The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-03-16
MARKET LACKS
MOTIVE POWER
Prices Should Have Advanced Yes
terday According to the Al
ternating Movement.
EFFORT WAS FRUITLESS
sTAGNATIoN CONTINUED MOST
OF THE DAY.
EFFORT WAS FRUITLESS

New York, March 15.-According to the
alternating movement Of the stock mar
ket which has become noticeable this
week prices should have advarfcead TODAY
IN reversal Of the late decline of yes
terday- As matter of fact a tendency
towards recovery became family percep-
uble in the market after some early
extension Of yesterdays decline. There
was not sufficient motive power in the
volume of transactions, however to give
the movement of prices much headWav
me recovery was also impeded by the
continued liquidation in some of the pub
lie utilities stocks. The dullness of the
market was SO extreme as to leave the
lra0lng absolutely idle for long periods
during which not a single transaction was
recorded on the tape. Some of the prom
ment stocks which take their place oc-
caSlonaily as market leaders were dealt
in for only few hundred shares. some
or them not opening until the final hour
or the session, while in a few cases the
DAY tailed to yield a single transaction.
Inc continued collapse IN the Chicago
Union traction shares caused some anX-
iety as to the possible consequences where
these securities figures as a basis for
cred1tS. The relapse in PEOPLES Gas was
regarded as sympathetic, partly on ac-
count of liquidation induced by the fall
In Ihe traction shares, and partly by the
sentIen1ai erect OF possible disastrous
acClon. Inc continued liquidation
in Consolidated Gas and rumors of a
varying cut in the dividend rate REIN
forced this Interpretation Along the
same lines was the report that railroad
officials both of western and eastern
Ines are discussing the advisability of d
voluntary rate reduction as concession
10 pubic opinion as a possible means of
aYerting some Of the proposed measures
OF restriction or refutation Of CORPORA
IONS The Stagnant market was attribu-
ted partly to the reaSsem bling of the
United Mine Workers convention and the
DC sire to await the outcome of its de-
l1berations- The call money market held
It's firm tone today, the rate rising to
days dividend disbursements, including
S15OOO,OOO by the Standard Oil company,
were estimated at over S1S,OO0OO0
The sub-tressury took upwards of
million dollars from the money market
On the days operations Notwithstanding
the rise in the money rate, foreign ex-
cn5nge continued to advance strongly
Fore1en markets were ell inclined to
harden and Paris renewed its demand I'D
on London for gold. Foreign markets
are subject to the varying influence Of
threatened recurrence of the Moroccan
ing up of that question. the offering of
huge Russian loan. The Influence Of
the collapse in Chicago Union Traction
stocks was emphasized by the late rise
in the call monev rate to 9 per cent, and
by the violent drop in Missouri Pacific
Of AZ points by intervals of u to 1 pOiat
between sales. The poor showing of the
annual report and the recent retirements
from the directorate of important finan-
cial interests were credited with the droD
in the stock The market closed weak.
Bonds were steady. Total sales. par
United States bonds were unchanged on
call