The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-03-11
PRICES LOSING
GROUND AGAIN
Market Weak and Uncertain and
There Was No Conspicuous
Feature at the Opening.
BANK STATEMENT NO GOOD
SURPLUS NOT so LARGE AS Elk
PECTED.

New York, March 10.-Prices of stocks
lost ground today. although there was a
disposition to contest the reaction in the
early part of the session. The prevail
ing tone OF the market was one rather
of uncertainty and hesita ton than OF any
decided tendency. The opening strength
was fairly general. but there was no con-
spicuouS feature in the market. Special
strength in Norfolk & Western was at
tributed to the advantage of position said
TO be enjoyed by the coal mining interest
along its line in the event OF the threat
ened strike of bTtuminous miners. The
Weakness in Consolidated Gas was the
first influence on the market.
1t was after the appearance of the bank
statement that the general downward ten
dency developed. The recuperation of the
surplus was not as large as had been
hoped. This was due TO the heavy de-
crease in cash reserves, which reached
nearly S5.500OO0. against preliminary eStl-
mates of only about Sl,000,O00. This may
he due partly to the fact that the 5000.
eco of government deposits with the banks
which were made late in the week would
effect the daily averages for only part
of the week But there were also dis
Crepancies to be made up from previous
bank statements. which had reflected only
part of the cash losses indicated by the
Known movement Of money.
The $21,259, 20 loan contraction was in
accordance with expectations in view OF
the stock market liquidation and the
transfer Of credits to foreign lenders. But
the heavy loss IN cash affected the show
ing OF the surplus. Expectation that the
coel mining dispute viii come to a head
next week had some influence on senti-
ment. The tone of foreign exchange was
steady, although the Saturday market
is nominal Reports of negotiations for a
large Russian loan indicated a fOrthcom-
ing Gemald upon the relaxation of for
etgn money markets resultant upon the
promised settlement of the Moroccan con-
troyersy. The market closed unsteady and
Total sales Of bonds. par value, 81
22500o.
Review of the Week.
The heavy liquidation of the first OF
the week was the natural consequence of
kets which had wiped out numerous mar
gins on speculative holdings, caused Il
Shrinlzage in collateral which made lend
erS on stock collateral dissatisfied and
discouraged. speculative holders who
threw over holdings in despair of an
early turn IN me course of prices. The
paying off of loans which accompanied
the liquidation revealed the position of
the banks which were striving to keep
within the legal reserve limit against the
inToadS upon their cash holdings. The
money market also showed the effect of
the government funds deposited with the
The downward movement Of foreign ex-
change, which tended to open foreign
money markets TO New York require
Inents, was due in part to the improved
political conditions abroad, growing out
OF the DEiELlrlttltS pfOSbCNNS AOA a SCNNAO-
lnent of the Moroccan situation with as
surance Of peace The shipment of gold
tc japan from San Francisco against de-
posts here in the sub-treasury was a
cross current i'm The currency movement,
which was regarded with interest owing
to the probability that the movement
would attain considerable proportions in
the process Of remittance OF japanese
funds on deposit in New OTk to the home
market. There were sales of exchange
against these rsmittances of gold which
helped 10 weaken the foreign exchange
market here. The extent of the decline
I'm stocks in itself made the current level
of ID ices attractive for resumption OF buy
ing and professional operations were re-
neWed with ViCoT when the cessation of
the liquidation was demonstrated.
Early in the week Wall street was in
clined to take a very peSsimi5tic view of
the chances for aveTUng strike Of
anthracite miners The message OF the
president with the resolution for investi-
nopoy intensified the apprehension Of
harm n securities from the prevailing ac-
tivitv towards affairs of corporations. The
Oversold condition of the market, the at
trqctive level to which prices had been
luwered and the actual recuperatiCn Ot
the money markets served to sweep away
nissivings and induce the upward turn
in the market. The heavy decline in
wheat was an influence in inspiring con-
fi1ence in the promise for future prosper
itv.
Bonds were dull and generally heavy.
United States IS and old Is advanced y
ard SIS and new Is registered L per cent
on call on the week