The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-06-12
MARKET CLOSED
AT TOP LEVEL
Short Session Showed Good
Support For Prices.
BANK STATEMENT WAS FAIR
REVIEW OF CONDITIONS FOR
THE WEEK.

New York, June 1.-THE short ses-
sion of the stock exchange today
showed good support for prices. and
the market closed firm, at the top level
of the week. There was cOnsidera BILE
realizing, but 10 was evident that suhi-
cient satisfaction was felt over the
color OF the monthly crop report to
prompt a good absorption of this real
izing- The days gains were not str1k-
ms, bat the steadiness of prices, In
view of the activity of trading made
the tone good, The bank statement
showed about the expected gain in
cash resources and sufficient 10 meet
the added reserve requirements by Tea-
son OF the rise in deposits, with a mar
gin Of So sol $50 which went to en-
nance the surplus reserve of the banks
Report from Washington asserted
that permission had been given for the
deposit of 81, 100, 600 at the New York
sub treasury for transfer by telegraph
TO San Francisco. which is a reversal
of the recent current between the two
eenters without explanation, The mar
ket for investment securities begins 10
reflect unmistakable pressure to find
employment for idle capital. Today s
bond market was broader and more
active than that for stocks. IL Is
pointed out also that a large business
is being done in high grade railroad
bonds over the counters Of the bond
houses which does not figure in the
stock exchange transactions
The financial chronicle estimates that
the municipal bond sales for May
reached S54, 404, 1873. This includes The
S37 100000 by city bond issue, but the
aggregate figures reached to one third
the total sales of municipal bonds for
the fun calendar year of 1905 The
same authority asserts that the active
demand for municipal issues $ prompt
ing the continuing fiOtatiOn of unusual
" large amounts Of bonds. Total sales
of bonds today. par value. $3.50 CO..
Prices Of stocks have been strength
ene0 this week and there has been an
occasional stirring of something Ike
spaSmOdiC. and at intervals the market
has reldpsed into the intense apathy
which has characterized it for long
time past The market seemed TO be
free from pressure and the gains made
on the occasional spurts have been fair
~ well maintained The movement was
largely due TO professional operations
within the exchange ana was 10 an FA-
tent in sympathy with movement ~ Spe-
ciaI stocks rather than to any well &c
fined opinions on the general OUTLOOK
I'm business and industry
The growth Of hopeful 1eeLng regard
ing the grain crops has furnished great
er assurance over the business prospect
in general. Reports of railroad tratuc
officials and the tone of mercantile dgen-
Cies' reviews clearly disclose the opinion
that the level OF business, although aQ-
mittedly lower than last year, may De
regarded as Of "A firm basis with 5000
hopes Of expansion after the political
campaign. suppOsing the harvesting or
good crops Some such confidence must
be accepted for explanation of the firm
ness of the market in face Of the evident
contraction in the present volume or
business.
Inc estimate Of the May output and
consumption Of iron was the week. most
striking evidence of this condition in
showing not only a reduction in the cur
rent output, but an accumulation OF
stocks on hand. Railroad earnings made
last years level and the decreased vol
ume Of bank clearlngs is evidence 10 the
same effect. While money has continued
easy and in little demand the cessation
Of the gold export movement has been OF
good effect on sentiment. European
There have been further large receipts
Of Japanese gold at San Francisco, some
what contrary TO expectation, as the no
tatfOn of the Japanese loan was expected
TO check this movement Of gold
In spite of the present seeming re-
terror demand for currency IS looked Tor
ward 20 with some questioning Ine
course of the government revenues at
Washington arOuses some doubts whether
the treasury department viii be IN a pO-
sitiOn to take measures for the TeIet OF
the mOuey market. which have neen en-
ployed at that season for q number OF
the fall requirements is therefore regarded
as essential