The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-08-15
MARKET
DULL AND SOGGY
No Attempt Made to Continue
the Upward Movement of
the Past Few Days.
USUAL CROP OF RUM0RS
SPECTATORS INCLINED TO 8lDE
THEIR TIME.
USUAL CROP OF RUMORS

New York, Aug. 1.-THE market for
securities was too dull today TO warrant
anything but negative conclusions. There
seemed TO be a REIMBURSEMENT of the
vigorous support which has been evil
dent throughout the recent rise in prices.
Efforts to carry price upwards were de-
sisted from and The market left to take
care of itself to a large extent This
was not without its effect on the tone
which became intensely dull and rather
soggy. The speculation showed the want
OF the customary stimulant which has
been administered at short intervals, some
, times by an actual new occurrence ana
when this was lacking by diligent ru-
mors of expected developments, which
proved even more effective than the ac-
tual occurrences.
There was a disposition to await the
outcome of some of these rumors- AS
sertions have grown very positive that
this weeks meetings of the authorities
of the Hartman Pacifics Will take detl-
mite action towards the placing of South
ern Pacific on the dividend list and for
the increase of the Union Pacific dlvl-
dends Expectation is almost equally
we'll defined of an announcement of St.
Paul rights this week, The expectations
have been so often disappointed in the
past that a spirit of caution and OF some
degree of skepticism has grown up and
was reflected in tOday's operations IN
stocks This spirit was fOStered by the
failure to act by the Canadian Pacific
directors yesterday on the supposed plan
10 distribute a bonus to stockholders as
result of the large sales of the COM
pany's land holdings. That stock was
weak i'm consequence in spite of the state
ment showing extraordinary favorable re
suits from the years operation. the sur
plus reported for the year after the pay
ing of the dividend was $S26S,0S2 COM
pared with $.1S4553. But holders of the
stock apparently did not feel compensated
by this showing for their disappointment
of the expected extra disbursement. A
similar effect on sentiment was produced
by the conservative tone on the question
of increased dividends in the public ut
terances of James j. Hill of the Great
Northern.
There was comment also upon a tone of
seeming levity in the quoted references
by that gentleman to the persistent ru-
mors of the ore lands deal. 1t is to be
said of the market. however, that IN
spite of the withdrawal of active efforts
toward lifting prices there was little evil
dence of damaging pressure TO sell Sup
porting orders were Offered upon an ear
ly decline and when these were made
effective the market practically beanie
drifting match with the trading almost
completely idle at times. Yesterdays re-
ports of gold engagements were the sub
1ect of some confusion owing TO the
failure to identify the institutions in New
York which had made the engagement.
Foreign exchange authorities progressed TO
see only a loss in the reported engage
ment under yesterdays condition. For
eign exchange advanced today and
hardening effect on foreign markets re-
suting from New York's demand for gold
was i'm continued evidence. Sterling eX-
change at Paris. however. advanced again
and reports from that center were to the
effect that loans were being secured
there for New York account. This would
indicate that apprehension in Paris over
the Russian outlook had so far subsidized
as to permit a relaxation of the hold
upon money resources. The weekly bull
letin of the weather bureau confirmed
the feeling Of confidence over the main-
tenance of the Improvement of conditions
of the crop reported in the government
monthly statement. The special strength
of some of the winter wheat and corn
carriers was attributed TO the high crop
conditions. The recommendation of the
executive committee of the Consolidated
Gas company 10 maintain the present div
idend rate. although ii would seem TO
relieve a fear whichecaused recent weak
ness in that stock was greeted by de-
cline Time loans for sixty and ninety
days were raised to > per cent, and for
five and six months to per cent Prices
went to the lowest in the last hour and
then recovered to the best of the day,
closing firm.
Bonds were irregular. Total sales, par
value s1,325000.
United States bonds were all unchanged
on call