The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-07-18
SPECTATORS
BEW|LDERED
Prices of Stocks Advancing in
Wall Street With Con-
siderable Persistence.
DEALINGS ARE CURTAILED
VALUES SLIPPED BACK AT THE
CLOSE.
DEALINGS ARE CURTAILED

New York, July E.-Speculative senti-
ment seemed bewildered today by the
novelty of advancing prices of stocks and
the maintenance of the advance with such
persistence as was shown yesterday.
There was a marked lack of speculative
initiative manifest as a consequence in
tOdays dealings and the market was al
most idle for large part of the time with
prices drifting listlessly and with no we'll
defined course. The number of shares
dealt in was somewhat in excess of the
total of last Tuesday, which made the
low record for the present year. but the
character of the trading otherwise was
much the same. There was as distinct an
absence of pressure to liquidate as was
the case yesterday. but the effect seemed
less encouraging upon the buying than
was evident. Professional board room
traders openly expressed skepticism of
the stability of the higher level on the
ground that covering of shorts was Who'll
ly responsible for the rise and the reduc-
ton of the short interest lessened the po-
tential support of the market at every
step OF the advance. 1t was only with
the most extreme caution that purchases
were made at the higher level estaD-
hshed at the opening and these gains
were mostly lost in the subsequent I'M
certain fluctuations. News was little re-
garded, but there was some response to
revived rumorS regarding various stocks.
Amalgamated Copper and Southern Pa
cific were responsive to gossip of in
tended increase of dividends. A coming
meeting of st. Paul directors gave occa-
sion for repetition of many versions of
the supposed plan to finance the Pa
ciflc coast extension and the Hill stocks
once more moved on account of the ore
lands deal. There was some confusion as
to the present situation in the gold i'm
port movement, due in part to cOntradic-
tory reports of the actual amount secured
yesterday. Cabled reports from London
pointed to 81 600 600 or upward but con-
firmation could be had of only 1,501, coo
from New York bankers. Call money was
very easy, but rates for time loans were
fully sustained. Foreign exchange con-
tinued to decline in spite of the gold en-
gagements and belief was maintained
that further movement was in imme-
Giate prospect. The promised success of
an offering of Wabash bonds in Paris
was furthering influence on this pros
pect. The New York banks continue to
gain largely from the subtreasury on ac-
count of pension payments, and also on
account of some special disbursements for
transportation of the mails.
1t is supposed that treasury officials
have arranged for these disbursements to
be timed with the repayment of govern
ment deposits by the banks SO that the
operations may cOunterbalance one an
other in the effect on the money mar
ket. The publication of the statistics
of the country's foreign trade for the fis-
cal year was perused with interest and
qualification for the wide advances es-
tablished over all previous records, the
total trade. both exports and imports ris-
ing in value to near three billion dol
lars. But this demonstration of the vast
expansion in the country's- resources was
of little immediate effect on stocks. The
dying out OF demand on the advance al
lowed prices to slip back and, except in
a handful of the most active speculative
stocks, the days net changes were insig-
nificant and the closing tone was dull
and heavy.
Bonds were irregular. Total sales, par
value. 81, 233, 900.
United States Is and IS declined p per
cent and the old As "A per cent on call.