The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-07-19
DRIFTING ALONG
IN WALL Street
Amount of Stocks for Sale Put
a QuietuS on Attempt
to Boost Prices.
PROFESSIONALS SEEM SHY
BRIEF UPWARD MOVEMENT IN
AMALGAMATED.
PROFESSIONALS SEEM SHY

New York, July B.-The appearance in
the market of stocks for sale again this
morning chilled the hating attempts to
get prices higher which have been fol-
lowed for two days past The selling was
attributed largely to foreign account and
was seemingly based on the new alarm
caused by the disorders in Russia and the
declining hopes of arranging a worka BILE
compromise between the ministerial au-
thorlties and the controlling element in
the dOuma. Russian securities were
sharply depressed and Paris sold securi-
ties on a large scale in London. The
pressure to sell was not continued after
the active first hours trading, and the
market developed the same passive ten
dency as for several days past. But the
professional trading element seemed to
have lost its recent confidence in bidding
up prices to discover vulnerable bear ac-
counts.
The amount of short contracts which
have already been covered served to
weaken the technical position of the mar
ket. During the early afternoon the de-
Ginning interest in the market had fallen
to condition of almost absolute Stagna-
ton and there was no perceptible drift in
prices. About midday there was brief
upward movement in Amalgamated Cop
per which seemed to derive its inception
from speculative hopes of an increase in
the dividend at the directors meeting to-
dend had been declared yesterday by the
Boston & Montana, a subsidiary cOmpa-
n.y. and that the rate of that dividend
would be announced at the same time as
the Amalgamated dividend tomorrow.
This opened a field for speculation, but
there was little disposition to take adj
vantage of the opportunity.
The strength in the wheat market was
Of mixed influences, which cOunterbal
anced each other in stock market con-
Il
spring wheat on the one hand and of de-
ficient foreign crops on the other. Pub
HShed reports of a broadening scope in
the intended movement for the proSecu-
ton of the Standard Oil company were
given some credit for the heavy tone of
the market. Conditions in the bond mar
ket were little changed. The succession
of large debit balances by the subtreas-
ury reflects some large extra disburse-
ments on government account but there
are likely TO be offset by the final re-
payment of the S10000.OO0 of government
deposits due on or before July %. Pay
ments thus far made at the New York
subtreaSury on this account amounted to
but 100000, including payments made on
drafts from interior Institutions for the
purpose. New York banks themselves
held s., 100000 of the deposits called 1t
is evident therefore that the bulk of the
repaymentS is being deferredk until the
limit of the period allowed.
The possible effect on the banking po-
sition may have its part in the conSerVa-
tive attitude of tOday's speculation The
foreign exchange market was held steady
today and money in London was in de-
mand. But a shipment of S1,500.OO0 in
gold from Australia to San Francisco
was reported.
Illinois Central sold off on the estab-
lishment of it's dividend on a regular
per cent basis. Room shorts covered to
some extent and caused slight recOveries,
but the closing was dull
Bonds were easy. Total sales, par value,
1886, 900
United States Is declined Il per cent on
call.