The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-07-25
DROPPED BACK
AFTER A Squirt
Operators in Wall Street Try
ing to Boost Prices Soon
Tired of Their Efforts.
RUSSIAN NEWS DISQUIETING
APPREHENSION ALL OVER THE
WORLD.

New York. July A.-The operating
forces in the stock market which had en-
parked in a movement for an advance
IN prices of stock apparently reconsidered
thelr immediate plans today and desisted
rather abruptly from their activities
Ihese activities were quite strikingly
manifest yesterday in face of the disturb
ing news from Russia, making Wall street
an isolated instance of strength amongst
the group of the worlds great securities
markets. 1t did not develop today what
was the motive for the change in mar
ket tactics but it was the general SIM
position that a revision of previous es-
Inmates OF the Importance upon the
worlds financial outlook of the Russian
situation lay at the root of the matter. 1t
olo not appear Immediately that the tone
or the market had undergone an altera-
tIon although the opening dealings showed
the same response to the foreign disturb
ances as yesterday. Then followed a
vigorous recovery in response to support
Ing orders. 1t was then that an outpour-
ing OF stocks to realize gave the signal
that accumulation and support were no
longer to be in order. The temporary
upward squirt was attributed to the initia-
i've of traders who aimed to follow the
leadership pointed out by yesterdays ac-
uon OF the market The day principal
activity was exhausted by the end of the
first hour and there was a marked
shr1nkage afterwards and a growing
oPclIhy III speculative interest.
The assistance to be realized for the
New York market from tranquil condi-
llonS abroad was given more force in the
days speculative consideration. The alb
rupt change wrought in the foreign eX-
change market by the Russian deVelOD-
ments and the cutting off of New York to
the large incoming gold arrivals in Lon
don was pointed to as striking example
OF the indirect effects here to be appre-
hended from disturbed foreign markets
ms p lfc-
attempt to advance prices in New York
would have the effect of inviting realiz-
ing sales on securities marketable here
TO AFFORD means for protection of less
favorable placed holdings abroad
Hitherto, the argument has been adj
Yanced that the growing weakness of
Russian securities would serve TO divert
French investments from them into other
fields, thus promising well for applica-
tons TO French capital to share in Amer
lean bond issues. But it was realized
that the immediate effect of the disturbed
financial conditions abroad is unpropitious
Tor any new commitments. The New
York money market was unchanged to-
cay and call loans remained very easy
IN spite of probable preparations for to-
sale of S1250000O of New York
city bonds. The outcome of this flotation
is awaited with much interest for the
nght 1t VIII throw upon the state of in
vestment demand, The apathy of which
has been persistent drag weight on Sc
curities of all kinds
The announcement of the extent to
which government funds are being depos-
tied in banks in connection with the
Panama canal bond issues, the amount
reaching $35,00O,00O, was a re-assuring fac
tor on the money situation Reports of
a S,0O0,O0O note issue by the American
company in anticipation of
to it's bond issue was re-
garded as evidence of the continued
heavy requirements of corporations for
new capital. Interest was shown in the
reported sale of a stock exchange seat
at $4,000 as against the preceding price
of $4,000 and high record price above
$50, GOO. The drop of prices was due as
much TO withdrawal of demand as to
any selling pressure and there was some
recovery from the bottom prices, but the
closing was heavy.
Bonds were heavy. Total sales pay-
value, 81, 1926 900.
United States IS and new As advanced
q per cent on call.