The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-03-18

Conditions in Wall Street Yesterday
Remain the Same as During
Past Few Days.
TIMIDITY VERY APPARENT
REVIEW OF OPERATIONS OF THE
PAST WEEK.

New York, March 1.-THE slight sag
In stocks was largely attributable 10
hamilton, the market having sunk into
a state of practical stagnation. The
hank statement, however. was not con-
sidered 20 promise any large improve
Inent In the condition Of the money
market. The cash item showed a gain
OF something over a million dollars,
which was better than expected. but
loss loans at the same time increased
s5.S52,5 The resulting growth in the
deposit item and the expansion of the
reserve requirement resulted in
shrtnkage in the surplus OF S59S,575.
The change in the loan item may have
been Influenced by the shifting Of ac-
counts incident to the large dividend
payments on Wednesday, but the pay
ment of maturing obligations to foreign
exchange is supposed also to have been
transferred to some extent to the local
banks. 1t is pointed out that with the
shipment of the final installment of
the last Japanese loan there Will be on
deposit 10 the credit Of that govern
ment in London, Paris, Berlin and New
York, something like S250,000,000.
The withdrawal of these deposits
which have been in progress within the
last few weeks, and which is expected
to continue, is thus seen TO have a very
wide field for extension with corre-
spending positive effect on the money
markets where these funds are placed
at present. Bank cIeaTings for the
week throughout the country show
a decrease as compared with the cor
responding week of last year, This is
the first decrease reported in a long
period and is due entirely to the show
ing of New York and other large re-
serve cities. The days dull stock mar
ket was as barren of feature as the
days news was. of incidents having
any important financial bearing.
Total sales of bonds, par value, $685.
OOo
Review of the Week.
Stock operations have lapsed this
week almost entirely into the hands of
professional traders The narrowing
and alternating fluctuations Of prices
have marked the inadequacy of this
class of dealings to move prices far
from a fixed level, in the absence OF
any large participation by genuine buy
ers or sellers. The volume of dealings
Mas shrunk with the encouragement of
seffecting any profitable alteration in
'bEices. The level of the market has
tended toward stability. Necessitous
liquidation seemed TO be completed, but
elements of uncertainty in the outlook
were sufficient TO deter any new buy
ing of securities.
The principal uncertainty has CEN
tered about the money situation, Rates
eased in response to the deposits OF
government funds, with the national
banks, and the engagement Of some
thing over a million dollars in gold in
London for shipment to New York.
HOPES were INDUCED that the period OF
restriction was passed, but the later
events of the week disappointed this
hone The engagement OF gold IN Lon
don was believed 10 have been enected
with some special advantage aside
from general exchange conditions. The
operations led 70 defensive measures by
the London money market. which, to-
eether with q general hardening or
money rates on all foreign money mar
kets. precIuded the extension OF the
movement Money rates are held firm
abroad by the uneasiness over the out
come of the Moroccan conference and
the prospect that with the clearing up
of that question Russia Will be the
aDplicant for a large loan. japanese
fiscal opera tons are an influence also,
direct Withdrawals of japanese IundS
on deposit in London and New York
being supplemented by shipments OF
gold from India on behalf OF japanese
AGAINST which gold in London is trans
ferred TO the account OF the indian
government The effect Of our favor
able position in the merchandise ex-
changes is thus impaired, although the
TTehrIIarv foreign trade statement
eboVrs an excess value Of our exports
over irnports of S3I 81, 100 compared
viz, only SS7S6.369 for the preceding
February An additional OmseJIlng IN
Auence is the large sums borrowed from
foreigners by New York Heavy maui
titles have been falling due OF this
f7a
Tnand for exchange for remittance on
this account have contributed 10 Nlo-
lent recovery in that market.
dividends payable in New York on
Afarcb Is were estimated at over SIS
0.0OOO including s15090,090 STANDARD Oll
dividends. Preparation for these oIsDuLse5
ueuts squeezed the local resources anu
led to the 9 per cent call loan rate, De
OF the year. AS the interior spring oe-
rnand for currency is yet undetermined,
the outlook in money is 50 Tar from ciedI
as TO exercise a marked repressive N
fIuence on the speculative spirit Inc
progress of proposed legislation at Al
bany fixing cash reserve requirement
upOn the trust companies indicates that
preliminary accumulations by those COM
Ianies may be going on 10 comply with
There is much discussion heard in the
financial district on the sentiment mani
tested in the national and state leglsIa-
lures towards corporations Inc ue-
cislens announced by the supreme court
on Monday bearing on the rights or requl-
sition of officials regarding affairs of
corporations were accepted as important
extensions of the defined limits Of such
powers. The decision by the same court
on municipal powers over traction pTivt-
Ieees in Chicago precipitated violent de-
c.lines in the stocks affected. The passage
of the bill limiting the rate for gas in
New York TO 50 cents caused apparent
decline in New York gas stocks.
The railroad rate regulation embodied in
the bill before congress and the contin-
ned agitation in the life insurance field
over corporation abuses. have intensified
HE effect of the matter on speculative
sentiment. with an understandable, but
uf1doubted. part in restricting the specu-
Iatixe spirit in the stock market
The exchanges between the parties seek
sny settlement Of labor conditions in