The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-07-09
SOME UNLOADING
IN WALL STREET
Prices Were Manipulated for That
Purpose.
MARKET STEADY AT CLOSE
WEEKS CAMPAIGN CONDUCTED
WITH SKILL.

New York. July S.-The week on the
stock exchange closed with a carefully
managed movement to realize which was
facilitated bV the bidding up Of prices
here and there at the opening. After
the selling movement had spent its force.
prices were marked up again, leaving the
last prices not far from those of last
night The realizing was most conspic-
nous in Reading and Union Pacific in
which the speculative operations have
neeu LARGEST al week. The demand for
heaalhg has been melted by proclaiming
GonIldenCc that The dividend on Central
Railroad of New Jersey was calculated
10 induce some selling of Reading.
The cotton market was excited again.
but the gram markets were inclined 10
react Oh the faNOra BILE weather conditions
"a the wheat belt. The realizing i'm Read
LIs Was partly covered by marking up
heddtng second preferred in connection
WIN tho, renewed attention called to the
privilege of the company to exchange that
stock for half common and half first
United States Steel stocks also showed
signs of irregular strength i'm connection
With rumors Of the Figures for net earn
inSs OF the past quarter the large de-
ment Was surprise. as The preliminary
ESTIMATES have indicated only nominal
Nnange. The loan contraction was re
sSrded as moderate for the opening week
OF disbursement period. The market
closed quiet and steady
10000.
me stock market for the week has
continued under an aggressive speculative
leadership. which has been conducted
with skill and effect in the maintenance
of prices and in forcing striking advances
IN special stocks But a process of df-
gesuon has been in progress which made
Its effects seen on the occasional irregu-
laTltN and redCtlOnaTE tendency. In the
organized party which has led the mar
ket during the week there was evidence
OF some extension OF interest to what
professional operators call The outside
public But this new demand was
promptly taken advantage of To realize
profits on professional holdings acquired
at lower prices. The speculation main
famed its vitality after these neriods of
prOfit-taking. and the operations in the
market revealed the continuance of Wig
orous support and determination to
extend the advance The prOtesSed
grounds of confidence on the part of
myers had TO do largely with general
conditions existing for some time past
week. some of them adverse in character,
were little regarded.
The speculation is based fundamentally
on tho confidence In the abuudance of
that this will iuSErc a pressure fer in
srestment I'm securities The sound cOndi-
ton Of business. the prosperity of indus
tries. good crops aud sustained activity
Of the iron and steel trade were assumed
in the inception of the movement II is
the general belief that the speculative
spirit now manifCstiuE itself in stocks II
largely confined to limited circle of
al character but the broadening tendency
of the weeks operations gives cOunte-
nance to the claims of a growth Of the
general speculative spirit.
ENcept for the prominence of the Jap
anese bonds. the principal activity 10 the
stock market has been in speculative and
convertible bonds. United States p have
declined IS per cent on call during the
week