The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-04-27
" Of SELLING
| IN WALL STREET.
Fgin Is Quickly Wiped Out in
the Course of the Trad
ing,
i FRANCISCO CALAMITY
DISTURBS MONEY CENTER
ltimental Effect of the De;
preston Great Upon Spec
ulatiye Stocks.

Ew YORK, April 2s-The stock mar
vas subjected to further drastic liqui-
|bn today with damage resulting to
la. This outbreak of weakness merely
bsented the working out of the prob
Thrown upon the financial world by
San Francisco calamity Selling was
liz In evidence for direct account of
j of the Insurance companies. Stock
hcates In the names Of these COM
es were delivered at the stock eS-
kge and the selling of these was on
rs from some of the principal banking
es. This gave rise to natural con-
Ires as to whether the insurance COM
La were simply employing the bank
houses In brokerage eapaeity 70 eir
| the sales OF securities out OF their
Bury holdings or whether they had
+ed as a collateral for loans by the
Is. who were llquidating the collat-
owing TO the shrinkage In values and
Wiping out of margins.
sentimental effect OF this selling
bad In any event and had decidedly
essing effect on speculative sentiment
|lehout the street. The shrinkage In
81 also brought out large sales for
/unt of some of the great commission
es and this attributed to the letting
II
his character from Western sources
particularly marked and had the ap-
fnce of being presumably owing TO
viping out OF margins.
&nest assurances have been heard for
time from some prominent specula-
Bourccs that the Wall street commits
houses had become practically bare
locks This was evidently meant TO
that speculative accounts on the
side had been greatly reduced and
investment buying OF moro substan-
character had been taking stocks out
g market. The amount of long stocks
IA came out today In speculative deal
was q surprise and thoroughly dis
It's the assurances The movement of
ncy to San Francisco today was on
heavy scale, transfers through the
reasury having amounted TO over 49,
before o'clock. Engagement was
during the day of Si,0Go.0 600 gold for
rt, most of which was secured In
The decidedly weak return of the
| of England explained the unwilling
of the London market to part with
banks holding Of bullion fell for
reek nearly s., 500. .oOa while the loans
lded in the neighborhood of s30,oQ0,-
hus bringing the proportion Of re-
TO liabilities TO below the tradi-
line OF safety At 40 per cent. The
hon of the official discount rate at
1I Ciul Will tllt PilHatc t"NO ibhs
b that level made IL certain that
resort will be made to the bank by
Market while this condition continues.
.1lidated Gas steadied up on the an
cement OF q reduction In Its dividend
per cent basis. after a long period
cline In expectation OF this action,
grade investment stocks arc spe-
affected by the days selling.
r operators were eager sellers on the
cs and their buying to cover shorts
esponslble for occasional rallies. Lit
pport was accorded the market while
5quidation seemed to be forced, but
the lull in the selling pressure meas
-yere taken 10 effect some restoration
1 days losses. The demand was Ian
at the recovery until the announce
Just before the close Of large en-
-lents OF gold for import. This st,m-
4 an active demand, Reading leading
her times during the day, and the
was generally firm.
-1s Were weak. Total sales, par value.
90
ed States bonds were all unchanged