The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-08-28
MARKET DULL
AND NARROW
Prospective Rate Cutting Re-
lieved MOnOtony of the Day.
WHEAT CROP WILL BE POOR
SPECTATORS TAKE THAT FACT
INTO CONSIDERATION.

New York, Aug. 2T.-TheTe is little
10 be said for today's stock market.
Buying during the greater part Of the
brief session was very dun and mar
row and the tone was rather irregular.
London sent lower prices and renewed
activity in the commodity markets
probably accounted for the attitude Of
me trading element. 4 private esti-
mate that the wheat crop is likely to
Iaif 250, 100000 bushels below that OF
tSvt ana very much lower than that of
last year commanded serious attention
IN many quarters. The monOtony of the
Gay was eniivened by gossip that Union
racine and Northern Pacific were to
engage ia rate cutting for steel pro-
acctsi also OF a reported fight between
The United States Steel corporation. and
the Colorado Fuel & Iron co. There
were fractional declines at the opening
IL Union Pacific and Atchison. The
leak in Canadian Pacific was natural
IN view of the stock increase. The list
steadied somewhat after the early re-
acton The publication of the bank
statement, showing q much smaller loss
OF cash than had been Anticipated. was
OF sentimental value, even though the
sta tement was based upon the so-called
system Of declining averages. Trading
became rather animated in the final
dealings, with practically all the active
list sharing in the upward movement.
ihe market closed firm, with prices in
some instances better than the previous
days close.
Another telegraphic transfer of $780,
600 TO Chicago was made by the sub
treasury.
Total sale Of bonds. par value, 81
80. 900.
Review Of the Week.
Perhaps the most conspicuous feature
of the week has been the absolute in
difference OF the market developments
Which ordinarily exercises a depressing
influence. The disregard of unfavorabIe
factors is supposed 10 reflect confidence
on part Of the banking interests of the
country IN some quarters market con-
d-tlons are attributed largely to man
ipulation. The crop situation was and
continues to be the chief point OF inter
est, but developments have been so
conflicting that a definite opinion as 10
the reported damage must be reserved
until the publication of the government
reports. Damage reports relating TO
81 ring wheat have been less sensational
and reliable authorities practically
sos 000, 600 bushels. but this viii not
leave any material surplus. Wheat
prices toward the end Of the week made
marked recessiens from those Of last
Monday, and it IS expected that the
government report due Sept I viii show
that the damage has been greatly over
estimated by private experts. Attempts
to create a corn crop scare met with
scme success, but reliable advices do
rs.s.
safety of this crop is very important,
not only from the market standpoint,
but because a large crop of corn is
counted on to Offset any damage in
wheat and provide the results with a
large tonnage. In reviewing the crop
conditions the conclusion is reached
that the total harvest viii be larger
than that OF last year, while higher
prices viii naturally give the farmer
larger returns and increase the buying
powers Of the southwest
The monotony of the money this
week was broken by the initial
movement of currency To western and
southern points, also to Canada. Cuban
exports also continued The movement
OF money from this center IS now on,
and the loss to the banks will be re-
Hected in declining reserves, but the
large holdings Of the associated banks
make any marked advance in money
rates extremely impr0 ba bic. The funds
now to be drawn viii be employed in
the crop sections and Will doubtless
stimulate commercial activity The
iron and steel situa don continues IN
settled, and further cuts in prices have
been reported. That these reductions
have brought much additional business
IS a matter Of dispute, though several
large orders for rails and other ma
terials have recently been placed. The
stock market has been irregular. but it
cannot be denied that speculation has
been characterized by q strong under
tone. In the latter part of the week
some substantial buying of the HarTi-
man shares, the Gould stocks and the
Changers impaired decidedly strong
tone 10 the list and there is a feeling
that the early return Of certain pow
erful railroad and financial magpates
from abroad viii be followed by impOr-
taut Developments and a broader and
more active market. The investment
demand for good securities has prac-
tically cleaned the market of high
grade bonds, and bankers now look for
investors TO give their attention to the
better class OF railroads The labor
situation is complicated by strikes and
l0ckouts. but these have received little
attention from the market standpoint.
The political situation is not a market
factor and is practically ignored. The
war in the Orient attracts only passing
attention and has had little influence
upon price movements. The technical
position of The market appears to pe
the dominant influence. and d scarcity
of stocks Is shown by the fact that bear
attacks and bad news have failed to
dislodge holdings or to force any liqui
dalton. Il is an admitted fact. how
ever. that the pit is not III the market.
nor is there any indication that it is
likely soon to become interested.
Stock Quotations.