The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-05-07

Slump in Fridays Market Accounted
For.
PRICES ARE BACK AGAIN
BUT THERE Is VERY LITTLE
DOING.

New York MAY 6.-Todays duh and
sagEing stock market was in accordance
with the general. expectation and was cor
roborative of the view that yesterday :
buying largely represented profit taking
by shorts. with this departure from the
short interest satisfied prices slipped back
TODAY more from the exhaustion Of the
demand than from any result of active
pressure TO sell The SUppO~Itton Is gen.
ersl that period Of quiet speculatiYi IL. y
before the market IN the absence on III
portaut new developments. with the P9SS
SibfIitN of some further speculative h4ot
datiou Vet TO be concluded 30 many l
iusions have been disSipated ana coiIr
bonding losses ana dlSdppolhtiil"ilt9 -,
fered nv those who accepted unWarIaliteu
rurnors i'm good faith that an carry re-
ucwal of Speculative t9nItIt", - IL b
ability l. tho approach OF the season OF
uncertainty. and V1CISSltUueS Tor t1c touil
try crops and the norman uuSt llillis -
fects of this period upon business III gen
Union Pacific and St Paul continued
their leadership Of the market on the re
atfioD - wei as on the recovery. There
was some temporary show OF StTengJh III
other quarters hut Il was not sustained
Unofficial reports. which were Gelned.
that Lake Shore had acquired some
blocks Of Erie gave a firm tone 10 mos
stocks Yesterday jump IN People : Oras
was found this morning 70 nave oeelt
due To- a false report as To the proposed
gas legislation and that stock dropped
back The advance in Northern Paclflc
was detrimental to he market, rather
The bank statement conformed so
CLOSELY 90 the forecasts that its pubhca-
tiou called for no Establishments OF mar
ket accounts Sterling exchange advanced
"A few points and there Is discussion
amongst foreign bankers of the possibility
Of an cUtgo of gold to France but III 2.
price of gold i'm London was lower and
sterling exchange advanced at Paris mus
indicating relaxation OF the demand io.
gold by Paris upon London me MARKET
closed ~e7b and dull.
Total sales of bonds Cnar value) ST.
$500.
Review of the Week.
The unsettled movements in the stock
market this week have reflected mucn
uncertainty of sentiment The liquidation
which swept the market at the close OF
last week seemed 10 have spent It's force
on Monday after prices had touched lower
figures than ON Saturday. Forcihla meas
UrpS were adopted also to support prices
and check the declining tendency winch
was itself forcing large selling by the eX-
hauSuOn OF margins ana olSiouElilS on
stock. giving the depression cumulat tive
effect the further it proceeded The sue
cess achieved I'm SIOunIug the decline
drove "a large short interest TO cover and
there was a substantial rally As was eA-
peCted. this rally brought out offerings
that had been bought a the decline sim
MY Tor the purpose OF nHllli- inc ma
kct- But the hone was entertained that
the worst of the liquidation was over and
that the market was to settle down INTO
dull trading and sluggish movement such
as invites tile slow but effective invest
meut ABSORPTION which take stocks out
OF the market instead of the Hernet uai
shutting from one set of SUecUla tors %
another which cnaTacteTfZeS boom ne
RODS. But LIQUIDATION was renewed in
force and II became manifest that large
amounts withheld from the market dur
ing She u"-iod IF decentralization re-
manned 10 he liquidated The process
III rTrg H. o.
cediuE week and disturbed holdings on
margins which had been uuimDaITed 10y
the previous decline OPENINGS i'm the
financial center of general conditions and
of tho out look were roIOTed 10 some eN-
tent by the movement of securities i'm
prices. But the PRINCIPAL Importance was
attached TO tn, uES1uUd speculative. con-
dition which had beeu built uu IN the
stock market itself Many Developments
went to disCredit the UuwsrTanted as
SumptlonS on which much of the furious
speculation Of the mast has been based.
The conviction gained ground especially
that the dissolution of tG" Northern Sc
ruritie- cofnuauy left the dispute aroused
hy he Northern Pacific requirement of
the Burlington stu open. Conflicting rU-
n}ors have prevented "a solution of doubt
ful followers WhCtlo- efforts tu rompT0-
mise this dispute We're not proving futile
leaving open she danger OF measures pi
hostility and Tenri~af i'm the railroad pol
lex of the uUTtnWe vest The current con-
lecture ON this subject is generally hased
on the assumption that Il IS the Union
ciliated 90 insure peaceful conditions For
This reason the approach Of the date for
the SneciaI stockholders meeting uf that
comuaUy To act ou the proposed issue of
Sb1e0.o0o additional preferred stock was
made the occasion for MANY reuortS or q
conflict in tho company owing to new iU-
forests acquiring i'm the open market aHa
Of possible hostile PURPOSES for which tho
new capital may Doe designed. Mduy de-
vCIopmeUtS went TO discre[lit the 1uwar-
TautCd complications upon which much OBJ.
the furious speculation of the past has
hern based The conviction gained ground
especially that the dissolution of tho
Northern Securities glmuauE left the dis
Dute aroused by the Northern P4ciric-s
requirement Of the Burlington stfU uuen
Conflicting rumoTS have prevented a SofrI-
ti0n Of doubts and fears whether effort.
% compromise this dispute were not Drpy.
ing futile. leaving omen tn. danger of
measures of hostility and rrurisaI iu trs
railroad policy OF the northwest Tn. chr
rent conjecture on this subject IS aener.
ally based ON the assumption that II &.
the Union Pacific power which reeds g,
he conciliated 60 insure peaceful f-urff
tons For this reason the approach aI
the date for the special ~Iuckhpldar-
meeting Of that cOmDauE al ac. ON tr.
proposed issue of Sf'u.u.Uu-t additions
nrcfcrrpd stock was mad. The -fas71r
for manp reports Of conflict in the com.
pany-
Stock Quotations.
Sales Hfeh Low. Close