The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-08-04
UNLOADING AS
BEST THEY MAY
Holders of Steel Stock Were
Ready to Sell When Divi-
dend Was Declared.
Yesterdays MARKET OFF
sPECULATORs SEEM TO LACK
CONFIDENCE.
YESTERDAYS MARKET OFF

New York, Aug. 3.-Todays stock mar
ket became even more spotty than that
OF yesterday and the isolated instances
Of strength were fewer. This showing
told on speculative sentiment in the course
or the day and the tone of the specula-
ton became less confident and led 10
sharp reaction. This change was de-
rived more from the action of the market
ITSELF than from any development IN the
condition of business or industry unless
The slightly firmer tone of the call of
ne money market may have been partly
responsible. Larger importance was at
tached, however TO the fact that st. Paul
ana Union Pacific showed clear evidence
of being fed out when attempts were made
10 Did them up, while Southern Pacific
, vas given over to positive depression.
The opening course of prices was quite
generally dOwnwards but this was at
tributed 10 the influence of the earlier
dealings in foreigns markets, in which
the troubled affairs OF Russia were once
more a factor The lower opening here
was almost Immediately repaired in SYM
pathy with the sharp upbidding of st.
Paul and Union Pacific. Their relapse
was the cause of some misgivings over
the vague information on which much of
The accumulation in these stocks has been
based Successive disappointments over
the expected confirmation of the deal
rumors which have hung about these
stocks for many weeks proves wearing
upon the patience of the uniformed hold
ers except when they have the example
The new features of strength proved
poor substitutes for these favorite lead
ers of market sentiment. The rise III New
York Central was connected with some re-
ViVal of reports that a comprehensive
merger of the Vanderbilt railroad proper
ties was in contemplation. There was a
Joint advance in a number of the north
and south trunk line railroads which was
associated with the government cottLn
report. which was expected to be favor
able, but which even exceeded speculative
anticipation. The cotton carriers sold off
on realization. however, after the publica-
ti0n of the government report. Amalga-
mated Copper was helped by sharp up
ward movement in the price of the metal
in the London market. But these. evil
dences of strength did not prove wholly
convincing in face of manifest realizing
that was going on in other quarters OF
the market. 1t was pointed out also THAT
the first transactions which occurred in
United States Steel after the dividend was
declared, which were In the opening deal
ings of Wednesday, were at the highest
prices on the movement. The 4li2 touched
then for an instant was not equalled aft
erWard. The deduction is unavoidable that
very large supply OF stock was ready
for the market to take advantage or the
effect of the dividend.
The firmer tone In the days call loan
market was due to the indicated decline
for the week in the cash holdings or the
hanks, which amounts to 81, In000 on sub
10 be only slightly offset ny the receipts
by express from the interior. 1t is sup
posed that the sub-treasury excess of re-
ceipts which is largely on account of Pan
anna in national bond payments has been
partly offset by ,e-deposits of govern
ment funds with the banks. But these
re-deposits do not go entirely into New
York banks while bond payments have
come almost wholly from that source. The
weeks stock market operations. and the
August settlements also point to some
further loan expansion. The impression
of the profit-taking tendency of the days
market was emphasized by the response
TO the late point rise in ST. Paul. which
was met by an outpouring of stocks which
carried long list of active leaders from
to . points below last night. There was
very little recovery and the closing was
easy.
Bonds were irregular. Total sales, par
value. Sl007.0l0
United States bonds were unchanged on
call