The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-03-05
DEALINGS WERE
RATHER Small
Not Much Importance Attached to
Yesterdays Market.
UNION PACIFIC UP AGAIN
BANK STATEMENT REGARDED AS
WEAK.

New York, March Mot much i'm
portance was attached to today's stock
market. Dealings We're not large and
the tone was heSitating until the re-
SlSting power of the market was dem
onsUated- In the final dealings the
demand took on some animation. and
New York Central and Union Pacific
rose strongly.
The evidence of the elimination Of
reaction in those important stocks had
a cheering effect on the whole mar
ket, and the closing was firm and quite
active.
The attraction of the presidential in
auguration accounted for q number of
abSentees from the floor of the eX-
change and had its effect on the
shrinkage of business. But there is
perceptble growing conservatism in
the views as to advisability of a fur
Their rise in prices from the level now
current The reflected influence from
foreign markets was brighter this
morning, and there seemed less appre-
henSion over the immediate outlook in
Russia The traditional view of the
expiration Of a congress, especially
where measures viewed with dis
quietude have been under considera-
ton, was of some effect in the minds
of professional traders. The announce
ment that a settlement had been eff
fected of the export grain trade war
was received with great satisfaction,
as the length to which this controversy
was being drawn out threatened bad
effects on railroad earnings.
The weakness of the bank statement
seemed to have been accounted for.
and the strength of the market deveI-
oped after its appearance. The decline
in the cash item was slightly more
than expectation, but the loan expan-
sion was regarded, on the whole, as
moderate, considering the magnitude of
some of the operations OF this week and
last figured in the averages Bankers
express the opinion, however, that
money rates may work higher from this
time.
Total sales of bonds, par value. 81
235, 900.
Review of the Week.
There has been a great deal OF un-
settled stock market of the week ow-
ing to the heavy profit taking sales.
The recent speculative favorites have
undergone wide reactions, and this in
fiuence has been sufficient at times to
overcome that of the strong new fea-
lures which have developed in the
market. The result has been very
active but highly irregular market, the
volume of business having risen to the
largest since the present active specu-
lation was inaugurated- The charac-
ter of the news has not changed and
there can be nothing to indicate that
underlying conditions of business, in
dustry and money have been altered.
But misgivings have arisen that the
rate of prices of securities has been
more than commensurate with the i'm
provementS which il has been meant
to measure Suspicion has been grow
ing also that some of the
information industriously circulated
during the last few weeks, which
lacks foundation or has been exagger-
ated for the purpose of lifting prices
in the interest of speculative holders.
This distribution led to precautionary
measures on the part of large holders
of securities on narrow margins and
with borrowed money. who were sim
play waiting to get out of their hold
ings at a profit and who had no in
tention of permanent ownership in Sc
curities for the advantage Of the in
come return.