The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-06-04
Review of the Week.

Review OF the Week.
Operations in stocks have had a num-
Der of important happenings to con
slider this week hut the conclusions ar
rived at have not beeI well defined 50
las as they were reflected in the stock
market itself Movements there indi-
Gated rather a further doubt and un-
settlement Dealings have been ON d
small scale and Quotations have been
irregular and poorly maintained The
neglect of the market i'm the early part
or the session was due TO the large
number of abSeBteeS among the bTOk-
erS on Monday who made an extended
holiday over last week ON the re-
turn to the floor of absent members.
however. there was not much revival
Of interest Effective June l.. the
transfer tax had some effect in CuTtail-
ing transactions Of the purely profess
slonal kind, such as rely on an eX-
tTemely small margin Of profit on
large number of shares to be turned
over during the course of the days
trading The tax of 3 on the trans
fer Of 100 shares OF stocks bears a con-
siderable proportion 10 the small fraC-
tlOnal change in prices upon which this
class of operators relies for profit on
transactions Such operators make Uu
a very large proportion Of the total
sales i'm the average days business at
the week having an important bear
ing on general affairs the decision of
the naval contest in the battle of tho
Sea Of Japan had an inspiring effect.
but il was of only mOmeutary effect
1t was hoped this might relieve the Sc
CuTities market Of some part Of the de
precision which had held them i'm
restraint.
The belief that peace would be the
cd
faction throughout the financial world
But the after effect proved that the
possibility of a Russian peace has
been only slightly considered in some
purely speculative operations by pro-
fessiOnaI bears, and their buying to
cover was not followed up by any more
substantial demand. The heavy deal
ings in the bonds Of the japanese gov
eminent which have been "a feat ure Of
the stock market in New York were
the exception tt was reported also
that large orders for supplies for japan
which had been placed in this cOun-
Try contingent upon the clearing of
the Russian forces from the Pacific had
been executed
The disbursement Of some of the jap
anese funds on deposit in New York of
the proceeds of the loan subscribed
here was thus indicated. and the ne
Cessity Of their remittance to other
Centers Obviated-
Later in the week there was less con-
fidenCe in the conclusion Of an early
peace and a consequent reaCtiOnaTy in
fiuence was felt. The Equitable Life
Assurance case has exeTted a marked
influence of depression on the stock
market The immediate channels
through which this has operated i'm
stocks are somewhat occult and the
mystery has rather added To the eff
feet on sentiment than relieved it. The
conditions brought To light by this oc-
cuTrence are believed not TO help In
the maintenance Of confidence i'm the
financial world in general II is felt
that a spirit of caution is likely tn he
enEeUdered- Recent bank failures. and
their causes are placed in a list of
factors working TO the same result. 4
process OF OVeThaUliug on the part OF
hank directors and trustees Of fnau-
Cial institutions is regarded as a likely
consequence Of such disclosures. Such
2. process is looked to reveal any weak
conditions that may exist, and there *
a disposition among spectators TO
await the completion of the work
Meantime there Is the effect or re-
straint on the freedom Of outlay IN
their capital ventures which Is charac-
teristic of periods Of great general con
fidence- Fears are felt of possible mis-
chief to be caused by the bitter ami
mOSities involved in the Equitable con
trOveTsy- The stock market i sensl-
tive 10 the dangers Of conflict between
great money powers from costly ex-
peTiences- The outlook in the iron and
steel trade Is not regarded as suffi-
GENTLY assured to awaken any effectf-
i've demand for securities affected by
conditions IN that trade 4 luH in the
trade is admitted. There has been
enough of unfavorabIe news regarding
the crops also to make that a factor of
repression. IL not depression. on
stocks The June I settlement induced
p slight rise for part of a day in the
call money rate, but the money uarEet
has net been the source Of any depres-
sion In stocks The deficit in the gov
ernalent revenue for May receives at
tentiOn. and opinion in financial quar-
tiers admits the necessity Of mea sures
to secure additional revenue. The leg
iSlative discussion or ways and means
which must be undertaken TO achieve
this end offers a prospect of Uusettle-
ment which is taken account Of in the
prevailing mood Of speculation. The
question Of control and regulation Of