreas-
ury on account of the japanese gold
which arrived at San Francisco Yesterday,
Also. arrangements already made point
10 the shipment on tuesday OF &l8,5lg,UJ
OF gold. and the limits of the gold move
meut 90 not seem 10 be yet ln sight IN
iii Paris relaXes its demand Tor gold the
movement does not seem hkely to be
checked. The allotment Of the Russian
loan iu Paris may release funds on
resulting redundancy of supplies i'm Paris
which may divert the tide from that point
Total sales Of bonds today par value
Review OF the Week.
A growing inclination to sell stocks has
been reflected i'm the weeks declining
prices. A feeling of doubt and distrust
over the general situation and ouuook or
business seems to have been responsible
Tor the pressure rather than any special
Development. The unprecedented volume or
the sold export movement however, has
proved rather formidable 20 the feeling OF
Iiuenee has been regarded htheito.
Former records for a single shipment ana
for a week total have gone by the board
as result of the So $1,000 shipment on
week, and the former record for a full
months shipments Is already approEl-
mated for May with the certain pros
poets of other large shipments during the
placing OF s25.W0O00 of the new Japanese
loan, of 81 10000 of tine new Russian loan
Central 0ebeHture bonds. with notice Of a
Tefunding measure by the St. Louis and
san Francisco and a stock Issue by sub
sidiary company of the Pennsylvania
Ji0ns and public loans upon the money
market
The doubt over the Ultimate effect upon
she money market is enhanced bv The fact
that the plethOriC supply on money which
fuClted the free loan expansion was large
is artificial, and is not working out aC-
cordlng TO calculations The accumulation
of 20 per cent of government deposits
with banks i'm New York Tor the Panama
payment was recognized a. "a temporary
measure, but was prolonged beyond cE-
pectgtlou by the delays In the Panama
canal transfer Furthermore % Wds pc
lieved that the transfer OF funds for the
payment would be effected In New York
60 repositories Tor the French company
WIth the prospect that the deposits might
remain I'm New York for a time for iOau-
ing purposes. The payment of a. large
part of the purchase price out of free
funds TN the treasury was also counted
upou. promising additions bv so much to
the open market supply or money out OF
the idle surplus In the treasury. The de-
ciSiOu to make the canal payment in Paris
involved the prompt withdrawal of funds
from New York for transfer TO Paris, and
the gold exports for this purpose are
rapidly depicting the New York reserves
Surplus Becomes a Defifcit.
Tn addition the decline in the govern
nfeut revenues has transformed the cur
rent surplus into deficit for the fiscal
year IT was therefore, deemed mex
pcd1eut TO draw down the treasJry's cash
balance and the cali for go per cent adj
ditional Of government deposits with the
banks has followed, bringing the total
The BANKS OF e'4tJo,ee0 The placing OF
part OF the japanese loan here estab-
fishes a fund for that government to
draw upon and 1t is believed viii stop
the shipments OF japanese gold TO SAN
Francisco and may even involve some
additional gold shipments from rev
FORK on japanese account Also part of
this weeks outgo of gold was against
New York subscriptions 90 the Russian
lGau- The course OF our export trade
since the Panama payment first became
|a r| Ia #aN ra
commercial exchange by reason Of the
heavy shrinkage iu grain and cotton OK
ports, and has thrown upon the market
additional requirements Tor exchange
which are calling for large gold ship
mPUts aside from the Panama payment
This combination Of circumstances has
resulted iu such an affuz of gold from
Rev York as WAS never before eQuaied
and some serious calculations are now
being made as 10 how much further the
movement IS 10 50. It is pointed out on
lH the country lE larger than ever before
and has been materially added 10 by the
movement from Japan WINE the aecilne
OF this and Industrial acuElty - sendlng
heavy accumulatIOns into bank reserves.
1T Is believed that any appreClable adj
vance in the interest rate would check
the outEo Of gold. But il seems apparent
also that many holders of stocks have
bean induced TO keep their holdings by
reason of the extreme ease OF money and
the fear thar rise in the money market
would prompt the throwing over OF such
holdings have been the move for some
speculative pressure upon the market and
has given added effect 10 the reaCtionarT
factors in the general outlook.
The most influential OF these 81 the con-
sentative tone of authorities iu the iron
aud steel trade. The United States Steel
securities have played "A leading part in
the weeks trading, with marked s5mpa-
thctie effect CA the whole list Railroad
traffic officials are disposed TO admit that
the advent of spring weather although it
has not brought forward deferred tonnage
iu the volume that was expected. Tho
decline Duo business activity has eNtended
10 some of the western sections which
we're maintaining high level hitherto
and the present likelihood OF a deficient
winter wheat crop makes for COnserVat-
ism fn business tn "a large AREA of the
country. a special influence toward cur
failing actfvity iu the market 90 which
much attention IS paid I'm the immediate
cIrclee0f the stock exchange S. tFc cru
SADIE naking against bucketshOps and
thor suspected connection with dealings
some high grade bonds have risen iH
price. but the general tone go bonds has
become rather heavy tn sympathy with
etoeEE
United states SIS REGISTERED have de-
clined 3 per cent oH call during the week.
stock Quotations
sales. Hieh. Low Close
Atehis0n -..- -.. $500 hsfs Gs6 6si2
3. & O.....-...... 2lo0 Uis ga Us
FI1tetfe4 .-'s-. ,.-... 1855 -..--