The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-06-24
STOCKS IN THE EAST
Early Tendency to Advance Not
Maintained.
CLOSING IS LOWER
UNFAVoRABLE CONDITION OF
MONEY MARKET A FACTOR.

New York, June 23.-The Saturday short
session Of the stock exchange was fe-
NeIlSh and exciting one, lsHder the dom
lnauOn of much the same influences as for
some days past The holiday in London
left the New York stock market without
It's accustomed guide to the speculative
sentiment Of the outside world, with the
usual result that professional room trad
ers We're at sea for "a time after the open
ing.
The sentiment observable fo~ some time
past among the professionals, that the
market was OVersOld and was due for
rally was in evidence at the opening and
was reinforced by some obvious nervous
ness on the part of the shorts. The latter
element covered freely in Northern Pa
CHIC and there was firm tendency in
SUGAR, the trunk lines and Reading first
preferred. which served as points of re-
s1stsnce to weakness. But the continued
Generalization in Brooklyn Rapid Tran
sit upset the confidence of the bull ele-
ment and stocks began to come on the
market in large volume before the end
Of the first hour. Northern Pacific was
carried down over a point from the high
level after the opening. Extreme weak
ness did not become general, the trunk
line holding comparatively firm and shorts
covered in anticipation OF the bank state
ment.
The excited advance in wheat. here was
an influence in the break in stocks. The
market had become quiet and steady
when the bank statement appeared and
gave shock to sentiment by the large
decrease shown in cash reserves. EStl-
mates based on the official reports of sub
treasury operations and statements of the
movement Of currency by express TO and
from the interior furnished by the banks
themselves had fOreshadOWed a gain in
cash by the banks after allowing for
the gold exported during the week Of a
million dollars or over, Wall street Is
mystihcd as to the source Of the drain
which has depleted the cash reserves OF
the clearing house institutions to the ex-
tent of IS. los 500
The late break in the market on the
bank statement caused SOME prominent
railroad and industrial stocks 10 go from 1
10 points below last nights level Ma
tional Steel lost 3; Northwestern 20 and
Brooklyn Transit As. Except for a few
rallies on covering by room shorts the
market closed weak.
4 Weeks Movement Confused.
The market has been depressed during
the week, but the movement of prices has
been exceedingly confused and irregular
and the net losses are in most cases more
than the extreme declines for the week,
owing to some recovery during the latter
part of the week. The recovery has been
due for the most part to the covering of
snort contracts By the professional bears
Who had put out short lines very freely
last week and early this week. The mo-
uVeS attributed for some of this selling
proved to be but noisy pTetense, with the
purpose of precipitatng further liquidation
and when this became manifest the cover
Alt5 movement checked the decline IN
prices and gave TO the market the appear
anCe of ignoring the reactiOnary factors
which continued in force.
Reports of railroad earnings show d lev
el well above last year still maintained.
But the policy of conservatism in divi-
dend disbursements now aVOWed by pTac-
uCally all railroad managers has pre-
vented this from having much effect on
values
The outlook in the iron trade is admit
ted to be more favorable by conservative
authorities. the Iron Age vOicing the inn
preston that the opinion is gaining
ground now that prices are down pretty
close to a basis which Will be considered
fairly safe by consumers. This encOuT-
aging view of the iron market conditions
IS partly offset by the approach of the
wage adjustment period which has in it
the possibility of widespread industrial
unSettlemenC
Many Predict Rise.
There is an element In wan street which
urges that the market is due for rally
owing 10 the existence of a large short
age in wheat which would be obliged to
cover at any considerable advance in
prices. This element points to the fact
that prices of many stocks have receded
now below the level touched in the panic
of last December and have therefore am
ply discounted the unfavorabIe factors in
the situation
An aggressive leadership, they argue.
would precipitate a bear panic. But the
bull leader has not come TO the front The
continued dribbins of liquidation into the
market has shown clearly enough that
holders of stocks are inclined to sell
rather than TO increase their holdings 1t
is almost the inVariable sequence OF such
a panic as that of last December that
prices, after a violent rally on bear cover