The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-06-17
PRICES MELTED
I AWAY FINALLY
Trading in Wall Street Con-
Quoted in a DeSuItory
Manner All Day.
BIG SLUMP IN ANACONDA
METAL iNDUSTRIALS ALL FOL-
LOWED SUIT.

New York, June 16--The trading in
stocks was desultory during the most
of the short session today but the de-
spondent tone of the speculation was
obvious and in the final dealings prices
melted away easily under a consider
able increase OF selling pressure. The
closing was decidedly weak with no
evidence of Tesiliency. Nothing new de-
velOped to explain the weakness but
prices were offered down aggTessively
and the vulnerable speculative position
OF some of the leading stocks in the
market was manifest Reading con-
tinued to show the effect of its poor
technical position and was the central
target for attack by the bear party.
The stock offered some resistance about
1:50 but broke through that point be
fore the close There was a violent
slump in Anaconda and the metal in
dustrials the hiEh priced northwestern
gTduCeTS and other conspicuous spec
ulatiVe favOTiteS all suCCumbed early
10 the pressure directed against them
The dry weather i'm the wheat region
had an influence in the market. The
disOrEaniZatiOn of affairs in Russia re-
CeiVed more attention. although the di-
rect pressure produced here was not
important The large reliance placed
on the reserves of French capital for
recourse To supply the large needs Of
the New York money market makes
the situation sensitive TO a threat that
would involve that money center in
embarrassment. as would necessarily
be the result of an OvertuTn of af-
fairs in Russia yesterday in view of
die very heavy French commitment in
that country. The changes in the items
of the bank statement were 50 small
as to make that document of little in
fiUence in the stock market. There
was nothing in il, however, to relieve
the depression of the speculation and
the active selling of the day developed
after its appearance
Total sales Of bonds, par value, $751;
OO0
The professional movement on the
long side of the stock market has met
with diScOurag cement this week, caused
especially by the difficulty of profits
by marketing holdings of stocks. Eff
forts toward this end have found no
effective demand to absorb offerings
and prices have given way in COnse-
Quence. The market has not been &C
cOmpanied by any important news de
NelOpment and was attributed almost
solely to technical conditions.
Fhe money market has grown firmer
duliuE the week and rates for loans
-1f4IryIuS over the end OF the year es-
pefiaIy have risen again to basis Of
81 ~per cent bid. The effect of the July
settlement is in immediate question
and finding of resources for the usual
autumn needs of the money market
IS never absent from calculations. It
Is taken into account that the New
York trust companies must have ready
July ] the second installment of the
increased cash reserve required by
them. by the addition to the New York
banking law. It is estimated that this
viii require an addition of some S12,-
Geo 600 TO present holdings of the trust
companies which is likely to be with
drawn from their deposit with New
York banks. On July 10 the United
States treasury withdrew $4,000, 600 OF
its deposits with national banks. The
problem of the financing of the San
Francisco fire insurance losses is not
Yet worked out in its details and that
process it is feared may still have
danger of strain upon the money mar
IeI which Will have to be reckoned
with
The dull tone of the bond market
has continued unchanged.
United States SIS and old Is registered
advanced 3 and the IS and new is Il
per cent, while the old As coupon de
ciinod 3 per cent On call on the week