The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-06-19
PRICES SAGGED
At THE CLOSE
Effort to Bolster Up the Wall
Street Market Proved
a Failure.
PENNSYLVANIA VERY WEAK
MONEY RATES APPRECIABLY
HIGHER.

New York, June IS-SOmething was eff
tected today towards arresting the declin-
ing tendency of prices of stock which
was steadily gaining force up to the close
or last week. The market turned down.
ward toward the last however. and closed
weak With the early check to the fall
there remained some uncovered short con-
tracts to be covered and this induced
some rally in prices. The strength of
the market from this cause was restricted
10 q few of the stocks which have been
the favOrites in the speculation. The
demand became exceedingly Ianguid when
the rally had made any Roadway and
the tone continued hesitating and uncer-
tain The list as a whole was not affected
at any time by the recovery. There were
some conspicuous Iaggards and at other
points positive weakness which served to
keep the market unsettled and not fully
responsive to the Talying tedency.
PennSy was a notable example Of
the persistent depression, while a few ac-
tive speculative leaders were advancing.
A good effect was produced on sentiment,
too, by the more definite character Of the
assertions that the Pennsylvania bond
flotatiOn in Paris had been completed, al
though no formal official notice on the
subject was forthcoming during the stock
exchange session. The successive delays
in the completion Of this tranSa elton were
an influence in the weakness of stocks
last week The carrying through Of the
operation is considered to have an i'm
pOTtant bearing on Ehe interna tiOnal cX-
change situation by the increase in the
credits available to this market for the
meeting Of maturing obligations on
finance bills.
Paris financial markets were reported to
be in more cheerful temper today over
the Russian outlook, although news of
events in that country offered no clear eN-
PLANTATION of this reported better feeling
Sterling exchange here was marked down
to response to London The local money
market was not much charged in tone
hot L. Ans.v-
in call loan rates from the stiffness
caused by last weeks large dividend re-
quiTemeDr- The time money market, how
ever, was strong and rates were appre-
Gladly higher Seven and eight months
money was reported in active demand and
the supply was scarce. business being
done at 81 per cent and above. The rate
demanded for six months loans also was
> per cent. Stocks were benefited by the
breaking of the dUOuth in Kansas and
Nebraska and the effect was judged TO be
important by the response of the grain
markets. which broke sharply Railroad
traffic officials in their weekly discus
sion were more inclined to admit some
damage to wheat in the southwest than
they nave been heretofore. but it was
asserted that the damage had not been
large enough to shake confidence IN the
general business done
A Slight falling off in the general vol
umc Of traffic on the trunk line railroads
was also admitted Another violent re-
action in the price Of copper in LOndOT
was a feature Of the days news. but did
not prevent Amalgamated copper from
sharing in the DAYS show of strength
The pressure Of liquidation in Penusyiva-
MIA increased greatly in the latter pant
of the day and affected the whole marke1
in sympathy The gains were very gen.
orally wiped out in consequence. and the
closing tone was weak.
Bonds were heavy To-al sales (pal
vaIue). S1.720OO0.
United States IS coupon increased Is pei
cent on call.