The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-06-26
STANDARD OIL
BACKS MARKET
Restraint Upon the Pressure to
Sell Stocks Early in
the Day.
SUPPORT THEN WITHDRAWN
DOWNWARD PLUNGE AT CLOSE
OF SESSION.

New York. June 25.-The stock market
gave evidence today for a time Of some
efforts at benevolent control This had
the effect Of putting restraint upon the
pressure to sell which was so prOmi-
nent last week. The tone, nevertheless,
was one of dull depression and there
was no attempt to inaugUrate any &C
tuaI rise in prices The principal iufIu-
ence In the market in its effect on SEN
ument was the evidence of support for
stocks which are reputed to be the IA
VOI1te medium Tor market operations by
capitalists in the SO-called Standard Oil
group. Movements in the general mar
ket responded quite closely to the action
OF the stocks thus regarded by the COM
mon speculative opinion Of professional
traders. St Paul. Amalgamated Copper
and Union Pacific and Southern Pacific
are conspicuous examples. The notab BILE
weakness of these stocks on SATURDAY.
aroused fears in the ranks Of the habituaI
speculative element that pronounced
weakness in the stock market was to be
the reflection Of the administration plan
for prosecution Of the Standard Oil com
pany which was formally announced at
Washington last week.
Today Southern Pacific and St Paul
showed evidence Of aggressive support,
advancing at one time a point or more
and Amalgamated Copper was lifted again
70 ABOVE par, where It closed on Satur-
day. This had the effect Of creating an
impression that the Standard Oil group
OF capitalists intended 10 offer support
fluence Of the hostile intention of the
administration. The period of strength
in these stocks was identical with that
of the greatest resisting power in the
general market, and the whole list went
off TO the lowest Of the Gay when Anal
gamated Copper gave way late in the
day and showed signs of an abandon
ment OF support. The comparative firm
ness Of United States Steel and of Penn
syiyania were of sympathetic benefit to
the rest of the market While sentiment
mas off f0d NE-.c-- LETT
sideratiOns there was no change in &C
tual conditions affecting stocks. The
weekly reports Of the railroad traffic Of
ficialS admitted some contraction in the
shipments of merchandise. which was at
tr1buted to the prevailing uncertainty
over the crop outlook Saturdays TumOrs
OF a proposed steel combination TO rival
the United States Steel corporation had
some elaboration but a sttffening ten
dencV in the foundry iron market was
of more influence. The commodity mar
kets were still unsettled by varying re-
ports of crop damage.
The approaching adjournment Of con-
gress was cited as promising relief from
some Of the factors Of depression in the
stock market. marlborough MetropOli-
tan made another downward plunge on
account of the call made upon members
.Of the syndicate for a payment of 90 per
cent of their subscriptions.
Interest rates for time loans continued
to advance and the SIX months bills
were raised from TO 5Jz per cent, and
for seven and eight months 81 per cent
was the asking rate, with 81 per cent
strongly bid
Foreign exchange continued to decline
in compliance with the demand for mon
ey but the London market ADOPTED pro-
tective measures by advancing the SELL
ing price Of gold in that market. The
weakness of the copper market in Lon
don was believed to have some special
effect on Amalgamated Copper. The break
in Amalgamated Copper proved finally eff
fective in weakening the whole market
and the last prices were near the low
est Of the day and showed general de-
clines for most of the active leaders Of
more
Bonds were heavy. Total sales, par
value, 81. $4,000
On call