The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-06-26
MARKET SHOWS
IMPROVEMENT
Stock Prices Have Crept Up
ward During the Week.
REACTION CANE YESTERDAY
A
VOLUME OF BUSINESS SOME
WHAT SMALL.
REACTION CANE YESTERDAY

New York, June 25.-Ihe stock mar
ket made some stand early today
against the reacdouary tendency yes
terday. but yielded at the close and
showed small net losses in the day.
The result is to leave the weeks chang
IS quite small. The dealings today
were Indifferent to the point of life
Iessness. A fractional rise in Union
and Southern Pacific and a steady
tone Of the Wabashes, indicating the
passing Of the effect of the remission
Of the interest on the debenture a
bonds We're the encouraging factors
The bank statement contained no great
surprise, but fl was entirely without
stimulating effect. The Increase in
cash reserves was nearly in accord
with calculations and brought that
item to a new high level The ST.
600 900 loan increase wants only to
be repeated to bring that item to q
new high level. Today's deposits OF 81,
143, 3l4, 100 exceed by over eleven mill
lions the previous record made early
last month just previous TO the with
draWal Of government deposits from
the banks for the Panama canal.
Greatly cUrtailed demand for mon
ey in the channels of trade is d re-
ductiOn from this condition Of money.
But growing discussion is given to the
the banks and trust companies in caus-
ing this condition. and the s0Undness
and healthfulness Of the policy in such
a money market as that existing at
present. The total sales Of bonds were,
par value. $1,S47, 900.
Review Of the Week
Prices Of stocks have crept upward
this week, slowly and somewhat Ia
bOriously. Business has been in small
volume on the stock exchange and the
fluctuations have been exceedingly
narrow, but the tone of the market
has been Enthusiastically firm, and the
sentiment in the Wall street section
has been more cheerful and hopeful
over the new market. The market has
been almost entirely free from pres
sure and the small advances met lit
tie resistance in the way OF selling to
realize or bear attack. The news of
the market has not been important
and was decidedly mixed in character,
but the news unfaV0rable to values
was accepted as further development
OF a factor long recognized in the stu
alton and considered in the operations
for some time past There has been
a general disposition to feel that the
worst Of these developments is over.
Underlying the stability of the mar
ket is the Contentment felt with the
condition of the crops and a convic-
ton that, in the absence of some
change IN conditions, the country may
feel secure Of profitable harvests. The
possibility Of such exchange is not
absent from calculations, and is re-
flected in the cautious conservatism
Of any operations FOR an advance.
Profitable crops for the season are
greatly relied upon to end the course
OF trade and industry now for some
time manifest and TO infUse confidence
which viii revive activity and do
away with the excessive conservatism,
which operates against bass Of pos
sible further shrinkage In cOnsump-
tive demand and is itself a potent fac
tor in such shrinkage. The hope of
a profitable crop ia the northwest had
its most sperceptible eifect in the ad-
vance of the Canadian Pacific group.
Operations in that group have not
been free from appearance Of an or
ganized campaign, and the sympa-
thetic effect on our own grangers has
been moderate. Reports from mercan-
tile sources have not revealed any
marked change in condition. but, while
the lower level of activity is still man
ifest there seems to be no progressive
shrinkage.
Railway Earnings.
Reports of gross earnings Of railroads
show Improvement for June thus far, the
average earnings of all roads showing a
good percentage OF earnings over last
year. In the southwest comparisons are
with the period OF flood damage last year,
for which some allowance Is made, Net
earnings for the earlier periods now COM
ing to hand shaw several severe declines
IN several instances, notably MISSOURI Pa
cific and Baltimore g. Ohio. Iu others
such as Wabash and Pittsburg. Chicago
& 81. Louis, the retrenchment IN eG-
more than offset the decrease in gross
earnings. This is a process which is much
relied on 10 conserve net earnings avail
able for dividends and 70 maintain the
important factor tn maintaining the firm
tone of the week s market was the rise
in United States Steel securities. No
very definite news or Improvement IN
trade was received 10 explain the Buying
of stock. but its rise was of Importance
20 the whole market, SO was the relaNa-
ton of the pressure on Southern Pacific
which mas been bought on all occasions
OF weakness since the announcement OF
intUusted with financial operations for
the company. The redundancy i'm The
money market has increased and has had
apprectable effect on the inFeSg rnent de-
mand for high-grade stocks and bonds
Notice has been received Of further re-
ceipts OF japanese gold, ana the season
to hand The heavy accumulation of re-
serves in New York. which is now with
out precedent IS recognized as due 60
poor demand for money i'm business
through the interior but there is gr0wi1g
discussion also OF the effect of The large
interest paid on deposits hT Rev fork
banks and trust companies and the iH-
ducemeut % banks to eZnand their note
issues On account Of the government de-
posits for the Panama canal p5 ment5.
Wan street has been RECALLED with an in
Cidenl Of a deposit Of D. million dollars
made with q trust company at 5 per cent
and covered Bl loan Gl a million doll
lars at H. Per cent on cali from bank
Bond prices have moved upward during
the week. with the exception of some Of
the speculative issues
United States new IS registered have
declined IS per cent on call during the