The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-05-25
STOCK PRICES
TRIFLE BETTER
Market Free From Pressure
and Only a Small Volume of
Business Transacted.
HALF A DOZEN FAV0RlTES
MARKET HELPED BY WEATHER
REPORTS.
HALF A DOZEN FAV0RITES

New York May A.-The stock market
was comparatively free from pressure to-
day, and this opened the way for the slow
recovery in prices which took place. The
small volume and the slight urgency of
the demand were striking, in view of the
assertions advanced for some time of the
dimensions OF the short interest which
was being built up. The conspicuous show
of strength in tOday's trading was re-
duced to about half a dozen stocks which
are always the favOrite medium of oper-
ations by the highly speculative element
on the stock exchange. Suggestions as
10 the dimensions OF the short interest are
based on a quiet borrowing demand for a
number of stocks, which is reflected in
the ioaning rates of those stocks. Bor-
rowers of some OF these stocks are offer
ing to advance funds against the stock
loan and to forego any interest return
whatever, which is expressed by the stock
market term that the stock Is loaning
flat. On other stocks which are not loan
ing absolutely flat there is still suffi-
Client borrowing demand to secure the
stocks for delivery SO that the interest
rate on money advanced is accepted at
less than the ruling rate for money.
The difference Of the demand, with the
cessation of the active pressure to liqui-
Gate today in the face of this technical
index of a large outstanding short inter
est arouses some suspicion of borrowing
of stocks against sales that are really
sold in liquidation in order to conceal the
OF stocks here for foreign account also
are believed to have been large and it is
customary in such cases to borrow stock
Tor delivery pending the arrival of the
certificates from abroad, thus increasing
the appearance of a large existing short
interest. The cessation of liquidation in
stocks for which there is a broad and
active market left some of the less active
issues TO be disposed Of The wide de-
clines recorded in some of the usually dor
mant stocks was a feature of the day.
In order to effect a sale even of a small
block of such stocks the prices require
10 be offered down many points before
meeting a bid
The news of the day to which most i'm
portaI.ce was attached was that of more
favorable weather conditions in the wheat
regions. Additional moisture in the south
west was regarded as giving promise of
Improvement in the winter wheat crop
The later recovery in the wheat market
vance IN stocks. Preliminary estimates
Of the weeks currency movement fore
shadows strong bank statement tomor-
row. The cash gain from the sub-treas-
ury operations combined with the interior
currency movement seems TO be in the
neighbOrhoOd Of 100000 Conjecture is
blind as to the loan item, owing to the
mixed effects of the stock market lioui-
dation. the part played in that by the
recall OF loans by interior banks and the
effect on bank credits of the railroad note
issues and bonds sales of the week. Dis
counts were firm in London today and
foreign exchange here rose, but no steps
were taken looking to export of gold
Bonds were irregular, par value 81 1885,
[. S. bonds were unchanged on call.