The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-02-11
BANK STATEMENT
DEPRESSES STOCKS
Spectators Hesitate and Mar
ket Is Dull Throughout
the Day.
ACTIVITY IN HILL ROADS
FOLLOWED BY REACTION
London Is Dull Because of AnX-
iety Over Moroccan Con-
ference.

NEW YORK, Feb. 10.-Todays dull
stock market was of the same character
as those throughout the week Hesitating
speculative sentiment and disinclnation to
make largo commitments were tho marked
features. Tho excited advances yes
terday In the Hill railroads gave place to
some reaction today, and prices fell back
from tho lack Of tho stimulating infiu-
cree OF the strength in those stocks.
Some depression was reflected from the
London market owing to a revival OF ap-
prehenson over the outcome of the Mo-
roccan conference The narrow profess
sional character of tho market was dem
onstrated by tho demand TO cover shorts
after the appearance OF tho poor bank
statement which disclosed the origin or
the carly selling OF bear operators De.
Velopments in the banking situation indi-
cato substantial ground for the conserYa-
tive spirit in the stock market The de-
crease in the surplus reserves OF the banks
by about one-half TO less than s., ,00o, coo Ia
Itself a showing a of the narrow margin
for expansion OF banking credits for which
the demand continues, as shown by the
weeks Increase In the loan Item of 81,
ea2. 100 Tho decrease in cash OF s5,2s700o
reflected not only the known movement
OF currency for the week, but the carry
over from the statement OF the week be-
fore, which failed to show the full de-
crease.
Arrangements have been made already
for the shipment OF 81 $50. .000 gold to South
America next week. A deposit Of 50, 10000
at the Sub-treasury today for transfer to
San Francisco will also figure In the COM
Ing bank statement. Reports that ship
ments OF gold to Europe next week were
In contemplation gained currency today.
but were not confirmed. The stock market
closed Irregular, Total sales OF bonds. par
value. sl.165, 900.
Tho movement of prices this week has
shown the effect of the retirement from
the market OF large speculative commit
ments in the shrinkage OF the volume OF
transactions and the narrowing and hesi-
tating fluctuations. The speculative spirit
has been quiet and awaiting new develop
ments to direct new operations. As Is
usual when tho movement becomes slug
gieh- a certain proportion Of impatient
holders have become discouraged from
time to time and thrown over holdings.
The pressure OF liquidation has not been
severe, however, and only light demand
has developed from time to time, which
has made itself marked only in special
quarters OF the market
The action OF the market has had little
to explain 1t In current events. but tho
estimate OF reactionary tendency in
prices has tho inevitable effect OF bringing
Into prominence elements OF doubt or anx-
iety In tho outlook that would be ignored
In q period of rising prices. Some OF the
discussion OF the supposed causes OF re-
action has had to do with features which
have been In full forco and OF daily record
throughout the period OF active demand
and rising prices for securities.
Most OF the conditions on which the
speculative demand was based have re-
mained In full force. The action Of the
market is taken TO illustrate the results
normal TO periods Of great industrial and
commercial expansion and the speculative
activity which accompanies them The
growth of prosperity invariably induces a
demand which outstrlps the rate OF ex-
pansion In production and outmeasures as
well the rate or consumption, anticipating
future needs indefinitely.
Canadian Pacific and Kansas CITY South
ern preferred lost about a point and At
Gibson q large fraction Anaconda was
run up 5ie and Manhattan sold at On ad-
vance OF a point.
Bolatcd selling orders impeded for
while the tendency toward recovery which
set In es soon as Reading showed EVIL
dence OF support That stock more than
made up Its loss, touching l41h. Rallies
In other stocks were decisive, but there
was a shrinkago in the buying as prices
recovered. Amalgamnted Copper showed
most urmncss and WAS heavily bought
around ll5Ls. Anaconda sympatheticaIly
gained an additional five points. making
Its rise In the first hour ten points. Re-
newcd pressure against Reading which
drove 1t down point below yesterdays
closing, caused some yielding. Northern
Pacific and Chicago Union Traction pre-
ferrc6 fell = Metropolitan Securities az
and Union Pacific, st Paul, Norfolk q
Western, Republic Steel Southern Rail-
way and Cotton OIL about a point Ana
conda rose l31ac, Northwestern 1, Chicago
st. Paul Minneapolis & Omaha 2ltc, Wis.
consin Central preferred q and Corn Prod
ucts ~. The rallies after the bank state
ment did not hold well and the closing was