The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-01-29
WEAK CLOSING
AFTER DULL DAY
Decline in Prices of Securities
Yesterdays Feature on
Stock Exchange.
MANY REASONS ADVANCED
RENEWED SELLING FOR THE
PROFESSIONAL ELEMENT.

New York. Jan. 2S.-The decline in the
prices of securities was resumed i'm the
STOCK market today after a period of de-
sutory resistance during the early hours
OF the stock exchange session The in
different demand which became manifest
AT any rise in prices and the apprehen-
sloil lnat adqltlonal liquidation remained
20 De erected prompted the renewed SELL
ing OF the market by professional opera
TORS. There were evidences of liouidatiOn
mere and there in the list to confirm them
IN thelr attitude toward the market AS
motive for the selling much was made
by the sellers themselves of the report of
the interstate commerce commission en-
oooylns the results of its investigation
OF the standard Oil company. The sub
stance OF the report was not unknown
10 all street any more than was the
similar one transmitted to congress last
week upon the eastern coal carving rail-
roads. but the publication of the reports
made an impression on financial senti-
ment as accumulative evidence of the
scope OF the government activities against
corporation abuses.
This influence was supplemented also
by the circulation Of rumors of further
recommendations TO be expected from the
president looking to an extension of the
commissions inquiries into railroad prop
erueS. Inc prominence in public affairs
Whlch the pursuit of corporations has
attained is giving large responsibility i'm
the opinion OF the financial world for the
difficulty in finding a market for new
capital issues. 1t is felt that if adequate
capital is not forthcoming the march Of
industrial progress must be checked The
abandonment or curtailment of works of
Improvement on a large scale would be
necessarily an important element in re-
ducing the employment of labor and de-
mand for material of construction which
might have a determining influence in
the turn or the industrial tide towards
reaction.
There were minor Incidents in the days
events to keep this point Of view promi-
nent. such TpnOTtS that tho of
the iron market indicated that the cream
was off the iron and steel trade. or the
receipt of statements of railroad net earn
lngs for December showing. "A uniform
tendency towards decrease from last
years level owing to the large increase in
operating expenses. Quite positive asser-
tons were in circulation that a decision
had been rendered against any increase of
the dividend on United States Steel at to-
morrows meeting of directors.
Rates for time money advanced again
today. Government fiscal operations are
against the money market again. the sub
treasury having already absorbed s. 4S2. 900
upon the new banking week. Discounts
hardened also in London i'm spite of large
gains in cash by the Bank of England
Element this week i'm London is a source
of heavy money requirements and some
anxiety regarding the market position in
Americans. The decline gathered force
as il progressed and the closing was very
weak and active.
Bonds were irregular. Total sales. par
value. $l,570.OO0.
United States bonds advanced 4 per
cent on call