The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-07-06
ICE COMPANY
STOCKS WEAK
Recent Prosecution of Con-
SpiratOrS Has Its Effect
in Wall Street.
SLIGHT GAIN Is SOON LOST
CLOSING PRICES LOWEST OF
THE DAY.
SLIGHT GAIN Is SOON LOST

New York, July 5.-The recovery in
prices of stocks which set in on Tuesday
was substantially extended today and
then practically wiped out on realizing.
The renewed weakness at the advance
greatly unsettled speculative sentiment.
The undertone of the market was decid-
edly improved at the outset The buying,
although comparatively light, was effected
on a rising scale of prices and the dullest
periods of the morning during the pauses
in the advance or on positive reactions.
This was a reversal of the recent form or
the market and gave great encouragement
until the late reaction and corresponding
impression then. The largest part of the
new demand was attributed TO the uncoV-
cred support and in the rise III prices
itself drove this element to buy stocks
to cover The rise had it's impulse from
abroad where prices of Americans rose
during the holiday interval here.
The weak return for the Bank of Eng
land is a measure of the strain OF the
semi-annual settlements which include IN
England the widow dressing require
ments of the private discounts. But the
decline in discount rates both IN London
and Paris showed the influence at work
of the redistribution of the funds accumu-
LACED for those purposes. Arbitrage brok-
ers had bids for stocks in the opening
dealings in New York with a view TO re-
selling in London which caused an almost
consequence was that uncovered bears
found their positions somewhat cramped
at the outset and they scrambled to Sc
cure stocks. This was the active period
of the day. Late. advances were effected
on greatly reduced business.
The New York money market showed
the benefit Of the returning flow OF dlVl-
dend and interest money and call and time
loans were reported easier The conIirma-
ton of earlier reports of an engagement
of gold in Australia was confused by mean
and additional engagement. Discussion
was hopefully renewed OF probable en-
gagements in London next week Reports
of an intended issue of New York treas
ury bonds toward the end of the month
made a bad impression, in view OF the
many other known requirements. Inc
Journal of Commerce estimates new capl-
tai issues In June at Sl040 900. 900, of which
nearly S97 100000 were of bonds. This COM
pares with a total of $121 100000 in May,
but the aggregate for the first SIX months
of the year is brought to SS21. lO6OOO. which
IS less than Si2 900, coo under the new cap
ital issues for the whole of the year 1903
Ice company stocks were weak on &C.
count of the success attending proSecu-
lions in various parts of the country. Al
disclaimers stocks were under pressure
on reports Of the heavy discount allowed
to underwriters of the rev bond issue
There was some disposition to construe
| THE tone of Mr.. Vanderllp'S address be
! fore the New York state bankers on tn
| necessity OF currency reform as contain
! ing an aiarmist note. This conducted tC
/ the later reactiOnary tendency OF The mar
! ket which was aggravated also by tnt
reduction effected in The short Interest
and the withdrawal of just so much pO
| tential support from the market. The
| weakness of Brooklyn Transit was due t
| reports of proposed fare regulation. The
| market closed weak near the lowest.
Bonds were irregular. Total sales, pal
value. s1,7S0,C00,
| United States IS registered declined :.
per cent on call.