The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-06-28
STOCKS DUMPED
RIGHT AND LEFT
Unloading Process in Wall
Street Causes Violent
Break in Prices.
BEARS AGAIN IN CLOVER
ALL EFFORTS AT SUPPORT
ABANDONED.

New York, June 27.-There were no spe-
cial new developments in conditions to-
day on account for the rather violent
break in prices. The influences which are
responsible for the unloading Of stocks
have been gathering force for some time
past TOday's break was due much
as TO anything to the discoura cement over
the failure of the market TO respond TO
anything in the nature of favorable de
VeiopmentS. This had the effect Of fix
ing opinion that all favorable Opportun-
tiles were being taken to sell stocks This
resulted in reassuring the uncovered bear
interest which had begun TO manifest
some misS1V1ngS over its position owing
TO the extent to which the decline has
already extended and the proportions to
winch the snort interest IS reputed to have
grown. With the demand from the bears
to cover shorts reduced there was no eff
fective buying from any quarter to alb
serb the heavy liquidation which came
upon the market today again. Some per-
SiStent efforts were made during the
morning to support prices and to drive
the shorts to cover. This had the effect
for a while of intimidating the bears and
on any considerable decline they showed
disposition to take their profits and
pressure of long stock on any advan-
tageOus opportunity became clearly man
fest and efforts at support were almost
wholly abandoned
An example of the action of the mar
ket in face Of good news was furnished
in the case Of Anaconda, which broke
y
idend increase before the general market
began to weaken. Its depression was
communicated to Amdlgamated Copper.
Various reports circulated during the day
of intended dividend increases and the
actual raising of the rate Of disburSe-
ment on Ontario & Western therefore was
without effect in inducing any buying of
stocks. The earlier example Of the weak
ness of Pennsylvania in face OF the rise
in the Baltimore & Ohio dividend was
also kept in mind and helped TO convince
fvQp Ia
still in progress when any favorable OPP
pOrtunity offered
The money market today offered no evil
dence of any urgent demand for funds
on call although the tone was somewhat
firmer. But the influence Of lenders Of
money in inducing the liquidation Of stock
was believed nevertheless to be pre-
ponderant influence A large reduction
of commitments on the part of the stock
market pools seemed IN progress under
this influence It took the form IN some
cases of Severer scrutiny Of collateral IN
loans Many reports were current OF dis
elimination against some of the indus
trial stocks as collateral on loans and
while the banks We're not inclined to ad-
NIT these reports the special weakness
in the stock market of the stocks referred
to in the reports indicated condition OF
diSfaVOr of these securities as their pres
ent level of values
Calling of loans proceeded to some ex-
tent in preparation for the July settle
ment- Fears that furry might occur
next week in connection with these set
Elements had something to do with the
pressure to sell. Sterling exchange con-
tinued to decline with increased prospects
of gold being secured for import 1t IS
now believed that the S1O,CO0,000 of gov
eminent deposits will be withdrawn from
the national banks on July 10 in accord
auCe with the announcement in order TO
facilitate the redeposlt or government
funds in San Francisco banks which is
intended. A meeting of St Paul directors
without taking any action on the expected
pIan for financing the Pacific coast ex-
tension added to the speculative feeling of
disappointment and increased the weak
ness Of the stock market which was most
acute in the last hour with closing prices
near the lowest. General net losses run
from to over points and the leading
speculative favOrites lost from TO
points and upward on the days dealings
Bonds were irregular. Total sales, par
value. 81 $4,000.
United States bonds were all unchanged
on call.