The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-05-08
STOCK MARKET
PROFESSIONAL
Line of Least Resistance Was
Downward and Brokers Act
ed Accordingly.
UNION PACIFIC QUIESCENT
NEW YORK CENTRAL UNDER
PRESSURE.
UNION PACIFIC QUIESCEN1

New York. May The professional op-
orators in stocks had the market 10 them
selves today. They found the line of least
resistance to be downwards and accord
insly sold and offered prices down to seek
Z profit upon the short side Of the mar
ket. The sentiment of the day was one
of depression, fostered by several consid-
erations. Probably the most effective of
these was the abandonment of the recent
operations for the rise in a handful of
stocks which have made up the largest
proportion of the dealings for d consd-
cradle time past. The perception of the
fact that profits were being taken in these
stocks and the running out OF the de-
5nand for them aroused the suspicion of
q manipulative origin for the extensive
advances which have occurred and af-
1ected the tone OF the whole market in
consequence. Union Pacific and Reading
have made up the bulk of the recent mar
ket and their relapse today did not leave
room for the escape of the general list.
The check 10 The rise in Reading was re-
inforced by the marked weakness in
Delaware & Hudson. which developed
yesterday and continued today.
The pressure on this stock had the ap
pearance of liquidation. Reports of new
financing, involving issues of new securi-
ties were AMONGST the attempted explana-
tions. Union Pacific also was the subject
OF reeurreGt runors Of an issue of new
securities to finance its requirements. New
York Central was under some degree of
positive pressure. which was attributed TO
the disappointment felt by shareholders
over the large deficit below the require
ment shown by the earnings for the
March quarter. This showing in fact has
proved a factor of discussion In the whole
market and its influence has not subsidized
with the interval elapsed since its publi
cation. The prospects continued TO be
disturbing influence in the stock mar
ket in spite OF the published views of
number Of competent authorities in tone
the crops at the present stage. The week
" bulletin of the weather bureau gave
concise information however, Of decidedly
unfavCTable conditions over large part
of the winter wheat region Traders in
stocks were inclined to discount an I'M
favorable report from the agricultural
department on Friday
There was some discussion of possible
unfsVora BILE developments in the money
situation. prompted by the suggestion Of
an early out-go of gold from here to Paris
and by rumors that the secretary of the
treasury was about to withdraw part OF
the government deposit with the banks.
There was a decline in sterling exchange
here and rise at Paris during the day,
both of these movements widening the
margin which exists before gold ship
ments TO Paris would become profitable.
The alleged intention to withdraw govern
ment deposits was denied. Transfers of
s. na 900 to San Francisco yesterday and
today were said 20. be induced by OPEN
ing of reconstruction work IN that city.
The market is q factor in the diminishing
hank reserves in New York The long
s-horemen's strike was regarded as an un-
pleasant incident in its possible effect on
railroad traffic centering mere Coverings
days declines. Atchison developed some
s-repcth. attributable 10 NOR" favorable
views IF the controveTtible hoFid issues.
Po7ls were irregular. total sales. par
value 81 IA GO.
I-7ited States bonds were unchanged on
call