The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-08-03
mo OUTSIDERS
IN WALL Street
Professionals Tired of At
tempting to Scalp Each
0ther-ResuIt Stagnation.
COPPER LOWER IN LONDON
REPORT OF CROP CONDITIONS
UNFAVoRABLE.
COPPER LOWER IN LONDON

New York. Aug. 2.-The disbursement
of the professional traders over the alb
senee of outside interest in stocks re-
suited today in a condition bordering on
a stagnatiOn. The trading was practi-
cauy idle at times and the professionals.
finding no satisfaction in scalping profits
from each other, desisted from operations.
Ihere were no other noticeable operations
outside OF this class. The forecast of the
weeks currency movement gave warning
of the unfavorable factors at work in the
money situation. Yesterdays heavy cred
IL balance OF the sub-treasury at the
clearing house on account of the Central
Pacific note payment to the government
extended the weeks loss of the banks
to the government to So So 900. This in
cludes the gold shipment to France on
Tuesday, for which payment was made
at the sub-treasury but not the outgo TO
anada, which amounted to nearly ST.
tsc0, 000
The resources of the United States treas
ury for relieving possible money strin-
gency this fail was brought to attention
by the monthly circular of the National
City bank, which concludes that a work
ing balance of $4,000. 900 to $50 100000 in
the treasury has been demonstrated to be
ample, thus leaving $40, 100000 to SIS, O0G, 900
available for deposit with the banks in
the present condition of the treasury. Au-
gust and September are months of large
surplus revenue collections. however. and
this will increase the power of the treas
ury to influence the position.
Foreign exchange here continued to de-
cline today, however, in spite of a rather
easier tone in the call loan market and
firmness in London and Berlin discounts.
The feature i'm the time loan market is the
special urgency of the demand for the six
months period which now carries over
the first month into the new year. The
quoted rate was to 81 per cent on this
maturity. The government report of the
condition of cotton was again a disagree
able surprise, the Improvement during
July having proved much less than was
anticipated in the trade. The fact that
some of the cotton carriers advanced on
the report was attributed to the likeli-
hood that short sellers in anticipation of
the poor report were buying to cover. Re
ports of grain crop conditions also were
rather unfavorable, low temperatures in
the northwest calling attention to the
Importance of delayed frOsts for a crop
that IS late.
The probable dimensions of the fines to
be imposed on the Standard Oil company
by Judge Lands tomorrow formed a sub
5ect for discussion, as 1t was feared that
the making of the penalties very severe
would have unfavOrable effect on values.
Copper was lower again both in London
and at the New York metal exchange
Not much was accomplished by the day s
operations in stocks. The rise of the early
part of the day was about all lost at one
time and then recovered in the last half
hour on scanty dealings.
Bonds were irregular. Total sales, par
value, S53S 900.
L. S. bonds were unchanged on call.