The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-07-04
BEARS COVERED
VERY LE|SURELY
Little Evidence of Urgency and
No Incentive Offered to
Boost Prices.
STOCK MARKET is QUIET
MONEY SCARCITY CAUSES APP.
PREHENSiON.

New York, July 3.-With liquidation
carried to the exteit it has been in the
recent stock market, the bear operators
who have followed the decline are in
duced to growing caution as it proceeds.
1t has the common opinion that today's
buying came in large part from uncov-
cred shorts. The holiday interval i'm
pending tomorrow inclined the profess
sional operators to close up outstanding
contracts anyhow. There was an evil
dent subsistence also of the selling pres
sure upon the market which was in full
force at the time Of the previous closing
and which was continued in the early
dealings today. The bears were inclined
to buy for covering purposes even on this
first break in prices and they pushed
their demand when the light pressure
upon the market was perceived. This
covering movement, however, was con-
Quoted in an exceedingly leisurely fash
ion and gave SO little evidence of urgency
or disquiet as to offer little encourage
ment for the inauguration of an agrees
sive bull movement against the short
position in the market. Professional SEN
timent still shaped itself to the view that
any extensive rally in prices would in
wife renewed liquidation.
The call money morket remained tight
with no sign of marked relaxation by the
return to the money mar ket of dividends
and interest disbursed. Talk of relief of
was not so confident owing to the fail
ure to secure any part of yesterdays
large arrivals of. gold in London for New
YORK account. further fall in the
sterling exchange rate at Paris today
emphasized the competition of Paris for
any available gold supply in London. Elk
change was weak here, however Dis
counts in London made a further decline
1t is not believed that last weeks reports
of expected large engagements of gold in
London imnOFfafinn nrly
were based on an assumption by local
bankers that the secretary Of the treas
ury would renew his aid to the move
ment by advance of government depos-
it's to save interest while the gold is in
transit.
Current discussion points to some dis
satisfaction on the part of the govern
ment authorities with the elaboration of
banks of returning deposits made with
them against previous gold engagements
1t seems to be understood that there will
be no immediate renewal of the privilege
Another small transfer OF currency was
made from San Francisco through the
subtreaSury today, but an Offsetting in
medium to New Orleans. indicating an
unusually early demand from that source
upon this center. Reports were received
of an arrival of million dollars of Alas
kan gold at Pacific ports, marking the
seasons beginning on an important move
ment of replenishment for money re-
serves. After the payment of dividends
and interest is contemplated an impor-
tant item in money transactions will be
the payment of 40 per cent of subscrip-
tions on the new Baltimore g. Ohio stock
which falls due on July Is. and will call
for upward of 81 100000. This is in addi-
ton to the withdrawal of 100000 of
government deposits that the national
banks set for July 10 and the $50. 900 GOO
Panama canal bond subscriptions which
are set for July go PENNSYLVANIA was a
feature of the reaction today of prices i'm
spite of a decline in net earnings for
May, the effects of the anthracite min
ers' strike The governments monthly
report on cotton was regarded by the
cotton market as bullish but this i'm
preston was modified by the weather
bureaus weekly summary American
Ice was sharply depressed by an alder
inmanic meeting against the scale of
prices. Amalgamated Copper advanced
in face Of a decline in price of the metal
both here and in London. There was a
marked subsistence of demand at the
higher levels with some reaction and an
irregular closing at a spotty rally
Bonds were heavy. Total sales, par
value, 81, $4,000. United States Is declined
Is per cent on call.