The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-02-28
TRADING DULL
AND LISTLESS
No Attempt Made to Move
Prices in Wall Street.
BANK STATEMENT WAS FAIR
SPECTATORS LOOKING INTO
THE FUTURE.

market was almost idle and the drift Of
prices was HstleEs IN the extreme ana
totally Insignificant. Yesterdays set
back to the rally which occurred on
Thursday discouraged the traders from
attempting to move. prices and today's
trading indicated that the market is
awaiting some new development to give
an initiative TO prices. The fact that
another decision day Of the supreme
court is imminent, with a decision ia
the Northern Securities case possibly
% be handed down, aggravated the
dullness. The beginning of the Paris
stock market settlement is another mo-
tive for waiting attitude in the securi-
ties market. The London market was
practically stagnant in response to this
influence. Pennsylvania response to
the annual report was an advance Of Il,
and Reading closed unchanged in spite
OF the heavy decrease in the net earn.
lugs for January. The bank statement
revealed larger gain in cash than
indicated by the preliminary estimates,
but speculative sentiment would be
more encouraged were there evidences of
more active use of money in BUSINESS.
t@A-tAal-- Isl AlcAAG " a. AUL Attc-Ag
explained, unless by a report that some
OF the clearing. house banks nave inti-
mated 10 trust companies their disin-
cilBation 10 carry heavy deposits at
2 per cent basis. The marNet closed
almost s5agnant but easy. and at small
losses Total sales Of bonds, par value.
Sfl0.00O
Weekly Review.
The tone Of the stock market during
the week has been hesitating and IT.
regular, Thursdays sharp recovery
serving TO bring prices back almost eX-
actly to where they left off ON Saturday
last Conditions affecting values have
not perceptibly changed, the influences
which have depressed prices remain
ing in force. The market, however, has
shown signs of being oversold, and the
day-by-day traders have been keenly
alive to signs that the decline in prices
had reached point sufficient 10 offset.
the conditions which brought it about.
The borrowing demand for stocks on
the stock exchange showed the building
up of a considerable snort interest
where demand 10 cover contracts
might be relied upon to effect q rally
in prices whenever conclusive evidence
should appear that the genuine selling
had decreased so far as TO promise no
hope Of a further decline. The foreign
ence upon the domestic stock market
and the troubled markets abroad have
kept alive the depression here It is
clear that the foreign stock markets
had not prepared themselves adequate
j. for the outbreak of hostilities be-
tween Russia and Japan. the cOntinan-
TAI bourses especially showing that
strong hope was felt, up to the out
break of hostilities that q peaceful out
come would be secured. The violent
decline in the Russian Industrial and
government securities which are held
in a great volume both in France ard
Germany involved heavy losses and
forced liquidation in other securities
Tor which there was a reader market.
Conspicuous in this class are American
securities, and the amount of these
which have come home to be sold eff
fectually refuted the contention that
foreign markets had been stripped of
American securities during the boom
Of the last few years
Foreign Failures.
The weeks failures in foreign bank
ing circles and the money requirements
u be met have affected the local mar
Iyet for exchange and have helped to
lift il toward the gold export point.
Reports have been current that the
Russian government was preparing to
AAA4N alE 4AEaN DdA1AtNIo WIN sunni "a
the great banks OF western Europe
The dread of ENHANCEMENT of other
powers in the far eastern quarrel or
In the Balkans has been an additional
disturbing element in all of the worlds
markets and has been an important
influence on the wheat market. The
nervous condition of our stock mar
ket Tuesday, which the supreme court
was in session and the possibility that
q decision in the Northern Securities
ease was hanging over the market, was
n proof OF the unsertiing influence
which that market still has and the
likelihood of recurring nervousness on
the decision day of the court until
the case IS finally disposed Of. It II
evident that the decision, when handed
down, whatever may be its tenor, viii
relieve the market from one repTes-
sive influence. The declining tendency
Of railroad earnings has continued and
the stock market is inclined to wait
for better weather conditions for proof
OF the contention that snow blockadesI
and impaired operating efficiency from
extreme cold weather are responsible
Tor all decline The progress of the
war over grain rates, both on west
ern lines and ON the trunk lines is
on account of anxiety over future traf-
dc The bitterness of the competition
Tor these future contracts throws some
doubts nnCn the claims or railroad or
ffciaIs Of confidence in the maintenance
Of the volume Of traffic. The market
IS considering the necessity Of an adj
iustment also 10 d possible great strike
in the soft coal regions, owing to the
radical difference diclosed In the claims
OF the miners for an increase in wages
and Of the operators for the necessity
Of a reduction.
Gail Money Easy.
Money on call Is extremely easy.
largely owing TO the almost stagnant
stock speculation. but offerings of time
loans have become less abundant with
the hardening of the exchange mar
ksj The languid demand Tor money
outside Of corporation and railroad Dor
rowing and the falling of in the vol
ume Of bank clearings are regarded
with some misgiving as possible indi-
cations Of decreased business activity (
The prospect of delay in the settle
ment OF the Panama canal payments
VIII disarrange plans already effected
Tor an early completion of that opera
ton, but has caused no fear OF embar-
rassment thus far. The continued lack
Of moisture in the southwestern wheat
belt has been subject of attention, /
but without appreciate effect thus far
on prices Of stocks.
The bond market has been dun and
Irregular in sympathy with stocks I
United states bonds were unchanged
on call.