The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-04-17
DAY ENDED WITH
PRICES LOWER
Trading Was Without Interest
and Sluggish.
WEEK ONE OF DEPRESSION
UNION PACIFIC HAS BEEN THE
CHIEF FACTOR.
WEEK ONE OF DEPRESSION


terest. The day ended with prices
generally a fraction lower, after hay-
ing been at one time higher. The
only considerable movements were in
specialties on individual causes
The bank statement showed
smaller loan expansion than expected,
so that the cash increase went further
To enhance the surplus Of reserves,
but the market sold off after the
publication Of the bank statement and
closed easy at the lowest. The un-
seaSonable weather was regarded as
unfavorable, the more so as the mer-
camille agencies reviews dwell upon
the deterrent effect of the cool
weather upon business.
The Kansas state report on wheat
conditions weakened the wheat mar
ket by indicating a more favorable
condition than that reported by he
government. 4 published report of
determination TO stop Improvement
work on the Pennsylvania system at
tracted attention as did statement
that steel rail orders booked by The
United States Steel corporation for
1904 amounted to but million tons
The bond market was relatively
firmer than stocks. but was dun.
Total bond sales par value, S9I5,OOo
RtNlGW u tic w CCh.
The impression conveyed by the ac-
ton of the weeks stock market has
been one of depression. but the ir
regular movement of prices carried
the level of the market but a small
distance from last weeks closing
level. either above or below and the
volume Of dealings has been much
contracted from that recently pre-
va!ling. Many of the large operators
and traders who made the recent
activity apparently withdrew from the
market and there have been none Of
the decided events in individual stocks
which gave tone To the previous mar
ket and which stimulated speculation
by keeping alive conjecture as TO
their origin and causes. The most
conspicuous of such movements was
that in Union Pacific. The general
public has obtained no satisfactory
clue to the recent enormous accumd7
lation of that stock, and insiders pro-
fess TO be equally in the dark, as as
serted by ]. II. Schif in a pubhshed
interview in Germany.
Hinged on Union Pacific.
The recent advance in the stock mar
ket has hinged almost entirely on the
Union Pacific movement, and the matt
in that movement this week has had
a dominant sympathetic erect on the
whole market. Suspicion of its purely
speculative origin was aroused by the
action of the stock in face of the sup
position late Monday that the attor-
nev general had interviewed in the suit
at St. Paul to oppose the demand of
the Union Pacific interests to secure
the return of the Northern Pacific
stock entered i'm the Northern Secur-
Ties merger a better understanding
of the governments step changed this
impression, but not the belief that the
accumulation OF Union Pacific was
based on the chance Of winning the
contest for control of Northern Pa
cifc. Public utterances by President
HiU Of the Great Northern have con-
f1rmed the belief that the Union Pa
cidC has entered upon determined
contest for control of the Northern
Pacific and of the Burlington. 1t IS
perceived that other legal steps lie
open to continue the contest to thi:
end. even in the event of the shrowine
out of court of the petition at st
Paul.
The uncertainty which has been KEEP
hanging over the market a long tim,
by such a procedure it is feared would
renew the conditions preceding the de
cfsion by the supreme court in TIT
Northern Securities case itself This
prospect has chilled speculative Ell
thusiasm Another cause Of disap
pointment was the further issue durini
the week Of short time notes by rail
roads and the American TELEPHONY
company at high interest rates. TIL
hope has been aroused that the mar
ket was improving for railroad bonds
and the sale of "a $l5.OOO.G coo bond is
HI fFr
spire this hope. But the renewed not
issues dashed this hope and revive
the unfavorabIe impression due to thi
condition with the apparent abundance
and cheapness Of meny.
Capital Lacks Confidence.
The inference is drawn that the accu
mutation Of capital in reserve center
10 TO be attributed 10 q decreased mel
camille and trade demand, while capt.;
still lacks the requisite confidence [
embark in fixed forms except on tern
that are unacceptable TO great corpora
lions. Ii is believed that corporation
hesitate to accept such terms owing
the permanent effect which would D
caused upon the price of bonds and rat
OF their credit 1t is reported also thu
new York savings banks are advancin
the interest rate demanded on Ne
LrastinE excessive ease i'm the none
market FOR call loans and ordinary tin
loans is explained as being due TO Il
fact that the proceeds Of the great raj
road notes issues is kept on deposit
the banks pending their outlay and al
available meantime for use in the MOI
ey market The progressive eXpansiC
i'm the loan item Of the banks above Il
billion dollar mark and to new hig
record figures week after week is dI
70 the railroad note issues. The imm
date movements I'm the field Of CurrenC
seem to be little regarded The QUITO
OF gold to Paris has been more than of
set tus far by the inflow Of Japane.
gold 10 San Francisco. The movemel
TO Europe ia expected to extend goo
deal further.
The present heavy contraction i'm Il
value OF cotton and grain exports al
the future requirements for the PAM
ma canal payments are to be considers
i'm the outcome. Foreign money ma
kets are easy, but suggestions are r
Nived of the coming Russian loan. al
the existence OF a war beget5 a spin
OF caution in the money market abrOa
The influence OF domestic condition
has been mixed. Crop prospects have
growing influence and the condition
the winter wheat crop is not regards
as satisfactory. A cheering effect
caused by the increased production
iron. while the stocks on hand continl
to decline. but the failure OF Unite
States steel TO respond mobiles the
effects Neither has Amalgamat'
Conner reflected the. Improvement r
ported I'm the market for copper. RAJ
roads report traffic running at a low
a1-ara era than last wear but traffic of