The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-08-12
READY TO SELL
At AN ADVANCE
Heavy Offerings in Wall Street
Tend to Drive Prices in
Wrong Direction.
WEAK BANK STATEMENT
FEVERIsH TONE OF THE STOCK
MARKET.
WEAK BANK STATEMENT

New York, Aug. 1.-THE market was
decidedly feverish during the short session
today and the small net changes on the
day gave no idea of the activity In the
fluctuations or the large volume or trans
actions. The opening tone was heavy
and the drive against Reading had some
depressing influence. There was mo
mentary pause in the market also after
Inc appearance of the weak bank state
Inent. Again at the very last, after the
most active buying OF the day thefe was
hJme renewed realizing which mace the
closing tone irregular.
The action of the Reading stock sug-
Sested a professional raid and II was slis-
pected that this was for the purpose OF
enabling large short interest 10 cover.
The record of the dealings in Reading
ON the tape showed very large individual
transactions, both on che drop ana on the
recovery, which was complete. Atch!son
was the only important stock To snow
aggressive strength from the outset. The
record yield OF winter wheat PROMISED oy
the government crop report and the heaEy
corn yield promised added plausiblllty 10
the rumOrS in circulation or an INTENDED
increase in the dividend Of this STOCK,
There was very heavy absorption or 81
Paul and the Hartman Pacifics AFTER
the appearance of the bank statement
The effect of these large operations on
the prices of the stocks concerned Will
be seen TO be moderate. A decline OF
over 81, 100000 in the cash reserve or the
banks was much larger than anticipated
or than can be accounted for by the
known movements of money this week
and the discrepancy in last weeks state
ment, which failed 10 reflect the loss IN
dicated by the known movements or sew
eral million dollars.
The surplus reserve, which is reduced TO
SSH ,525 compares with Sl2,S45,SO0 a year
ago and $57. 7S1, 475 two years ago. No
doubt is felt, in view or the banking
situation, the rising rates for money anu
the movement of cash towards the M
terror that gold will be Withdrawn from
London next week for New York account.
The confidence in this result helped 10
sustain today's market. 10000
Total sales of bonds par value, So3U,U0O.
The upward course Of prices or STOCKS
this week has been interrupted by some
heavy selling to realize profits in the
stocks rose strongly and served as a
sustaining influence in the market, but
without greatly neutfaiZing the effect OF
the profita taking in the tranS-continental
group Some of the many rumorS WMch
served to help on the advance IN the
western group came to be doubted when
the prices reacted and the shift in the
speculation to new quarters was not ac-
companied by sufficient new rumors OF
general application TO take the place as
an incentive to speculation or the DIS
plaved influence. The consequence was
an unsettled state of sentiment ana an
i'm gtendency towards reaction. The stlf-
fleming of the rate for call money and the
evidence of the setting in or the season
able demand for currency from the mar
vest regions helped to make the reaction
1rN tone