The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-08-06
PRICES WENT OFF
Ar THE OPENING
Spectators Feared the Effect OF
Bank Statement.
NO CAUSE FOR THE WORRY
FRACTIONAL DECLINES ON THE
DAYS TRADING.

New York. Aug. 5.-Prlces lost ground
in the early trading today and did not
entirely recover in the stiffening Of
values which followed the appearance OF
the bank statement. The early selling
was precautionary on account OF intima-
tons that the bankings operations OF the
week had been so complicated as to
leave the effect Of the daily average un-
usually obscure for estimating Fears
existed that the item of loans might
show a heavy expansion as a result of
the Aug. Z settlements and the payment
OF an installment on the loan subscrip-
ton with the privilege to subscribers to
pay in full and save interest. The bank
statement showed all of the expected de-
crease i'm cash, but the moderate loan
expansion of St316,50O proved much less
formidable than had been anticfpated II
is sufficient, however, to cross by a
margin of a couple of hundred thousand
dollars the largest previous record
touched by the New York clearing house
banks loans in October of last year.
The surplus reserve item at the same
time is reduced to Sl2.163 $50. compared
with S56.30S, $50 at this time last year and
S2i,5S1.0f5 two years ago, This showing
explains the undercurrent of anxiety re-
gardinS the money outlook with the pc
riod of the interior demand for currency
approaching, which is only partly quieted
by the extreme ease prevailing up 10
this time in the money market.
The movements of the day we're trivial
throughout. United States Steel pre-
ferred was notably firm and touched 100.
thus extending by = the margin OF its
record :, price. The fact that, the quar-
of the stock on Monday was offered 10
explain its firmness. Prices generally
closed at insignificant fractional declines.
Total sales OF bonds, par value, S1,92S 00o.
Review Of the Week.
The movement of stocks this week has
shown a waiting on he n
the larger and more important interests.
Dealings have been restricted and today 5
feet on prices nor on the volume OF BUSH
ness. such progress as has been made
in business and industry has awakened
little response in the securities market
suggesting that operations formerly eff
tected had been In the definite anticipa-
ton of events as they have occurred.
The professional operations in stocks
which have made I'D the bulk of the
OF testing Operations. These tests have
apparently failed 10 open an outlet foi
any great extension and have been de-
sisted from or reversed at intervals, Civ
even appearance. The movements ems si'G Of any any
extent have been in industrial stocks or
groups of stocks subject TO the influen-
Co.'S of some common factor and evidently
IN many instances subject to. operations
by organized speculative pools.
Patient Waiting.
Opinions Of conditions and outlook have
been generally confident and the Ian
guild demand for stocks has not caused
any important pressure to sell Hold
ers are seemingly content to await re-
suits. confident In the security of their
the critical period of the crops In Itself
makes for safety, and news of crop con
ditions has been favorable with the eX-
ception of cotton The government report
on the condition Of that staple, revealing
a further deterioration, was accepted al
eafFf fn he trafff Of rUr "a
which might impair the prosperous con
ditions of the southern territory. This
progress of yellow lever and the result
ing Interruption TO traffic by quaran
One have also been regarded with anX'
iety. But in spite OF these special fac
tors bearing on that portion or the coun'
try, railroads in that territory have beer
strong in the stock market, and some
OF the important industrials working II
that region have shared In this strength
The winter wheat crop has passed GU
of circulation and occasional reports o.
black rust damage to spring wheat have
not unsettled the general faith in IA
vorable outcome Of that crop Conf
although the critical period for that croI
is stfll awaited. Railroad traffic Officials
report the freight movement. we'll sus
tanned and confident commitments FOL
the future by merchants throughout TIT
west, based on the hope of the feeling
side of the metal industries reports arr
Of continued large orders for steel pro
ducts, and the consumption OF copper Il
prevailing output. Nf1sgivlngs recent!
felt over the labor outlook in the Goa
punished expressions of confidence com
ing from influential representatives o
both the operators and the miners. ant
the prospect for an active demand 70
anthracite al the advanced winter seized
ule of prices has given comparatlV'
strength to the coal carrying railroad
stocks
Precarious Money Market.
dullness manifested IN the stock marke
are due more to the problem Of the monel
market Of the next few weeks than e
ease of money is felt to be possibly pre-
carious and due TO conditions subject Z
unexpected or unheralded Interruption
With large crops and active business ac
tiVity in the country there is little eX
pectation that the demand for funds upol
usual The outstanding volume OF loani
is known to be large the country over
and some contraction Is aDDrehended q
be essential. even in the normal course o
business. The condition OF the govern
ment revenues gives warning that meas
ures of relief by the treasury for m
money market. which have become Gus
tomary in the fall. may be made diff
ficulC But still more Importance is at
funds In the present ease of our none!
market and possible Development which
may affect Il. 1t is from this point O.
view that the peace conference Openinl
at Portsmouth has its greatest interes
ropean money centers have accumulated
heavy reserves. and something like re
dundancy has resulted there. Surplus
resources have been placed temporaril,
in the New York market It is accepted
as fact that these aCcumula tions arr
in preparation for expected Russian AN,
japanese loans which win necessarill
follow "a peaceful or a belligerent out
come of the associations. The flOtatiOI
OF such loans would lead to withdrawal
from our market. Very large sums O
JaDanesc funds are on deposit in New
Mia in Dc
rnittancs OF these funds abroad are be
lievod 10 be making from time to time
and the whole Is subject TO Withdrawal OF
the order or the Japanese government
There has been some improvements II
the demand for bonds during the week
but the effect on prices was small.
United States new As registered havi
advanced = per cent on call during tn
week.
Stock Quotations.