The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-06-07
PROFIT-TAKING
WAS GENERAL
Those in Control of the Stock
Market Let Go of Some of
Their Holdings.
UNION PACIFIC SUPPORTED
MONEY SITUATION CAREFULLY
WATCHED.

New York, June 6.-The realizing Of
profits was rather more conspicuous in
today's stock market than the new buy
ing Of stocks, but the speculative partv
which is conducting the largest share of
the operations in the present market did
not relinquish the efforts to hold prices
against this realizing by support of spe-
cldI StocES- There were fewer of the
STOCKS among the influential standard is
sues CHOSEN FOR that purpose today and
more Of the less conspicuous low grade
llWustr1a Is. Most Of the supporting ef-
forts centered upon St Paul and were
carried over later into Union Pacific
Outside of these there was 4 nisceI-
laneOus list of specialties which rose
from time to time and supplemented ONLY
slightly the sustaining effect Of the lead
6rs.
There was a decided shrinkase in the
volume OF the market The character of
the trading was but little changed ano
news developments were little regarded
ana IN TACT were not of great Importance
General outside interest in the market
was pronounced to be still a negligible
quantity Mondays buying was prOfes-
slonally based TO some extent on an as
sumption that early adjournment of
congress was probable The selling to
day, which was based on professed dis
appointment over a revised prospect of
an extended session of the iaw-maIzing
body. probably came from the same pro-
feSSiOnaI sources The easy tendency of
the local market for money continued and
extended to rates for time loans carry
ing over the end Of the year. The amount
small
Another phase Of the money outlook
was seen in the rising course Of foreign
exchange with the increase in local mon
ey supplies Some of the demand for re-
mittance abroad was reported to be to
provide Tor payment Of maturing finance
bills. on which great sums have been
borrowed abroad Banking authorities
consider 1t an open question still whether
the gold imported against the sudden
emergency Of the San Francisco calarn-
ity and which was borrowed in effect is
not destined to How back TO Europe
with the relaxation Of money rates here,
rather than be retained here against the
fall money requirements.
The admitted delay in the completion
of The Pennsylvania bond issue in Paris
adds to the weight Of this consideration.
as the placing of these bonds is relied
upon 10 effect funding Of large part
Of the floating Indebtedness of this mar
ket TO Paris Pennsylvania was weak
again today on the reported delay in
completing this transaction. Such stress
was lead upon the possible effect upon
the merchandise trade balance Of a ball
ing off In exports Of packing house pro
ducts which is threatened as conse-
quenCe Of the packing house abuses. With
the growing ease OF money here there was
noticed a movement in interior exchanges
against New York, the rate at Chicago
today falling TO a discount. A possible
diversion of the return flow Of funds
from San ranCiSCO from New York to
other points is indicated by this. Lon
don discounts were inclined to Weld TO-
day, but Berlin hardened and Paris sold
securities freely in London. The firm
7ess in the price of wheat was connected
with reports Of Unf1-Orable weather con-
ditiOns. The mixed tone of the market
continued mp to the closing.
Bonds were steady. Total sales, par
value 3. 965.0o0
United States bonds were unchanged
on call