The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-08-07
STOCK MARKET
SHOWS STRENGTH
UpIift of Prices at the Opening
and Large Volume of Bust
ness Transacted.
HEAT CAUSES LANGUOR
ANOTHER RISE DURING THE
LAST HOUR.
HEAT CAUSES LANGUOR

New York. Aug. Corporations in
stocks started the week with a buoy
ant uplift in prices before the impellins
force of buying which showed every
sign of eagerness to secure stocks even
when the advance in the bid made ii
necessary to bring out offerings The
early dealings showed no remains of
the disposition to realize profits which
characterized the closing dealings of
last week. Instead of that the market
seemed bare of stocks at the prices pre-
Valllng on Saturday and the wide open
ing adviceS were achieved without any
great volume of stocks changing hands
The advance was continued quite
briskly during the course of the first
hour. There was an abrupt falling off
in the volume of trade at that time and
brokers on the floor were almost idle
during the middle portion of the day.
There was no appreciable renewal of
activity until the last hour of the ses-
sion. The oppression of the extreme
heat of the day was responsible to a
large extent for the langour of the
market. The tone was nOticeably firm
in spite of the almost total cessation of
the buying, dealing being limited to
smallest fractions inevitable in a prac-
tically stagnant market. In was this
passive persistence of the market that
prompted the traders to renew the ad-
vance in the last hour
A considerable distribution effected
at the high opening level which repre-
sented profit-taking on the lines taken
on during the revived speculation of
last week evidently had an effect in
stirring the speculative spirit outside
of Wall street, and commission
houses had more orders to execute than
at any time since the recent profession
al movement was initiated. The Lon
don stock market was closed in contin-
uation of the holiday which began Oh
Saturday. Foreign arbitrage houses
were among the large buyers of stocks,
however, and these were supposed to be
purchases for foreign account. The
continental markets reflected increased
confidence over the situation of af-
fairs in Russia. Discount rates, how
ever, in the open market rose, both in
Paris and Berlin. Foreign exchange
rates here at the same time held firm
Rates for call loans were a trihe
firmer than the average last week, but
did not rise TO the maximum of last
Thursday Saturdays bank statement
was the subject of continued discus
sion. The large increase in loans and
deposits was believed to be effected by
the inclusion for the first time of the
account of The state banks. Express
sions of confidence were published COM
ing from Chicago banking authorities
of the adequacy of resources to meet
the coming demand for moving the
crops. A reassuring effect was pro-
duced by statements from Washington
pointing out the favorable situation of
treasury resources for rendering as
sistance to the fall money market.
Rates of interest were strongly held
and the supply Offering was said to be
diminishing. The failure of a bank in
Chicago was without effect on stocks
Railroad traffic officials united in de-
claring that there never was a time
when there was so heavy and DIVERSE
fed a demand for all kinds of mer-
chandise. Substantial net gains on the
day were shown at the closing
Bonds were irregular. Total sales,
par value, 81, 100000.
u. S. bonds were all unchanged.