The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-08-05
STOCKS IN THE EAST
Undertone is Firm, But the
Trading is Small.
IRON SHARES GO UP
MARKET FOR THE WEEK HAS
APPEARED HESITATING.

New York, Aug. 4-There was moth
ing important in today's dealings in
stocks and bonds. The undertone of
the market was firm, owing to the
scanty offerings of stocks, but the eff
forts to arouse any speculative enthu-
slasm were quite futile outside of a
moderate demand for the iron and
steel shares, which generally advanced
from TO IL, the latter figure repre-
Sentlng the extreme gain by Tennessee
COAL The motive of the movement was
the encouraging opinion expressed by
the commercial reviews Of the week on
TIE conditions in the iron trade. The
report Of yellow fever in Florida caused
uneaslness in one or two southern rail-
road lines, and Brooklyn Rapid Transit
was affected by reports of labor dis
dHecDon. Sugar continued on it's
course toward recovery, and the up
ward movement in Union Pacific was
continued, the other transcOntinental
railroads showing some sympathy. The
llst yielded on the bank statement. but
nothlng ike important liquidation was
in evidence. The closing was dull and
rather heavy, with steel industries and
few other specialties showing the
only notable net changes.
Bankers intimate that the demand
for gold to export on account Of the
British war loan may amount to from
$lO,OOOO00 to $4,000, 900 The exchange
market was nominal today, but posted
rates were advanced a half cent.
Market is Waiting.
The stock market has remained in
a befogged condition this week.
Changes do not show any new light
on the mOOted point of what the future
level of prices for securities is to be-
Uncertainty and waiting are the only
deductions to be drawn from the fiat,
quiet surface of the market Dealings
are on a small scale. and buyers and
sellers far apart. The resulting dull
ness cannot be interpreted as hopeful
for better conditions to come, but the
absence of liquidation must be accept
ed as confidence that the future will be
no worse.
In the entire absence of any decisive
development to affect the general tone
Of speculation, individual cases have
had free scope to affect special stocks.
Whenever any special movement of
this kind became evident the room
traders rushed TO join the movement
The result has been that one-half to
one-third of each days business has
been cOngeSted III from three to six
SloCkS- Inc declaration OF q per cent
dividend on Union Pacific was precipi-
tated quite Unexpectedly, the general
expectation being that action would be
deferred until about the middle Of the
month.
Doubt as to China.
The ultimate policy of the powers in
China, the cost Of performing the task
before them there and by whom that
cost is to be borne, are still among the
mysteries.
Opinions of the future of the money
market have wavered in the light
the large resources for replenishment
of the New York market revealed. The
stream of Alaskan gold is beginning to
show its seasOnable effects in the coun-
try's bank reserves, and the receipt of
Australian gold is added to this. Mean
time the expected outward movement
of gold is deferred, and the policy Of
the Bank of England leaves the period
of its beginning an open question.
Time money has shown a distinctly
easier tendency during the latter part
of the week
Dizziness in bonds is even more
marked than in stocks, the average
volume of dealings being considerably
less than half those at this time last
year.
L. s. refunding Is when issued have
declined l and the IS, old As and IS,
one-half per cent in the bid price on
call.