The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-02-22
SOFT MARKET
IN WALL Street
Prices Drop Because Of Lack of Sup
port as Much as Active
Pressure.
MORE FLURRIES PROBABLE
ACTIVE SPECULATION MAY BE
LIMITED FOR TIME.
MORE FLURRIES PROBABLE

New York. Feb 21.-Prices of stocks
turned downward today and little evil
dence was left of the hope of the specu-
lative sentiment with which the week
opened The yielding tendency in prices
was due as much TO lack of support as
TO any active pressure Transactions
were not on large scale, but the market
was neglected and the demand langUid
ana lndlTferent- The steady dribble of
liquidation met no important buying or
derS and there was a marked lack of
resilency. There were no important news
u C,e-t- L but speculative operators
very generally felt sense of disap-
polntment over the action of the mar
ket yesterday and its easy yielding to
Ihe furry in call money later in the
day The sensitive condition thus indi-
Gated In the money market was felt to
be bad augury for any attempt to re-
yiYe active speculation The law con-
OlJlOn or banking reserves and the many
requirements ahead of the market make
the recurrence of such flurries from
time to time probable. Time money was
not notably affected today by yeSter-
days developments in call money With
the easier rates for time loans, however,
an effect had been produced upon the
interior exchange in New York The
rate at Chicago which ruled at 81 cents
premium last week has got back to a
small discount Some attention is given
TO the minor disturbances in the Chicago
banking field. A detailed estimate ap-
peared in Wall street during the day of
the leading bond, debenture and stock
issues which have made their appear
ance since the first of the year. which
offered an aggregate of $3.50, $50, 400, not
including municipal issues by smaller
corporations. The list includes only Sc
cUrities issued to be issued immediate
ly and does not include totals newly au-
thOriZed, but not issued at once. It is eS-
timated that about . per cent of the
new issue is for refunding purposes OF
for the purchase of other securities al
ready upon the market But the aggre-
gate Of new capital called for is suffi-
GENTLY imposing and is expected to be
Foreign political developments had their
influence upon the stock market by rea-
son Of the money situation and the pos
Sible effects there rather than from any
fears of the immediate effect on values
or securities in New York from a fall
ure of the Moroccan conference. The de-
Ginning tendency of foreign exchange was
arrested here and sharp drop in Ster-
ling exchange at Paris and a harden
ing of discounts there also attributed to
the political news The imminence of a
holiday for this market had a deterrent
effect on speculative commitments The
pay day for the London settlement also
occurs tomorrow and the fear Of some
trouble in that connection added to the
Discrimination TO trade. Some of the days
movements indicated a feeling of mis-
been so large an influence of late. The
departure from the city of President Hill
without announcement of the supposed
project affecting the properties of which
ne is the head was accountable for the
sharp decline in stocks. Less confident
assertions were heard Of the alleged cop
per deal The views expressed by the