The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-03-30
HALT CALLED BY
HIGH LOAN RATE
Effort of Spectators for an Advance
in Stock Prices Soon
Proved AboTtive.
EARLY GAINS WIPED OUT
MARKET DEPRESSED AT THE
CLOSE.
EARLY GAINS WIPED OUT

New York, March 29.-The speculation in
the stock market today was under the re-
stra1nt of the active call money market
The higher rate was asked for call loans
was d deterrent influence upon the de-
mand for stocks and the fear of fiurries to
stringent rates beSOt a spirit of caution
lest the programme for the advance in
stocks should be upset by forced liQuida-
ton. No such selling was in evidence to-
day, the pressure upon the market at no
time becoming active. The speculative
position assumed yesterday on the long
side of the market seemed to be MAIN
tanned with some confidence. During the
early part of the day efforts were made
TO extend the advance and. to ignore the
erect OF the nigh call money rate There
was a considerable accumulation of stocks
at some points and prices were bid up
with some aggTesSiveneSS. When il was
seen that the money rate chung to the six
per cent level, with a tendency to go
hlgher, the efforts to get prices up were
deSiSted from
The absence of anything like urgent
selling induced by the rise in money con-
flrmed the suppOsitiOn that the pools and
organized parties which entered the stock
market on the long side this week were
supplied with resources in the way of
time loans TO secure them against the
vicissitudes of the call money situation.
Conjecture points to the same interests as
being concerned in the speculative initia-
tive that conducted the campaign of the
latter part of last year, when a similar
disregard was shown to exigencies of the
call money market. The April disburse-
mentS of dividends and interest are esti-
mated as high as $65,G00,000, of which it is
believed Sl0O00,000 will be required for
April / in the settlement at New York.
The collection of funds to meet this re-
quirement was clearly enough RESPONSE
BILE for the tightening Of money today
An engagement of 100000 gold for i'm
port was announced over night but the
parties to the transaction were reticent as
to the source of the supply. Discounts
fell in London but hardened in Berlin and
sterling exchange declined at Paris. The
principal consequence of the strike is
looked for in the iron and steel trade. al
not look as If consumers are very much
frightened and that the concession which
a number of sellers continue to make Oc-
casiOnally indicate that some manufacture
ers of pig iron are dubious as to the fu-
| tuTe Of the present level of prices The
Iron Trade Review. on the other hand.
reports increasing sales and inquiries for
iron and that furnace men predict that
the IOng-eXpected buying movement will
soon start The extraordinary compari-
son of net earnings report of railroads
last year kept up a favorable influence on
the stock market The coincidence of the
sharp fall I'm Consolidated Gas with the
meeting of the directors aroused anxiety
over the dividend prospect for the stock.
Nothing of the early gains remained BY
the end of the day. but the appearance of
resistance to the depression persisted
throughout The closing was steady.
Bonds were irregular Total sales, par
value. Pts. coo.
United States bonds were all unchanged
IN