The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-09-24
BANK STATEMENT
4 CAUSED DECLINE
Prices Started Ont Well in Wall
Street Yesterday.
SOME HEAVY TRANSACTIONS
STOCKS HAVE GAINED DURING
THE WEEK.
SOME HEAVY TRANSACTIONS

New York. Sept. 23.-There were very
heavy transactions today In number OF
the most prominent active stocks on the
list. This business looked like an active
absorption of these issues That the Of
terings 10 realize were quite strictly com
mensurate is sufficiently indicated by
these transactions at the end OF the
short session. The majority Of these
showed losses. That a large distribution
of holdings was effected is the impress
sion created The movement was lrres-
uiar, but prices advanced with some ag-
gressiveness before the appearance OF the
bank statement, on the suppositlon that 1t
would make a favorable showing. The
closing tendency, however. was easy. Inc
bank statement showed decline IN re-
serves about as large as the extreme pre-
liminary estimate. The contraction IN luc
loan item afforded the necessary relief
from the deposit liability and afforded a
nominal increase in the small surplus re-
serve.
Large arrivals of gold in London were
all secured in the open market for eN-
port and this had a depressing effect ON
securities in London. It could not De
learned that any part of this gold was
taken for New York. The movement Is
looked upon az likely to increase the prob
ABILITY of an advance next week IN the
BaQk OF England discount rate. The
AedNN UeUduuS 10 DE met On the iltAlSs
next week meantime are the ground foF
some apprehension. Total sails of bonds
par value IS t30,ooe
Stocks have made Roadway this week
against the C0nstTaiHiHg influence of the
doubtful money outlook and some of the
immediate DEVELOPMENTS in the money
situation have been towards relief of the
drain upon banking reserves. II is very
noticeable that the PRINCIPAL movements
have been in stocks in which the exist
ence of speculative pools is notorious or
IN stocks in which are readily susceptible
TO manipulation by reason of small float
ing supply in the market, Much use has
been made also of vague and unCOnflrmed
.rumors of deals and of old reports revived
after having already eXerted a marked
influence ON prices of the stocks affected
some tim eagO. This has given the inn
preston that the participation in the deal
ings was that Of professional operators to
large extent. Commission houses III fact
continue 10 complain of light business
and that the general public persists in
holding alOOf.
The money situation remains the only
drawback in the general outlook. Advices
from all other sources are of eNtraOrdI-
nary prosperity, which scarcely call for
specification Railroad traffic is of un-
paralleled volume. "A buying rush is
the term used 10 describe the iron situa-
ton Railroads are placing enormous or
'ers for various kinds of equipmeud. The
purse of the week has resulted III moth
.uE unfaVurable TO the progress of the
crops The firm undertOne of the stock
market is abundanuy explained by this
situation.
The bond market has been duh, but has
shared the firm uudertoue of stocks.
United States . have declined = per
cent during the week.