The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-05-24
TIRED HOLDERS
ARE CLOSING OUT
Selling Movement in Wall
Street With Consequent
Decline in Prices.
TOO MUCH INVESTIGATION
COAL ROADS SCANDAL PROVES
HARMFUL.

New York. May 23.-There was a decid-
ed increase In the amount of business done
at the stock exchange today, but selling
orders made up a large proportion of the
expansion in activity and prices suffered
accordingly. The decline in prices seemed
the result in large part of the suspense in
VolVed for speculative holders Of stocks in
a prolonged period of dulIneSS and slug
g1shness. A paralysis of speculation leads
almost 1neV1IabIy to q slow. Sagg1ng ten
denCy, owing to the normal offerings Of
stocks to be marked, even in the Quietest
periods Spectators dread the slow shrink
age or disappearance of profits in such a
market TOday's selling was supposed to
be by the tired holders" of the class who
have become discouraged over the pros
pect OF an early revival Of speculative &C
tivity.
News Of the day was not regarded as
adverse to values, and some items were
taVorably interpreted. The progress of
the investigation into the coal carriers
was not one of these The resumption Of
the inquiry today may have been respOn-
stDle for a feeling of dependency on the
part of the SPECTATORS. The graft dis
closures reaching into the railway world
are dreaded for their effect on public SEN
| t1ment, just as were the life insurance ex-
| posUres with just cause in the latter case
| as was proved by the event PennSylva-
MA stock itself showed some resistance to
| the general depression in the market, in
contrast with its recent persistent weak
ness, even while other stocks were strong.
I
| teal confirmation of rumors current for
several days of a fresh bond flOtatiOn by
/ the company in Paris, estimates of the
amount reaching as high as $5O001.O10 No
/ details were Obtainable as to the term the
/ new issue is to run or the rate Of interest
| it is TO bear
/ Sentiment respecting the huge borrow
| ings Of Pennsylvania was not materially
altered by this new development But the
/ fact that resources were found in q for
/ elgn market was regarded with great sat
L r-c.rg H--.E-
nestle market. The home market is be
/ lieved to be secured from any further
early demand by this company. and the
/ operation will serve also TO fund some of
/ the largest Indebtedness of this market to
/ Paris and defer the necessity for its liqti-
/ cation A hopeful augury was drawn from
/ the event Of the chances of French paTti-
| C1pat1On in American issues since the in
! coming of the obstacles in the bourse reg
/ Ulations which lave prevented dealing in
/ American securities in Paris heretofore.
| argues a prOpitious ser timent on the part
/ OF the French financial power to the new
/ departure.
As the public reserves of capital at this
time are lodged in France. a willingness
/ to venture them in American securities
may be Of far-reaChing consequence to the
/ important financial projects in coHtem-
platfOn in this country and which threat
( en- TO be hampeTed By the excessive de
mands upon our own supplies Of capital.
/ Some Of tOday's price movement point
/ ed to quarters where these needs are to
/ be met Inc weakness OF New YORK Cen
/ trail was attributed 10 the new stock issue
pending CircumStantial reports were cur
rent of a forthcoming $50, 200. 600 temporary
note issue to finance Pacific coast extern
sion. Official disclaimer of an early
United States Steel bond issue was coupled
/ with the admission of the possibility OF
On ultimate resort to this means Of Secur-
ing resources to complete the COmpany's
great Indiana plant Hopeful sentiment
PREVAILED as to banking operations in Sar
| Francisco.
Reading and Pennsylvania made cen.
tiers Of resistance to the decline Of tho
partial rally which followed and which
was fairly well held at the close.
Bonds were easy Total sales, par value
81. $4,000
United States bonds unchanged on call