The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-04-02
STOCK MARKET
Is RATHER WEAK
Requirements For Money the Princi-
pal Reason.
CONFIDENCE is RENEWED
CONDITIONS FAVORABLE TO BET
TER PRICES.

SOiNGi iOiNO FANOhADGE - De
TER PRICES.
New York, April 1.-The weekly bank
statement today COMPOUNDED all previous
estimates as TO its character Notwith-
standing the weeks enormous demands
for credits, the banks report a contrac-
ton IN loans of upwards of 100000. The
only explanation can be that the credits
outstanding in the stock market by the
banks have been Withdrawn to the eN-
tent of meeting requirements in other di-
TeCtiOuS and that loans have been made
through trust companies and through
other sources There Is no room 70 DOUBT
that the volume of credits as a whole has
been substantially expanded during the
week. The indicated loss of cash OF ST.
100000 is reduced i'm the showing Of the
bank statement To about $4,000 The net
result is an Improvement in the margin
OF the surplus to the extent of 81.
The appearance of the statement had an
encouraging effect on the demand for
stocks. but the days notable movements
We're confined to the list of specialties-
This is i'm accordance with the prOfcSsed
expectation of the trading element that
the movement to be looked for is to be
in this class of stocks.
The days operations were almost Who'll
" i'm professional hands, but were in
diCativc of confident feeling that next
week VIII see a revival of speculative de
maud and quick relaxation in the
money market. Banking opinion on this
point was 10y no means agreed in spite
of the nominal strength Of the bank
statement The shifting Of loans 20 the
trust companies and to foreign bankers,
while &c affords relief to the resources
of the banks themselves. nertheless
makes "a real iuTOad on the available sup
ply OF credit. Additions are constantly
made 10 the list of new bond issues.
which will add to the requirements of
the money market and the extent Of the.
exterior demand for money is an unsolvcd
problem The reviews Of mercantile
agencies point To highly prosperous con-
ditiouS ian all lines. and these We're "A fac
tor i'm the days cheerful sentiment But
the activity thus indicated promises "A
continued wide demand for funds in all
lines of business. The market closed
barely steady and below the best. Total
sales of bonds (par value. S2,HoOoo-
Review of the Week.
Prices Of stocks have given ground
this week. but in an irregular and re
strained manner, the decline being IN
terrupted 10y. rccurrcut rallies. This was
believed TO he due to the frequent COW
eriug of short contracts by the bear
traders. who thus testified their lack of
confidence in their position There was
also evidence OF support by buying or
ders at times when the tone became con-
spicuouSly weak. The hesitation has
been aSCribcd principally to the money
position which has prompted conserva-
Z tiSm i'm making extensive commi tInentS
on credits subject to immediate calls 1t
is believed that the limitations of the
money supply are due TO temporary
causes. The attitude of the trading has
been i'm a degree waiting one. until the
situation is cleared up Aggressive opc-
rations for an advance have been discon-
tinued meantime. and even support IS
less effective. But the party of reaction
has not operated with any holiness. The
strength of the general situation has in
Inundated them and the developments of
the week have offered nothing to suggest
ANY impairment of actual values.
Trade and industry are obviously SN-
T'ndinE still But with money m'trkrI
resources restricted. means Tor Tree oper-
atoms i'm stocks have been lacking and
Tho rate of activity in securities has dc
creased material y Last week bahk
statement showed that the surplus re-
serves had been protected by a reduction
az the deposit liabilities by contracting
outstanding loans. The demands to be
mot during the week caused "A strong con-
Vi-tiou from the outset that loans would
already at a low level there was lkelt-
hood that loans would have to be called
quiremcntS and to preserve the legai re
serve The calling of loans did not take
place but in unexpected moderation.
Fear of a FURRY.
fnb day during the week there was
fear that furry would occur in the
Tho tendency towards recovery in the
latter part of each day on the stock eN-
change marked the sense of relief at the
tranquility Of the money market The
subscription to- the Sl5.OUu.oU iuStdllment
of the japanese loan was the principal
event ia the money market The large
subscription offered for account of do
mestic institutions was the occasion of
TcmittauCcS from tho interior to New
York which carried their own protection
of the money market subscriptions were
reported here also for European account.
and IL is believed that remittauces in
propa ration for these had to do with the
recent weakness of exchange. which car
ried the rate near to the gold import
point Exchange has recovered this week
and Paris has renewed its demand on
London for gold Reports of the COndi-
ton OF national banks as Of March a
in course OF receipt by the controller
disclose a large increase in deposits and
I'm leans and discounts over those of
year ago and of three months ago But
the proportion of reserve To- liabilities is
universally lower throughout the Cour-
Tho high level of trade activity and
tho unurecedentcd volume Of bank clear
iUgs promise no abatement in the season.
able demands OF the interior for money.
in spito of the apparently iuviucible ease
of the New York money market up to
this time the consideration Of this pros
poet enIoiu~ a degree Of caution IN the
currency that the st. Paul road was
planning a 800 O0O. O00 extension TO the
Pacific 10 maintain its strategic position
against the Northern Securities group
and this suggestion. although officially
denied. proved disturbing TO the large
hopes Of develonrnent in that group on
which p great speculation has been based
Railroad net earnings for February make
2 poor comparison with last year. but the
-aI'i ElDN III Nl lIdlllt NllDMli ~ ElO7H
earnings reports throws the earlier show
Ing ont of consideration. Peace pros
poets have been varying influence dur
iDw the week.
The bond market is quiet and the price
Jewel - relatively lower than that OF
stocks to degree that, occasions much
comment
7. s old IS and IS registered advanced
=. tho now Is coupon =. and the new Is
registered q ocr cent on call on the
Stock Quotations.