The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-07-08
WALL STREET
Is SEMI-ACTWE
Reading and Union Pacific the Con.
spicuous Stocks.
MOVEMENT is SPECULATIVE
FEATURE OF MARKET is DE,
MAND FOR TIME LOANS.

New York. July 7.-Today's transac-
tions in stocks yielded no larger total
of sales than yesterday There was less
violent congestion in one or two stocks,
although Reading and Union Pacific
still held a very conspicuous place in
the trading. Reading extended its rec
ord price, as it has each day for some
time past, and there seemed no limit to
the speculative confidence of those who
have advanced the stock. It is sus-
pected that the ventures on the short
SIDE of those who do not share their
confidence in the present price of the
stock on "A 4 per cent dividend basis
have served to further the campaign of
those who are bulIing the price Many
rumOrs are current of the large out
standing shert interest which is driven
to cover by the persistent rise in the
stock Union Pacific was subjected to
prOfit-taking sales and was thus held
in check in spite of the good returns
of net earnings for May made by the
Hartman PaCificS. To offset the profit
taking there was some diversion of pro-
feSsional support to other quarters of
the market and this gave the market
an appearance of somewhat greater
breadth than that of yesterday. Some
of the low priced On-dividend paying
railroad stocks were brought into ac-
ttvity. The cOalers had the advantage
of the figures of anthracite output for
June, showing a well sustained volume.
PENNSYLVANIA and the Fries were both
strong. These are amongst the stocks
into which recent issues Of bonds are
convertible at exchange values consid-
erably above those now ruling for the
stocks
Amongst such convertible bond issues
made since the first of the year may be
mentioned the 500. 0OO. 600 by PennSyl-
vania, $32. 100000 by Atchison and S10.-
100000 each by Erie and Delaware &
Hudson. As these recent issues are
supposed to be still largely in the hands
OF first subscribers. there is a motive
evident for causing activity and
strength i'm the stocks which will serve
as an additional attraction for securing
these convertible bonds. There was liz
tie news bearing on values or on the
movement Of prices. the occasional adj
vices being clearly due to vagarieS of
speculative sentiment as much as in
consequence of anything else. The re
port of the weeks currency movement
did not indicate important change in
the cash item of the banks. and not
much attention was paid to it. An in
terestlnS development was the large in
crease in the demand for time loans.
This was declared to come from stock
commission houses and was supposed
to be incident to the present activity
I'M the stock market or to prospective
operations there. The tone of time
money was steady. but there was no
important change in rates. The wheat
market reelected some anxiety over the
wet weather reported from the crop re-
gions, but the stock market was not inn
pressed The days profit taking had its
effect on prices and some small net
losses We're established before the day
was over. The closing was easy aud>at
about tho lowest of the day
Bonds We're firm Total sales, Cpar
value). $4.51O000.
United States bonds were unchanged
on call.