The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-05-29
REBOUND IN THE
STOCK MARKET
Shorts Continued Their Sales
Until Supporting Orders Drove
Them to Cover.
USUAL REACTION FOLLOWS
CLOSE WAS WEAK AT BOTTOM
PRICES.
USUAL REACTION FOLLOWS

New York, May 2S.-The support which
was at no time apparent i'm yesterdays
stock market was offered today with the
change in tie complexion of the speeu-
lation as a consequence. It was matter
of course that, after so precipitate a fall
in prices as occurred. there should be an
extensive uncovered short interest in the
market. as the professional operators in
the board room invariably continue short
sales up TO the limits of a decline They
continued their sales in the early part
Of today's session and helped 10 force
the level of prices in many stocks to be-
low the lowest prices touched yesterday
and 10 bring additions 10 the list Of stocks
selling lower than during the panic OF
March.
The demand which developed after sup
port became effective was largely from
the uncovered short interest. One of the
plainest indications of this was the close
proportion of gains today to losses of yes
terday.. Stocks which HAD been most
acutelyt depressed yesterday rebounded
with most apparent Vlgor today. Another
significant sign of the character of the
buying was the manner in which it sub
sided aat the recovery level, where the
profit to the bears was correspondingly
diminlshed. 1t died out entirely at the
<st when the final relapse in prices
caused so far as there was news to ac-
count for the Improvement in tone, the
OccllHe III the wheat market and Inc QOu d
raised over the continuance of the gold
export movement We're responsible
Reports from the wheat belt of rising
temperature were Of the greater senti-
mental effect in Wall street because of
the emergence Of the sun from the rain
soaked clouds which hung over the finan-
clal district yesterday. The fact seems
not fairly negligible in view of the
grave weight ATTACHED to the weather
conditions in the discussion of yester-
days glooming stock market. The weight
OF the selling to take profits in wheat yes
terday in view of the unfavOrable wealth
er conditions was eloquent of the extent
of the purely speculative buying which
has put up the price of wheat. The week
~ bulletin of the weather bureau, is
sued today, was not reassurinS. Wheat,
however, continued to decline.
The movement of the price of wheat
served to sOOth Wall street apprehensiOns
on some of the crop scare reports. These
continued in full tide today from the do
was better. especially that from Russia
with evident effect upon the worlds
grain markets The feature in the in
terEational exchange situation today was
a recovery OF one centime in the rate of
sterling exchange at Paris. This leaves
II doubtful whether more gold will be
engaged here tomorrow to export to
france or makes IL certain that any en-
Sagement will be smaller than estimated
yesterday. This change in conditions re-
heved the market from some of the de
pANoStJu CduSEu bg yesterday estimate
that the weeks outgo of gold might reach
four, or even five millions.
Discounts continued 10 advance today
in London and were firm i'm Paris. and
foreign exchange held firm here. The To-
cal money market was unaffected and
for short time loans was slightly easier.
For time loans for the longer periods
however, the offerings were extremely
small. London and Berlin stock markets
were depressed STILL although some recov-
cry followed at Paris. The price OF Brit
ish conscls fell back to the years low
record at S41z. which is also the lowest
price touched in half a century. There
was much discussion of the expected ten
or of President ROOsevelts Decora-cn
day speech at Indianapolis, and some of
the buying of stocks was accompanied by
profeSsed confidence that the speech
would improve the condition of financial
sentiment The buying was not energetic
at any time and il steadily subsidized, so
that the bears had no difficulty in fore
ing prices back in the last fifteen min
utes of trading, some of the stocks fall
ing to the lowest Of the day. The clos
ing was distinctly weak.
a Bonds were easy Total sales, par val
Ne. $1Sl0,OOO.
United States Is registered declined Il
on call.