The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-03-06
WAITING FOR THE
SUPREME COURT
Market Influenced by Northern
Securities Decision.
MAY BE HANDED IN MONDAY
RECENT SMALL GAINS WIPED
OUT YESTERDAY.

aNEW 4 VI n 4aAtl IL ne STOCK mar
ket came under the influence of threat
of a Northern Securities decision on
Monday and lost more of the small
gains which had been established by
the slow and laborious hardening move
ment Of the whole of the week up TO to-
day. The market closed easy and at
declines running to a point in a num-
DER OF the prominent stocks The vol
dIne Of liquidation was unimportant
and indicated nothing more than trad
ers' positions in the market, but the.
impelling motive was clear enough and
was corroborated by the weakness Of
Northern Securities itself on curb. The
banR statement was without any innu-
ence. The increase in cash was slightly
less than expected, bat the fact that
there was an increase at all is evidence
OF the continued tendency towafd con-
BestlOn Of reserves.
Inc loan expansion was viewed with
equanimtty in view of the condition
OF the reserves, Notwithstanding that
the loan item establishes a new high
record again, with an aggregate for the
clearing house banks within $50 900 of
a round billion of dollars. This is SUD-
posed TO reflect renewed corporation
borrowing, including the So COO 600 taken
amount by the Burlington. The fact
that the latter was placed in Chicago
would not prevent its reflection in the
New York showing. Railroads report
ing gross earnings for the fourth week
IN February show some increases over
the similar period of last year. but the
additional day in February of this year
which figures in the showing distorts
the comparison. Foreign Influences
were against the market. London being
confronted with n mining settlement
next week, just after emerging from
the strain OF the Paris settlement this
week. COnSOlS as consequence
touched a new low record in London
today for the movement. Total sales
OF bonds, par value. 100000.
Review of the Week.
The deadlock In the securities market
has been unrelieved this week. not
withstanding the passage of some OF
tne influences that have been the as
signed causes of the apathy in the mar
ket and the continuance of some other
factors of a depressing character. BUY
ers and sellers desist from activity, and
the result is an almost motionless mar
ket which is the despair Of the trading
element and also of the brokerage eIe-
ment, which looks TO commissions for
its business profits.
The market IS hard and free from
- -N-'NAts bAA Ailt maintenance OF prices
lalls TO invite any absorption of stocks.
The behavior of individual stocks un-
DER an occasional attempt to liquidate
a small lamOunt occasions dread that
the hrmneSs is partly illusory This is
especially true Of the obscure stocks
which are only traded in at long inter
NdlS instances are cited IN the stock
and bond divisions where "A nominal
quotation is maintained for weeks by
bid for stock with none Offering. but
where the Offering of a small block or
the knowledge that a small block is TO
De offered is the occasion for the imme-
date lowering OF the bid by many
points. II the stock is TO be sold IT
must be done a. a wide concession from
It's nominal quotation. which has been
seemingly held with great hrmness
through many depressing factors in the
general condition.
On the other hand, il is found i'm con-
trasting cases that an attempt 10 buy
in comparatively small quantities OF
given issue viii ncceSSitate the bidding
UP OF the nominal quotation several
points before the desired offerings are
found in the market. In the one case
as in the other as soon as the active
tension is concluded the price quickly
returns to the nominal level The rate
Of stock market activity has dropped
TO a level as low as that prevailing in
the summer Of 1900 and not reached be-
fore that time since the early part of
1897. In making the comparison. al
lowance must be made also for the en-
Ormous additions made in that time TO
the stock exchange list by reason of
the heavy issue of new securities Of in
dustrial and other formations.
Heavy Bank Reserves.
The Iethargy is the more notable in
view Of the accumulation Of reserves in
banks and the nominal rates at which
call money is loaned. Resources are
freely employed in the speculative
movements in Inc commodity markets
without causing a ripple on the stag
nant surface of the stock market. The
money outlook is not without it's OBJ
security, nevertheless, and is undoubt-
edly Superinducing cause of the leth-
argy il stocks. The continuing high
rate for time loans paid by the great
railroad corporations on their notes Is
an indication that resources are being
conserved by the banks for expected
demands of this character. The fixing
of the date for the withdrawal OF gov
eminent deposits from the national
banks 10 provide for the Panama canal
payment serves to define the lines OF
one Of the uncertainties which have
clOuded the money market and to es-
tablish confidence IN the ability of the
market 10 meet the situation without
disturbance. The disproportionate ease
I'm the call loan market is partly ex-
planned by the policy OF the railroad
corporations in keeping the proceeds
Of note issues on deposit with the great
banks for use i'm the call loan market
pending their active employment
The shrinkagc in domestic bank
slearings and the deduction to be
drawn as TO recrease in business activ-
ity Is a factor in the current ease OF
money which deprives that fact OF its
power for reinsurance 10 speculative
sentiment The heavy fall IN net earn
ings of railroads reporting for Janu-
airy gives additional force To the cons
sideration Of the business outlook. II
IS not expected that any development
viii effectually release the stock mar
ket from its constraint until the North
ern Securities decision Is handed down.
The bond market has shared the apathy
and sluggishness of the stock market.
L. s. new 4s coupon and old 4s adj
vanced a per cent on call during the
week.
The Bank Statement.
New York. March 1.-The statement