The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-07-23
ANOTHER RUSH
TO SELL STOCKS
Consequently There Was a Decline in
Prices in Wall Street.
CLOSING WEAK AND LOW
APATHETIc MARKET ALL THE
WEEK.

New York, July 22.-The selling pressure
In the stock market was aggravated
sharply today and large volume of sales
came upon the market during the short
session. resulting in some wide declines,
with the closing weak and active and near
the lowest. The movement was attrib-
uted to cumulative effect of growing IN
easlness over the widespread reports Of
damag from rust in the spring wheat
region
The discussion opened by the head of
the United Mine Workers of the coming
struggle over the renewal of the agree
ment with the operatives which expired
next spring. and the encouragement of
advocates of higher prices over the fail
ure OF the weeks favorable reports to
stimulate any demand for stocks The
weakness Of the list was not local and
the list of the days losses shows a gen
eral distribution in all parts of the mar
lket- Union Pacific showed some effect
I've support and the same was true of
list u 'iio
The weakness in the early wheat market
lalled 10 rob shareholders of stocks and
they continued 10 sell large selling orders
being reported from the west. The large
the bank statement and was attribute ed to
the efforts of banks holding the proceeds
OF the Japanese loan on deposit to get
them placed in the money market The
closing was decidedly weak Total sail
OF bonds (par Value), $50 coo
thetic this week and has horne The I'M
press OF its Limitations to professional
operations OF the smaller class. Some part
OF this is undoubtedly attributable to the
excessive heat which made all degrees of
doubtful whether this would have pre-
vented the execution of orders in the
market with any strong motive in force
for buying or selling. Foreign markets
nave shared the lethargy of our own and
aNalIed 70 stimulate any absorption Of Sc
CurltieS. Developments of the week have
oeen In favor of values and confidence
IN the SoundneSS or conditions ana in fu-
ture Improvement has been widespread
and firmly held. But the attitude in the
Stock market has been one of waiting for
these conditions to awaken a demand for
securities 20 take over the large hold
ings which had been brought in the ex-
pectatiop of the Improvement in condi-
out of the july ACKNOWLEDGEMENTS has been
disappointing and has been especially
light for the usual invest ment favorites
IN which stability and securities are
class railway mortgage and preferred
stocks on which the rate Of dividends is
liked have reflected none of the custom
airy seasonable demands. The high level
of prices at which ordinary share capital
on prospects of dividend increases
me fultilment this week of some Of
representative stocks has revealed the
fact that the coming increases were so
dltterently known or so confidently fore
accomplished before action was definitely
taken on the matter Former buyers who
desired simply to take a profit by re-
sale therefore found the demand induced
by the good news mostly exhausted and
their efforts 10 take profits forced prices
backward.
There was an element among the op-
orators which professed to expect not
only the advance in the Union Pacific
dividend TO per cent but an extra dis
tribution beside and an initial dividend on
Souther Pacific The supposed intention
TO increase the Amalgamated Copper
dividend to a per cent rate instead OF
the per cent indicated a cause for dis
appointment 10 some of the specula tors in
that stock On the other hand rumOrs
have continued busy with alleged pur-
poses to make large extra disbursement
on the stocks of the Northern Securities
group and official disclaimers of these in
tontions have had little effect.
Bonds were dull and Irregular.
United States bonds were unchanged on
call.