The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-06-19
STOCK MARKET
LIES DORMANT
All the Buying Orders in Sight
Disposed of During the
First Hour.
MARKET WAS VULNERABLE
BRITISH coNsoLs A FRACTION
LOWER.
MARKET WAS VULNERABLE

New York, June lS.-Listless indiffec-
enee was the dominant tone of the stock
market today. There was some extension
in the early dealings of yesterdays up
ward movement, but by the expiration of
the first hour all the buying orders in
sight had been executed and left the mar
ket easily vulnerable to subsequent reac-
ton. The announcement of an engage
ment of gold for export to Paris tOmOr-
row also served to reinforce the warning
of depletion of money market resources.
A further outgo of gold on Thursday mas
been taken for granted, owing to the IA
cilitieS by fast steamers sailing on that
day. The anticipation of the movement
by one day carried a suggestion OF ur-
gency which made a sentimental impress
sion. Taken with the shipments OF last
Saturday and the expected outgO on
Thursday, tOday's engagement already
points to a practical exhaustion OIL the
surplus reserves of the banks before the
week is out. Both the call and time mon
ey markets were affected by this out
look today and ruled at higher rates Lon
don also was reported disturbed over the
money outlook and British cOnsols slipped
a fraction lower than the recent low rec
ord for more than sixty years past.
Discounts in the London market held
practically at the bank rate. The fur
Their advance in the sterling rate at Paris
gave point to the discussion of possible
inducements to be offered by the Bank of
England to draw gold from New York.
VANISHING
eve of the Semi-annual settlements dp-
preaching, discouraged any disposition to
extend marginal holdings in the stock
market. Some brokers profess the hope
that the sums to be disbursed in the pro-
gress of the semi annual settlements, in
Guiding the redemption of the govern
ment 4 per cents of 1907 may stimulate
investment demand. Up to this time how
ever, there has been no sign of the pre-
liminary buying for investment, especial
ly in the bond market. which precedes
ordinarily a period of distribution of prof
its. 1t is the conviction Of some of the
investment commission houses that there
is waiting demand of this character which
would become active on any strong dem
onstration that the long decline in prices
has ended.
Some disappointment was professed by
operators in Reading over the action OF
the directors of the Central Railroad of
New Jersey in declaring only the regular
quarterly dividend on that stock. This
was accepted apparently as definite
TefutatiOn OF assertions that rise on the
Reading dividend this week was in con-
temptation. A more probable index of the
character of the recent operations in
Reading was the rumOr set aflOat of buy
ing IN the Union Pacific interest look
ing to the formation OF an Ocean-to-ocean
system. This TumOT seemed too grandiose
TO fIt the extremely modest dimensions
of tOday's market and had much to do
with awakening suspicion and prompting
selling TO realize.
Reading and Union Pacific so far over
Swallowed the whole market in activity
that their reaction carried prices as a
whole downward. Cheerful reports from
the crop regions and the favorable week
" bulletin of the weather bureau did not
avail TO arrest the reactiOnary tendency.
Small declines resulted generally from
the days business.
Bonds were steady. Total sales, par
value. $Sl4,000.- United States bonds We're
unchanged on call. --