The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-05-27

NOT MUCH DOING IN
THE CLOSING SESSION
Bank Returns Show a Decidedly
Weakened Position Oh the
Legal Reserve.

NEW YORK, May 26.-Traders who
bought stocks on the rise yesterday sold
To-Day TO even up their contracts over Sun
oay, that was about all there was to the
market, which was narrow and profess
sional 10 the last degree. The pressure on
prices relaxed to some extent after the
nrst hour, under the influence Of the firm
tone In Pennsylvania, which did not share
In the weakness of the general market
Prices faded away again In the closing
dealings and In some instances ended at
the lowest. with the tone easy.
The bank returns showed a weakened
position and had an unfavorable effect on
speculative sentiment. The surplus over
tne legal requirement was shown TO be
Soosa, LOO rms compares with a surplus
Of Sll,1bo,eVO at tins Ilme last year, and OF
s-9'es='ezo two years ago. subscriptions
1all que next Tuesday 10 the |5OQpp,UOO OF
pennsylvania notes ana there are other
syndicate requirements 10 be met later in
the week.
The usual month-end necessities arc also
TO be met. The possibility OF furry In
eaiI money next week was therefore Kept
In fiew. There were quite emphatic DIS
tiaimelS or some OF the rumors yester-
day OF great corporation In prospect for
taxing over the coal companies from the
railroads IN order To comply with the law.
These rumors caused buying of stocks
yesterday, The money and exchange mar
kets were nominal, as usual on Saturday
The Imperial Bank OF Germany made a
strong,ietuTn and the Berlin discount rate
was easier Total sales Of bonds, 81 $50. 900.
Inc Stock market or the week has been
highly professional and showed the ef-
feet OF the languld speculative interest
on the part OF the general world of capt.
tai. The volume OF dealings fell to the
lowest OF the present year early in tho
week. and fluctuations had become mar
row and sluggish, the current OF prices
shl1ting constantly under the almost eX-
elusive operations OF professional room
traders. who did not venture TO carry
prices far in one direction, lacking tho
advantage OF any wide market as n
medium to carry their speculation.
The result OF this state of things was
discouraging to the holders of stocks ow-
Ing to the tendency of prices In very
dun market to gravitate TO a lower level.
under the marketing OF small supplies OF
stocks.
The exposure OF grating practices
among Pennsylvania officials brought out
by the inquiry now going on were of nota-
bic influence in the depression and par
alysis of speculative interest In stocks
early In the week The effect on public
confidence In the securities OF tho rail-
roads was feared as was also the likeli-
hood that the agitation against railroads
would be stimulated and cause damage to
values of their securities. When prices
turned upward professional sentiment
work the euro OF harmful practices and
benefit the earning power of the COM
panes. Sentiment over the money out
look was In similar state Of flux and
came to a conclusion OF a hopeful view,
The entire compoSure with which bank
Ing operations were resumed In San Fran
cisco was O reassurIng factor OF emphatic
influence. Not only were the deposit and
discount banks free from any semblanco
OF a run, but the Withdrawals from saw
inGS banks proved moderate and resources
on hand Superabundant TO meet require
ments.
Under these conditions there scarcely
could fail to be q large and early return
to Eastern bank reserves OF tho largo
sums piled up In San Francisco as q pre-
caution against emergencies, The import
ance of these additional resources for the
local money market is kept prominent by
the maturity OF subscriptions for secur-
ties Issued from time TO time and by tho
further issues still in prospect. Even the
great Pennsylvania borrowings. although
evidently supplying the immediate needs
for carrying on the great improvements
under way by that company. are believed
pleting the work. Circumstantial reports
of an intended s50.WOO0O bond issue by
the United States Steel corporation for
completing the great Indiana plant met
with the official explanation that such an
Issue. II II is made, Will be some time In
the future, Reports Of sS0o1C.0O0 note
qualified dcniol, although early additions
to capital resources arc believed to be
needed for the pushing Of this eompany's
Pacific coast extension, New York Cen
trails improvements admittedly require
largo now capital resources Payments
this week and next of stock and bond
include those by the Balti-
more q Ohio, Delaware & Hudson Chi
cago & Northwestern and the Pennsyl-
ynnia $4,000 O00 notes, calling for an ag-
gregate estimated at nearly TocrO.000
Crop news Is watched with Increasing In
tcrest In the stock market, and tho break
Irg OF the drought in the Southwest has
been OF appreciable benefit to stocks. No
cause for depression Is offered by the
rews OF business and Industrial condi-
tlons
United states as declined u per cent on
call on tho week