The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-07-16
DULL DAY ON THE
STOCK EXCHANGE
Consequently the Price Changes Were
Insignificant.
BUYING OF UNION PACIFIC
VALUES WELL MAINTAINED AT
THE CLOSE.

New York. July 15.-The stock mar
ket fell into lethargy today and only
insignificant changes resulted from the
days small business. The heavy ac-
emulation of cash revealed by the
bank statement was much larger than
indicated by the preliminary estimate
but this was supposed to be due to rec
tiicatiCn of last weeks unexpectedly
large decrease by the working out Of
the computation by daily averages. As
this building up OF the reserves is for
the purpose of providing for the re-
payment of the 81 coo 900 Of govern
ment deposits called for today, the
money market is not expected to ben
chL from It. The ease of call money
during the past week had evidently
been due to tho temporary employment
of these funds. The contraction in
loans relieved any apprehension that
the subscriptions for the Japanese loan
had made any undue inroads upon
available credits. The absorption of
Union Pacific set afoat renewed con-
lectures as to the coming dividend. &C
ton upon which has been expected from
day TO day during the week The
Financial Chronicles estimate of the
expansion in railroad gross earnings at
tracted attention. returns from 125 rail-
-roads partly estimated. indicating an
2 Of syie rather unfavorable showing Of
They half of last year of approx
I $4,000, 900, while the COMPARE
h the first six months of 1897.
.. " = $40 900 600. The buying of
Union Pacific held the market firm to
the close. Total sales of bonds. par
value, $1o2S,0OO.
Review of the Week.
The process of digesting profits
which was manifest last week in the
stock market eliminated early this
week in a sharp break in prices coupled
with the announcement of coming va
cation departures Of some Of the ac-
credited leaders of the recent sDecula-
tive campaign. The market for the first
of the week showed the benefit of some
valuable Developments in affairs, but
lacked the important operations on the
part Of skilled organized parties which
had formerly been the backbone of the
preceding advance. and which had been
fOStCrcd i'm the confidence that a market
would be found for holdings accumu-
lated on the advance IS a result of the
reinVeStment of the large sums dis
bursed as half yearly profits on July J..
Such strength as the market showed in
the latter part Of the week was taken
advantage of constantly to complete the
profit-takiRg on the part of the mar
ket followers of the leader ship, which
was retiring. Evidently. the apprehen-
sion existed that the future facilities
of the money market might become
narrowed 10 the disadvantage OF those
using borrowed funds for speculation
The underlying feeling of confidence
i'm conditions which establish values
of securities was fOstered by a number
Of incidents. OF most far-reaching eff
feet probably was the prospect for the
grain crops. The government report of
conditions was regarded as warTanting
every encouragement to the hope Of a
prosperous outcome to the country's
cereal crops.
Bonds were dull and irregular.
United States new As registered have
advanced y and the coupon a per cent
on call during the week.