The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-09-03
EXTRA HOLIDAY
| IN WALL STREET
Prices at Close of the Week
II Higher in Face of All
Obstacles.
oSHOW OF CHEERFULNESS
ON THE STOCK EXCHANGE
Bank Statement Regarded as
/ UnfavorabIe, and Not Who'll
Iy Comprehensive.
BY RALPH EMERSON.
ased Wire to The Tribune.

BY Leased wire TO Inc tribune.
NEW YORK, Sept 2.-All American
fnsncial markets were closed FOR an eX-
.ra holiday today. and will remain closed
lver Monday. European stock exchanges
-kcre open: the markets on the continent
we're depressed
j Perhaps tho most impressive thing
1bout the financial position, as the week
4rew TO a close, was the fact that prices
,ln tho stock exchange advanced in the
acc OF numerous circumstances which
night easily have depressed them, 4
ljhree day holiday began when the mar
yet closed yesterday afternoon. The con-
'serences between the Southern Pacific
and it's threatening machn-
ste was In progress. 1t was conceivable
that a strike would be declared before
inext Tuesday, What diplomats call
rponr no parlees r were IN prosress between S,S,l
many, II was conceivable that on Sat-
'prday or Monday. the government at
.Hcrlin would declare war. While these
ltnpleasant possibilities were possibilities
the cotton crop, whose rec
ord -brealting prospects were lately the
lyne gleam of light in an otherwise over
'kest horizon, had lost during August l6
Der cent OF its brilliant promise of a
Month ago and is now, so far as in
Heated condition goes not very mach
tetter OF than was the crop of a year
,tgo. Yet prices on the stock exchange
''NSN'
An actual show of chcerfulness
y The weekly bank statement was very
tnfavorahle and not wholly compreher-
fible. In the showing OF al! institutions;
i{his. despite a moderate reduction of
pans, caused an aggregate reduction in
kctnal surplus reserves Of s1l.600. 900.
y This undoubtedly reflects In the main
he heavy currency shipments of yes
1tday. The banks alone reported slO
tpo,0oo loss in cash and SI,70o,00o shrink
kge In the surplus. The surplus left 10
he banks after this reduction, S23. SOC, 000
y still above the usual figure at this
late. for a heavy loss Of cash In this
feek is usual
4 The trading in the cotton market the
aIHst week was very irregular and un-
oatisfactory This was chiefly due TO the
7'ery conflicting crop reports and uncer-
ain weather and also the difrcrnece OF
pinion regarding 9le character OF the
rpvernmcnt's crop report. Prices ac-
,ordingly huctuated In an erratic man
,er. The tendency was in the main, how
yer. upward, with an extreme rise be-
s,1E shown at one time of between 20
nd 80 points. The whole weeks max
NUN range OF prices was principally
Htnessed In yesterdays trading when
-arly weakness and rather general selling
fHs turned to strength from a general
Pvering movement on the governments s
Top report making Il poorer showing
han the trade had generally expected by
difference OF to points.
llnls ccndllon frightened some or the
hortss but others stood their ground
b the claim that the deterioration in
2 ne condition OF the crop was exaggerated
nd, moreover the conditions in Texas
pd Oklahoma are now much better than
ndicated by the low average for these
Htes In the governments figures. as n
pnsequence OF the copious rains since
bt Saturday thoroughly breaking the
rought and laying the foundation for
D n excellent top crop. It was selling on
nls Idea which closed the market at a
FACTION OF about 10 points from the top
y ices yesterday. and thereby only 20
pinfs UP from last Saturdays closing.
n In the government crop report, the
v eaylest loss has been in the most i'm
prtant part of the belt, with the Texas
cSpnditon now down to 6S per cent: Okla
onla 81: Louisiana 60: Mississippi 10,
nd Arkansas rs. As the bulk OF the
Fp Is made In these states the present
pSiook for the cro0 cannot be said to be
plnnlently favorable for crop OF any
Wng Ike 1900, 600 bales.
\ ls the crop should prove no more than
kVoo.oO0 bales, the spinning interests
u america, as well as Europe would be
VI Feetly disappointed in view Of the mod J.
ZIG visible supply of American cotton
efrled over from last seasons crop.
nich only rounded out III the total com
Hrcisl movement To 10. 900 900 bales by
fllveries of over $40. 900 bales OF early
kkion from the new crop this season In