The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-06-15
FREE SELLING
IN WALL Street
Market Broader and More Act
i've, but the Outlook is
Not Much Better.
MONEY GROWING SCARCE
PRICES AFFECTED BY REMARK
OF J. J. HILL.
MONEY GROWING SCARCE

New York, June 1.-THE number of
shares of stocks sold in the early trading
on the stock exchange was largely in eK-
cess OF the aggregate for the five hours
of yesterdays session. This rate of &C
tivity was by no means maintained. but
the market was appreciably broader and
more active than recently. The motives
for the free selling were not clear be-
yond the general disbursement felt by
holders of stocks who are waiting for
profit from higher prices over the deter
mined action from building securities
which keeps the demand PROSTATE. There
was selling to some extent and the news
% an important failure at Alexandria was
a depressing factor in that market, ow-
Ing to the large commitments of British
capital in the industrial extension in
Egypt and the fear of over expansion
there Paris also continued the lquida-
ton of securities. Discounts advanced
In London, Paris and Berlin. Further
engagements of gold for export were eX-
pected, therefore, but were not an
nounced until afternoon. The announce
ment seemed to check the pressure on the
stock market for a time, indicating that
the weakness of stocks had been through
fear of the gold exports. The engage
ment of 100000 for shipment to Paris
brings the total on the present movement
New York bank resources in face of the
requirement of July / gives growing i'm
portance to the Paris demand for gold.
The loss by the banks to the sub-treas-
Jury up TO Thursday night of SO, 395, 600 is
mostly due to last Saturdays exports of
gold. The movement of currency shifted
this week largely in favor of New York.
so that the loss of cash seems to be be-
tween one and two million dollars.
With last weeks surplus already re-
duced to below 100000 and prospects of
further demand next week for gold for
export, the outlook grows clearer for a
hardening in the money market Call
money loaned today at per cent. Some
weakness in Union Pacific was due to an
uncorrobOrated report of an intended suit
to compel the company to divest itself of
ownership of stocks of other railroads.
There was severe pressure upon Reading
also. and this was connected with reports
Giscrediting previous rumors of an in
tended Increase in the dividend rate. A
cause assigned for some of the selling was
the report of ]. ]. HIS discOuraging re-
mark the outlook for railroad credit
Mr.. HIS assertion that the government
would be compelled ultimately TO lend its
credit TO the railroads to finance their
needs was regarded as rather the play
of a skilful dialectician to ground the
course Of an opponent in an absurdity,
than as practical suggestion. The
contention that the credit Of the rail-
roads has been ruined, however, and that
they cannot finance railway offers small
ground for cheeTfulness among owners
of railroad securities. Much of the sell
ing was attributed to professional operat.
ors, but 1t was remarked that the de-
cline I'm prices had no effect in melting de-
mand. The decline was equally ineffec-
tive in dislodging any large offerings of
stocks. The demand from the uncovered
shorts toward the close of the day was
sufficient to cause some considerable re-
covery
Bonds were irregular. Total sales. par
United States bonds were unchanged on
call.