The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-06-21
PRICES AGAIN
CARRIED DOWN
Disappointing Bank Statsment
the Principal Reason.
SPECTATORS FEEL SHAKY
NO DISPOSITION TO PLUNGE IN
DEEPLY.
SPECTATORS FEEL SHAKY

New York, June 2o.-TOday's stock mar
ket made some Roadway against early
depression which seemed to be reflected
from London, but the Disappointing bank
statement carried prices to below last
nights level all around The trade
throughout was languid. and the move
nent Of prices very sluggish. Very few
transactions were Of an origin outside the
Loaro room some support seemed to be
accorded to the United States Steel stocks
and the cOalers. The continuance of this
schedule OF prices for steel products and
the announcement of the placina Of large
orders for steel rails helped the steel
stocks and was an encouraging factor
Tor the whole market. There were some
Shelters. It's decline OF ~ was due
10 disappointment over the failure of
dividend action at the recent directors
meeting
The weather reports from the corn
belt and the firmness Of cereal markets.
as well as the rally in cotton, had an
danger of a passenger rate war in the
northwest WAS not liked.
Review Of the Week.
The renewed decline early in the week,
aILer last weeks sharp recovery was
viewed with some anxiety lest il might
indicate a renewal of the LIQUIDATION
which would carry prices to a lower
level than before and precipitate new
DoIuenS on the market, But support de-
NeIOped Derore prices got down TO last
weeks low level. and the uncoverfng of
fresh stop loss orders and a new wiring
out OF margins were thus avoided, such
orders having been largely cleared on
brokers' books by the previous decline
me professional operators in the mar
demonstration that large and urgent
4qm0atiOn should be completed for the
time but that an attempt to lift prices
10 a higher range was likely 20 en-
counter fresh pressure to sell
Bear tactics to depress prices on the
other hand seem to meet buying orders
EfTDranrfgN 81 HfrH foT
STOCKS out of the market for investment
ana thus fOrtlfieS the market. This kind
tremely cautions in following any adj
vance in prices. The natural result is
the sluggish and waiting market which
developed in the latter part of the week
Indigestion Theory.
Current discussion in Wall street con-
motives of the recent extensive selling of
stocks as with the prospects Of the fu-
ture. That resources Of wealthy cap
ttalists over-eNtended in new en-
terprises has been an important fac
Tor IN the liquidation IS more and more
accepted in view of DEVELOPMENTS in the
financial world and in the law courts.
MI Morgan's DrOnOuncement that the in
digestion of new securities would work
itself cut in time, with no harm result
ing where the undigested securities were
Inherently sound. has not awaited to en-
tlrely reassure sentiment. in view of dis
closures regarding some Of the recent |
corporation formations. But that much
has been achieved toward the process Of !
digestion as a result of the Liquidation
4u the stock market is believed So far /
as It has resulted in the repayment OF |
loans for holding new securities and the
taking up by ownership of its securities, !
the process of digestion may be said to [
have heen effe tied and the over-eXteT- /
sion Of credits relieved 50 far as this {
process has been completed the problem /
Of the future must deal with the sound /
ness Of the securities or the Industries
which they. are intended to represent.
Feeling of Anxiety.
1t must be allowed that a feeling OF
anxiety on this point deeply Underlies the /
depression in the stock market The re [
sort to the courts by dissatisfied partici- /
pants in the United States Shipbuilding (
reorganization, and the charges and re- /
elimination in that suit, have reacted on I
the whole grOuD of securities So far
excessive capitalization is the more eff /
feCtive on account of the current doubts I
over the Industrial future. With the gen
erai unrest of labor and the certainty of I
future demands for higher wages, with 1
the political unsettlement Of a national /
campaign in sight. the anxiety over the /
labor outlook remains a dominating fac /
tor in the securities market The week I
has not been free from crop scares nor /
NAL to the season, and the feverish tone +
OF tho speculation in the markets for /
the great agricultural staples has added /
10 the effect of these