The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-08-29
DOWNWARD TURN
Of THE MARKET
Variety of Causes Given for the
Change of Sentiment in
Wall Street.
MONEY AT HIGH FIGURES
INFLUENCE OF HEAVY PHiLA-
DELPHIA FAILURE.
MONEY AT HIGH FIGURES

New York, Aug 2S-For the first time
since the Pacific dividend became a mat
ter of public knowledge the stock mar
het today began business in an orderly
openings and new high records so IA
mlnar in the past fortnight, trading
opened in moderate volume, but prices
soon developed a reactionary tendency.
rms seeming change of sentiment was
ascrlbed to a variety Of causes. chief
among them being the money situation,
disappointment at the absence of gold
from Europe and increasing distrust al
the failure OF the many reported deals
10 matertaltZe. Local monetary condi-
lions showed no Improvement. Indeed.
II anything, they were worse. the banks
thus far showing a loss TO the sub-treas-
Try of over $2.0oo.0O0. Call money opened
az per. cent while time rates held at
practically s per cent for all periods, with
ports. expert opinion is that things are
tending toward that direction.
Another batch OF Australian gold was
engaged during the day. It is believed
that efforts are being made 10 induce
Secretary Shaw to renew his "anticipa-
ton order OF last spring, but that Of
fetal, who was in town today, has thus
far given no intimation OF his attitude
IN the matter Exchange weakened fur
Their TO 4.S4l0 early in the day. The mar
ket bore strong evidence of pressure in
many quarters. among the early weak
issues being United States Smelling and
Reading. on the other hand. Canadian
Pacific was pronouncedly strong. advanc-
ing over four points in the last hour.
During the greater part of this period
the market sagged. but toward noon
trading continued under the active lead
OF Atchison, st. Paul and Amalgamated
Copper. Atchison advanced TO a new
high record and board room gossip had
II that not only would the dividend be
increased to per cent. but there also
was talk Of an issue Of new stock a par.
None of these rumors, it may be said
was confirmable I'm official quarters.
The movement in Sugar, one Of yes
terdays features. flattened out even be
fore IL became known that only the regu-
lar dividends had been declared Early
In the afternoon, when the market was
exhibiting its strongest tone. heavy sell
ing or Reading and Union Pacific started
a downward movement. which soon took
in the entire list. The cause OF the sell
ing was considerable Of a mystery until
Il became known that a Philadelphia
trust company was in difficulties. Re
ports as TO the magnitude of the insti-
tUtions liabilities and its attendant eff
feet were OF character TO excite great
alarm and the occasion was utilized to
advantage by the shorts. Prices declined
from one TO three and one-half points.
with only partia! recoVeries in most is
sues. Much Of the selling Of Reading and
Pennsylvania. as we'll as of other stocks.
was believed to he for account Of the en-
barrassed Philadelphia company or inter
esls connected herewith; The market
remained heavy 10 the close practically
all the active issues recording lowest
prices OF the day I'm the final hour. In
fact there seems absolutely no support
in any quarter. the big interests having
apparently decided to let the movement
run its course
The principal net losses were Penn
sylvania, points Reading. 17s: Union
Pacific. .: Southern Pacific IL; ST. Paul
Ia: Louisville & Nashville. 2$s: Northern
Pacific, .; Colorado Fuel. 22s; Amalga-
mated Copper and Anaconda. T.
London's participation in this market
was a feature. Americans, the Harri-
man issues excepted, closed strong.
Bonds were easy. Total sales, par
value. $4,000.
United States bonds were all unchanged
on call