The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-02-24
LESS BUSINESS
IN WALL STREET
Aggregate Dealings Fell to a Lower
Level Than for Several
Months Past.
HOLIDAY PARTLY TO BLAME
LITTLE LEFT OVER FOR SPECU
LATIVE PURPOSES.
HOLIDAY PARTLY TO BLAME

New York, Feb. 23.-Today's stock mar
ket does not offer much subject for COM
ment. The shrinkage in the volume of
business and the narrowing Of the limits
of the market in every way were sur
prtsing. The aggregate dealings for the
day fell to a lower level than has been
touched for many months past. How
far this was due to the small remnant
OF the week left after yesterdays holi-
day must be partly matter for conjec-
ture. That 1t was an influence on the
dullness is very probable, as professional
operators are VIGOROUSLY diSincIined to
enter upon large commitments with in
terruption of trading activity in prospect.
But there Is ground for believing also
that the general speculative situation is
exercising growing effect of repreS-
sion on the market activity. The high
opening TODAY in this market WAS due
to sympathy with the London market,
which had advanced Americans while
New York was taking a holiday yester-
day.
The successful completion of a. stock
exchange settlement without serious dam
age was one of these. A somewhat more
hopeful feeling over the Moroccan con-
terence was another A further possible
influence was the cabling of orders from
New York yesterday, which might be
made sharply effective on prices in Lon
don owing to q small floating supply of
American securities there. notable fact
in the sagging of prices in the New York
market was the small offerings of stocks
necessary to effect it. Some influence
IN this result is attributable to the re-
port of the insurance investigating com
mlttee. Some of the recommendations of
the committee regarding securities to be
held by insurance companies, while not
threatening any immediate results in the
stock market, promise the ultimate ne
cessity of marketing very large hold
ings- Some restrictions are likely also
upon the future activity Of insurance
companies in financial measures which
M nv
stock market affairs in the past The
adoption by the house at Washington of
the resolution of inquiry to coal land
holdings by railroad compaufeS kent a live
the sense of vigiIant -guardfanshfp OF cor
poration affairs on the past of IegisIa-
tive authorities A similar influence was
produced by the fixing of an S0-cent gas
tate for New York City by the New York
state gas commission.
The usual preliminary estimates of the
currency movement for the week were
brought down only to Wednesday even.
ing on account of yesterdays holiday
The loss to the sub-treasury of S14I3 "a,
seems to have been overbalanced bI
about million dollars by the receipts
OF the banks from the interior. notwith
standing the movement of interior ex
changes against New York during tn,
week There remained an indicated los:
| by the banks on last weeks movemen
/ or S2,5O1OOO. which may be expected there
tore to affect tOmOrrOw's statement a!
| bearing on the loan item, some Iarg,
/ bond transactions have occurred thi
| week which would indicate requirement,
| Tor credits Rates for time loans wer,
/ firm today and foreign exchange rate
/ We're higher. the gradual sagging ten
/ dency of the market extended into tn,
| last half-hour Of the trading, at which
| time low prices of the day were gen
orally touched. Between that time am
| the closing of the market there was al
| abrupt recovery which restored prices O
a number of the prominent active stock
| highest nf he law NJ
| the closing firm. This late buying move
ment was unexplained by any news de
| velopment.
| Bonds were irregular. Total sales. pa
| value, s.. $50. 900.
United States bonds were all unchange
| on call.