The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-08-13
DISPOSITION TO
TAKE PROFITS
An Irregular Market Was the Natural
Result.
PRICES WENT UP AND DOWN
REVIEW OF THE CONDITIONS
NOT UNAVOIDABLE.

New York, Aug. 12.-The disposition to
sell and take profits, which was mani
Tested in the late trading of yesterday
on the stock exchange, continued today
and an irregular market resulted. The
hesitation of the London market helped
to this result. The movement encoun-
tered good resistance at the decline and
was followed by an effective recovery
but the realizing was renewed i'm the late
dealings and made the closing irregular.
some of the high priced railroad stocks
which had made successfully rocket move
Inents during the week Jared rather bad
y IN the realizing process, although their
Wide declines We're not great compared
with the proceeding upshoots. The sell
p ing seemed TO be prompted by some IN
easiness over the completion of the bank
SteHehl' JuuBhS by the re-purchaSes
which set in after the appearance of that
document It showed all of the expected
decrease in cash reserves. but the con-
siderable contraction in the loan item
was a total surprise of the revival of
the demand of money in speculation dur
The demand for loans has been suf-
ticlent, in fact, to result in hardening
end of the year. II is thought probable
that the trust companies may have begun
taking over loans from the banks thus
accounting for the reduction in the de-
nand by the banks. The reports from
peace conferences were also watched at
tcntaIlNely and the news that the counter
proposition of the Russians was taken
under consideration by the Japanese en-
voys. which seemed 10 point TODAY to
further negotiations. helped in the late
recovery. The very large buying of Read
ing and Ontario and Western kept nm
offset at the last by the marked pres
sure upon St Paul and Amalgamated
Total sales of bonds, par value, $685.. 900.
Reserve of the Week.
Confidence in the favorable outcome of
the grain harvests has been gaining
strength for some time past But The
additional Importance attached to the
o Aug ], as being the earliest authori-
tatlVe estimate. which can be safely ac-
cepted of the final marketing of the grain
crops. The showing of that published at
noon on Thursday was accepted as mo-
lnentous IN its extraordinary promise of
me agricultural prosperity of the season.
The winter wheat crop now beyond dan
ger and with the spring wheat crop,
Wnlch remains exposed to only modicum
o. danger, promises a combined yield only
second TO that the banner year, 1901. In
mat year IL will be remem bered there
was serious shortage in the corn crop,
while estimated yield Of corn for this
year Is of total far in excess of the
history The hazards yet to come are
greater for corn than for wheat, but the
from the corn belt go to strengthen the
opinion in favor OF record corn yield.
and fears persist OF possible shortage
in that crop Reports of a bad outlook
Tor some Of the foreign, wheat crops are
favorable position for this Country in the
marketing of it's great crops and materi-
for the prosperity TO come.
iron and Steel Outlook.
Sentiment over the iron and steel out
look has been shaped by the statistical
showing of an increase during July of
cllrtaiiment of OUTPUT. The 0 0 tive
capacity or the furnaces IN operation in
August had been Increased, nevertheless.
over mat OF July ], and this was &C
cepted as evidence of confidence of the
iron makers in the maintenance of the
in the meantime for all lines of finished
products, and the United States Steel cor
poration IS reported to be preparing to
come into the market for iron again
next month. Copper continues to advance
export. News from the peace conference
at Portsmouth has not affected stocks,
but some of the restraint on speculation
IS undoubtedly due TO the desire TO await
the decision of the great questions there
being worked out. The great acCumuia-
tlon OF reserves IN the european banks
Is manifestly in preparation for the capt.
tai requirements which may be involved
IN carrying out the measures to be stipu-
conference or probably in part as a pre-
caution against the possible failure of
the negotiations. Financial plans the
outcome of the conference. il is fe5t may
we'll be reckoned with as the deciding
Influence in the course of the market
markets this fall. and IL is not to be hoped
that any or the worlds great money cen
tiers will escape the effect Of these causes
The great case Of money in New York,
which has not been disturbed in the
slightest degree up to this time is known
to be owing IN no small parts to the
proceeds of Japanese loans on deposit in
New York and presented in this loan
market
Some New Records
The principal feature of the stock mar
railroad stocks. Thise movement is sus-
pected Of manipulative causes for effect
on speculative sentiment But the fact
is still recognized that such manipulation
must owe its success to the tenacious hold
OF the great majority of stockholders in
these companies. who find no temptation
70 part with their shares in any large
volume. even at the fancy prices to which
the effective bidding in the market for
quotations The volume OF the gold pro-
dUctiOn was a factor on high prices for
share capital and commodities is brought
iato new discussion by the official figures
of the gold production at the Rand in
July, which has risen TO 1885 ounces
being in excess of the largest monthly
total received before the interruption OF
output by the Boer war. The early rate
o. output this indicated is 10 be reckoned
within its effect on the measure OF values
with the fact that the rate of produc-
ton Is still rising.
Bonds have been well absorbed during
the week but the movement OF prices
has been moderate
United States Is advanced 3 and the
new IS = per cent on call