The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-09-03
OPERATIONS ON
A LIGHT SCALE
Little Doing During Short Session Of
Stock Exchange.
BANK STATEMENT HELPED
EPOCH IN THE FINANCIAL
WORLD LAST WEEK.

New York. Sept. Amy detailed and
extended recital of todays brief session
OF the stock market would be profitless.
IT had all the familiar ante-holiday symp-
toms. superinduced by more than week
of liquidation and profit-taking. Opera
tions were on d very light scale and
professional character the hesitatlng
tone of the list rejecting the uncertainty
prevailing on the board. The money situ-
alton was about the only topic of dis
cusstOn and the appearance OF the bank
statement was awaited with some inter-
est and no little apprehension. London
reported a more cheerful tone and sent
over higher range for Americans while
Paris, which Is said TO be lending money
here, quoted higher prices for rentes.
Earlier prices here were generally higher,
the strongest feature being Canadian Pa
cific, Union Pacific Southern Pacific,
AtcnlsOn and Amalgamated Copper. Yes
terdays pressure against American
Smelling was renewed and weakness was
shown il Tennessee Coal and Colorado
Fuel & iron. A moderate buying move
ment in some Of the active issues met
with free offerings OF stocks and prices
receded
The market came almost TO a standstln
on the Issuance of the bank statement,
which showed a further decrease Of re-
1O0.O00 was regarded as but a partial
reflection OF the week $ liquidation but
the statement as q whole Was received
with satisfaction and helped 10 produce
the firm closing. For the fist seven
months OF the year the Pennsylvania rail
road reported substantial net gains IN
earnings ON lines directly operated east
and west OF Ptttsburg. as well as on
leased lines. The July Illinois Central
report shows a heavy net decrease, due
doubtless 10 the yellow fever plague.
compilation Of traffic returns from all
, the leading roads for the half-year shows
the enormous increase Of $OOOQOOO IN
X gTos searnings over the same period last
Is ear. Naturally, this Improvement IL
LESS apparent in the net gains because
OF the continued increase of operating
expenses and cost Of material and labor.
Total sales of bonds. par value, ST.
245.00o.
Review of the Week.
With the virtual conclusion of peace
between Russia and Japan, the week
marked an epoch in the financial and
industrial markets of the world How
much the great bankers of Europe and
America contributed to this end may
never be known. There is "a popular no
ton, however, that the persuasive pow
ers OF finance Overcame the arts ana
Wiles OF diplomacy and that the last word
was spoken By those who believed both
combatants had reached a point danger
uusly near financial exhaustion. To the
outsider and those spectators still com
mitted 60 higher prices, the stock mar
kets acceptance of the peace news must
have been both surprising and disappOint-
ing. The momentary squirt on Tuesday
was but flash in the pan and repre-
scented scarcely more than Debated BUY
ing by those who seemed 10 expect that
an immediate and further rise would fol-
low the great event On Inc contrary,
j. gave the professional element and It's
followers an opportunity or which they
had partly aVailed themselves a few days
before. They sold on the good news,
thereby showing strict observance of 81
tradition almost as old as Wall street.
This movement was followed ny the APP
pearance of the tight money DOGGY
which brought lower prices all around
and gave the market the most serious
setback - mas known since the June
advance. Keen disappointment at me
course of our market was expected by
London and other continental centers,
which bought here at the first announce
u9ent OF peace. their own exchanges hav-
ing. closed Tor the daN. y large pro-
portion of these purchases have came
back al general losses, if reports usually
reliable are TO be believed, EurOpe's the
DRY that our market should have adj
Yduced was not regarded as unreasonable.
observers there simply viewing the stu
alton from a misleading angle, IN turn,
this market has shown some surprise al
the lukewa,m manner in which Euro
pcan exchanges. upon calmer reflection
have taken the peace news. The week
was profile of many Russian and Jap
auese loan rumors, none of which took
tangible form and many OF which have
since been denied
That both countries Will need money
FOR rehabilitation ana development Is well
known, but tor the present the subject
Is dismissed with the assurance Of
high authority that Japan will hardly
come into tie market this year, while
Russia needs are most likely to be fl
uauced abroad. In any event, unless CON
ditioUs are radically changed American
bankers viii play leading roles IN Rus
sian loan, it for no other purpose than
that they, VIII not be asked 10 do so.
one OF the greatest movements ia con
per metal and incidentally ia the copper
shares met with a reversal during the
week. This was partly the result OF the
ending of the WAT in the far east, whence
have come the heaviest demands for the
past year Something more than AN in
cident perhaps, 40 the decline OF the cop
per stocks were the widely circulated
utterauces of New England operator
predicting dire disaster i'm the copper and
kindred trades. Many who have watched
the operations of the banks in their re-
Iations to the stock market profess 20
see in the rumors of possible money
stringency something more than "a mere
phantom. They also add interest 20 the
low FeserVes-Iess than 0ne-fifth Of those
OF a year ago and many millions be-
expanded far beyond ordinary proper
lions.
United States IS coupon advanced q
and the old IS 2. per cont on the week.
Stock Quotations.