The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-05-02
STOCK MARKET
IS DEMORALIzED
After Some Hesitation Prices
Began to Fall Early
in the Day.
CALL MONEY RATE RUNS UP
HEAVY LIQUIDATION ALL DAY
LONG.

New York, May 1.-The Discrimination
OF buyers of stocks to deal freely at the
recovered level of prices established yes
teroay early became manifest in todav's
STOCK market After period of dulIDess
t a. r ne53ltdtlnS fluctuations prices began
TO recede and the fall became precipitate
again before tt end of the dav iiuII:
uatlon, which been withheld with the
loC1 'iIdt letter e'rlceS might be obtained.
lime o4t again in large volume when the
downward course was esta biished and
aggravated the weakness of the market
Inc force OF the selling pressure carried
prices OF leading speculative issues far
lower than the lowest prices touched last
week rms had the result of uncoverine
ieIt untouched in last week decline and
led TO a. free throwing over of specuIa-
tive holdings in all directions
Developments in the money market had
an important bearing on the renewal of
Hquldat1on- Loans We're called and the
CdII money rate ran up sharply during
the afternoon to 10 per cent Some Ii01i1
datlOn of speculative holdings was forced
at TINS rate, and>there appeared To be dis
examination exercised against some securi-
IeS Tor coIateral in loans. No new cause
developed for the course of the norpv~
market and its reflected influence in the
STOCK market beyond the progress of the
working out of the adjustment to the con-
dltonS fixed by the San Francisco losses
AduluonaI engagements of gold for
import were made and CORRESPONDING
Withdrawals made from the sub-treaslIrV
Dy the banks engaging the gold. the pro
inc
available i'm bank reserves
The movement of currency to San Fran
cisco also continued. but fell to cOmpar-
atlYeIy small proportions, the volume of
gold engagements widely balancing
the outward movement. The exchange
al Ine clearing house today amounted to
%9i46lS,494- which IS much above the av-
erage- Large dividend payments helped
10 make up the volume of May l settle
ments ard the dimensions of the ex-
changes indicated some other important
financial transactions. The new law gov
ermng the amount of cash reserves to be
held by trust companies Went into force
yesterday and while the amount of cash
held by the trust companies as a whole
is IN excess of the immediate requirement
or the law as to the amount to be held
not all of the individual trust companies
are up to the requirement Prepara-
mons by these companies TO replensh
tnelr cash reserve may have a part in
the shifting of loans which disturbed the
money mdrSet this afternoon.
Inc renewal Of the liquidation of Sc
curlUleS did not occasion surprise. how
ever. Yesterdays recovery in stocks was
generally regarded as an incidental move
ment such as usually occurs in the prog
IesS OF extensive foundations when pro
fits on the short side become so invit-
ing as to attract buying to cover. The
selling movement became as violent dur
ing the final hour as at any time last
week, and the market took on an appear
ance Of decentralization. Declines from
last night Of between and 4 points be-
came quite numerous. Great Northern
preferred headed the list with a loss of
IO3s- OIner STOCKS scoring lesser lOSSeS
were Northern Pacific. Chicago. st. Paul,
Minneapolis & Omaha. ST. Paul North
western, Delaware &A Hudson, Tennessee
Coal, Smelling. Reading. Union Pacific
New York Central, Amalgamated COPPER
Colorado Fuel and others of less prom
inence. Hasty short coverings, formed
the only interruption to the throwing
over Of stocks without regard to the price.
up 10 the closing, which was excited and
demOralized.
Bonds were heavy Total sales par
value. $2.225,0O0 United States IS declined
Il per cent on call.