The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-02-09
STAGNATION IN
STOCK MARKET
Aimless Drifting of Prices and Dis.
inclination of Traders to
Do Business.
SEVERAL CAUSES ASSIGNED
SLIGHT RALLY DURING THE
CLOSING HOUR.
SEVERAL CAUSES ASSIGNED

New York, Feb. 8.-SpecuIation failed to
show an initiative today. There was a
falling off still in the volume Of activity
from the recent level and the trading fell
at times into a condition of semi-stagna-
ton which is rarely seen in the market
except at what is called the period OF
midsummer dullness. Prices drifted aim
lessly and soon reached limits of fluctu-
alton, coming back over the earlier course
and backing and filling under the vary
ing operations of the board room traders.
Immobil1ty of prices begetS diSappOint-
ment among a class Of holders who are
III the market with the expectation Of
deriving a profit from price changes, and
the growth Of diScOurag cement will induce
such holders to throw over their contracts
as consequence Of the very dullneSs of
the market. Some such operations were
perceptible today. 1t was assumed that
recent large speculative accounts were
sold out and some new influence was
awaited to start prices in either direction.
No such influence developed today of suf-
uCfent Importance to prove an incentive
to operate in stocks.
The closing weakness of yesterday was
carried over into the early hour of today.
Something was made of the apparent luIl
in the long period of unprecedented ac-
tivity in the iron and steel trade. The
impression was modified by the fact that
orders on hand In the trade are said to be
equal to the capacity of plants for many
months ahead. Nevertheless, engage
ments ahead have not served to check
the continuance of demand I'D to this
time. and while the present condition was
bound TO develop as an accessory cOnse-
quent upon the expansion of demand fast
ter than production, the effect on specu-
IaIlVe sentiment Of the check is still felt.
Movements in the United States Steel
stocks, usually very sluggish, are of
marked effect on general sentiment. The
special weakness in these stocks today
therefore hurt the whole market The
poStponement of action upon the Union
Pacific dividend until next week was also
a disappointment The expectation was
very general that the executive commit
tee would recommend action at its meet
ing today. The uncertainties Of the coal
strike outlook were underlying influences
towards depression because Of the wide
upon the whole industrial situation. The
passage through the house of the rail-
road rate regulation bill seemed to be &C
cepted with tranquility.
The practically unanimity with which il
passed explains the previous certainty
felt in its success. Wall street does not
wait for the actual occurrence of events
previously certain to take measures sug-
gested by them Some of the discussion
in the senate, however, regarding the in
tended scope Of the rate bill has had some
disturbing influence on sentiment
Sub-ueaSury operations for the day
made small contribution to the supplies
OF the banks, thus reducing the heavy alb,
sOrption of the previous portion Of the
week. But the government institution
again appeared at the clearing house to,
day with a credit balance. thus promfsins
another inrOad upon banking supplies tC
figure in tOmorrow's sub-treasury state.
ment and in the weekly bank statement
: here was no change in the rate for time
loans, but they are well sustained and
call money rose late in the day. The de.
mand comes partly from the renewal al
large maturing obligations. some Of then
to out of town lenders, which are trans.
fSrred to the New York banks
This is expected to make a further ex,
Pansion in the loan account of the banks
in spite Of the languid speculation in the
stock market There was a substantial
rally late in the day, which seemed to he
due to the Discrimination Of traders IL
follow prices far in any direction The
closing tone was quite strong
Bonds We're heavy. Total sales, PAL
value, So, 1880.
United States bonds were all unchanged
/ on call