The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1909-02-15
LITTLE CHANGE
IN WALL Street
Stock Market Stagnant and
Holders Content TO Wait for
Better Prices.
BANKS MAKE BIG SHOWING
BUSINESS DULL, BUT THE STU
ALTON is ENCOURAGING.
BANKS MAKE BIG SHOWING

New York. Feb. 1.-THE semi-stag-
nant stock market Of last week reject
cd the growing torpor OF the speeu-
Istive spirit and the determination to
await the clearer outlines of the bust
ness future before entering on further
stock market commitments. The ex-
IRENE duuness of the trading proved
TO be not incompatible with A firm tnoe,
from which il was inferred that own
r-s of stocks were content TO hold
them for lack Of opportunity to mar
kat them on favorable terms and while
waiting a revival I'm business and
speeulative activity Such strength as
sSst weeks market showed was attrib-
ed largely 10 the demand from the
pears 10 cover up the short commit
I1ants made the week before on the
supposition that a pinch in the money
market might follow the heavy deple
nm IF the cash reserves Of the clearing
house banks and also that the Amer
frsn Japanese agitation in California
Ynieht afford subject for disturbance of
the markets. As these suggestions
we're shown to be groundless. the bears
covered their shorts and prices rose.
Position Strengthened.
The transfer Of cash from the clear
ing house banks 10 the trust companies
vaults. while 1t depleted the margin Of
-he surplus reserve in the official state
ment. Il was known to strengthen the
real position so substantially by re-
moving the dependence of the trust
eompanies upon their deposits in the
hanks for their ultimate reserve re-
ouirements that confidence in the po-
sitinn was correspondence enhanced
and credits accorded with correspond
ing freedom. Instead, the demand for
credits is so meagre with the prospect
~ continuance of this condition until
more active trade shall develop. and
the force of replenishment Of reserves
So considers Die by reason Of inflow
from the circulation To the CustOry Of
the banks. that any feeling of anxiety
over money market conditions Is pre-
vented. The fiscal operations Of the
government offer the only likely source
Of disturbance. As for the Japanese
question. the rise in japanese govern
ment bonds day after day while the
discussion was in progress was taken
as the truer index of the situation by
the financial world. The final action of
the California legislature viii be ac-
cepted as full confirmation of this
opinion.
Foreign News Encouraging.
Foreign influences were also distinct
ly eucourag ing. the visit of British
monarchS to Berlin. the DISARMAMENT
Of the Bulgarian reserves and the
agreement between Germany and
France over Morocco all serving TO
dissipate auxieties over internal Tels-
lions which has been a dormant in
huence on foreign markets ever since
frsr1er
process of gold accumulation last sum-
mer Money markets abroad rapidly
relaxed with the realization that pO-
titical motives were not TO be assumed
from the policy of the French bank.
The clearing of the foreign money mar
kat situation relieved the New York
market Of very insistent. although
moderate source of pressure of liqui-
dation Of foreign holdings of American
securities Financial opinion has set
tied down TO an acceptance of a period
of delay I'm trade revival. Returns
from practically ali departments con-
form the halt in activity.
Iron and Steel Slow.
The iron and steel business is asserted
by the leading trade authorities to be
living in part on orders taken in No
vember and December. Orders are held
up pending the adoption Of the revised
duties on imports. The same complaint
calls for many other mercantile lines
Estimates Of refined copper on hand
published by the newly organized Cop
per Producers association showed
less formidahl BILE surplus than rUmors
had indicated, but the January produc
ton was shown 20 be p 00Ge00 pounds
in excess Of the deliveries, and the
stocks I'm smelter hands were said not
10 be included In the estimate and TO be
very large. The lethargy OF the stock
is regarded as due TO these conditions
Meant me the meagCr demand for
banking facilities in commercial lines.
room for large bond operations and
---.-anr neN- Issues succeed each nther