The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-07-02
STOCK BROKERS
TAKE A HOLIDAY
Rather Thin Representation in Wall
Street.
BULLS TRIED TO DO THINGS
EXPECTED DEMAND FAILED TO
MATERIALIZE.

New York, July There was
rather thin representation at the stock
NeXchange today as was TO be expected
IN view of the exodus OF yesterday on
the part OF members intending to stay
away over the coming holidays. But
the bulls made rather an effective
demonstration i'm honor of the arrival
Uf july /, which is the date Of the dis
tribution OF the half years accrued
profits upon which they have counted
10 develop an investment demand Tor
securities The movement was largely
sentimental as to the expected demand,
which did not make its actual influence
1elt- Loans made on the stock eX-
change Friday carry over until Monday
so that there is no loan market on sat
uTday- The prOmptitude with which
the money market viii relax from the
tightness due TO the July disbursements
therefore remains to be seen Stock
market operators were disposed 10
demonstrate their confidence that ac-
cumulated funds will promptly return
to the money market and the invest
ment demand for stocks make itself
felt Speculative interest ceHtered in
the Fries and Brooklyn Transit and
dividend rumorS continued the potent
influence to move prices. The bank
statement was rather less unfavorable
than had been anticipated. Instead Of
a decline in cash reserve there was a
expansion WAS no surprise. The de-
cline of S3.435. 500 in the surplus was
viewed with entire equanimity on ac-
count OF the relaxing tendency which
always follows the turn of the. half
year. The outside events had no in
fluence on the days market. Some
realizing at the end made the closing
irregular, but u good showing of gains
remained.
2 Total sales of bonds par value) 81,
515,000.
Review of the Week.
Operations to sustain prices of stocks
have been actively pursued this week
o in continuation of The speculative cam
paign naugurated last week As the
level of prices rose. the selling to
realize increased in force and resulted
in periods of hesitation, but prices have
been considerably higher than last
week. There is a rather surprising ac-
cord in the admissions that the rise
in prices has been largely fictitious. 1t
is explained that the purpose OF such
operations is to adjust prices to a level
which the designers consider more in
accord with the promise for future
values than that before existing and
the buying orders which have caused
the advance were admittedly designed
more TO lift prices than to accumulate
stocks
The market showed some sensitive
ness to the hardening of call loan rates
ficient to impair the confidence in the
continued ease of money on which the
present speculative movement counts.
The report of the comptroller under the
call of May 9. however, has been the
subject of some rather sober discussion.
Compared with June last year. the
figures show a growth in deposits of
national banks of $f11,2 .65J. and this
Notwithstanding the large reduction in
the interval OF government deposits
with the banks. against which the
maintenance of cash reserves is re-
Earded as less essential. owing 10 the
security of government bonds de
posted against them. The loan OK
pansion ian the same period has reached
S304, lot. S61. The weight of opinion by
banking authorities is that the fall de-
mand for funds from the interior viii
reach the customary volume ON the
other side there is the possibility of
Withdrawal of foreign funds now
loaned i'm New York in the event of
large government loans being offered
following the conclusion OF peace.
Exchange rates have moved away
from the sold export point after Mon
days engagement, but the future Of
the French engagements are watched
with attention. Bonds were rather
quiet and Irregular.
nited States bonds were all Un-
changed ON call for the week.