The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-06-12
DEPRESSION Of
STOCK MARKET
Professionals Have the Field to
Themselves and Price Move
ment Was Exaggerated.
MOVEMENT WAS ERRATlC
FLUCTUATIONS ON coIPkRA-
lively SMALL DEALINGS.
MOVEMENT WAS ERRATIC

New York June ia mood of de-
preston crept over the stock market to-
day, which efforts to throw off proved
unavailing. The trading was largely In
professional hands, and the movement of
prices was under suspicion of exaggera-
lion by the efforts of this class to furnish
their purpose of getting action sufficient
TO offer profit on operations. The con-
sequence was rather erratic movement
OF prices and abrupt fluctuations on
comparatively small dealings. The OPP
portunist policy of the traders led to
sudden shiftings of positions in the mar
ket without maintaining any ground for
long. The constant changes thus involved
gave suggestion % lack of conviction on
the part OF the operators. There was
some disposition to attribute the recur-
rent weakness TO the important failure
in the contra citing business announced this
morning, although the effects of this
were slight so far as surface indications
went. The decline at the opening was at
tributed to this cause, but did not go
Tar before effective support was forth
coming. The dimensions of the habil-
tiles involved in the failure, however,
made IL impressive. The incident gave
rise also to much discussion OF its pos
sible symptomatic character. Its signifi-
canoe as an evidence of a shortage of
capital was obvious. but the example was
lessened I'm its force by the fact of the
large outlay by the involved company in
n
when capital was especially difficult to
secure
The implied suggestion that the finan-
cial position was such as to hamper i'm
proVement work was not helpful to spec
ulative sentiment. A more influential fac
tor in the weakness of the market was
the bad impression caused by the aeerbity
OF public discussion in Japan of rela-
lions with the United States. Japan 41ks
declined sc to 1kc in this market but the
other issues were unaffected here, AL
though some heaviness was reported in
Japan issues abroad Paris also resumed
don. The money market here grew per-
cepubiy stronger, and opinion gained
force that a rise before the end of the
half year is a likelihood
The announcement of the coming Of
fering of $29.OOO,OO0 of New York city
bonds emphasized this belief. The peri
odlcal disbursements to be made on JULY
TINS year are unusually heavy. The
qnestlon remains open also of what means
VIII be employed for the REDEMPTION of
the government bonds maturing on July
1, whether by drafts on government de-
posts with the banks or by the prelim-
mary withdrawal of the funds from the
banks by transfer to the sub-trea sIIries
The action of the wheat market con
firmed yesterdays view of the govern
ment crop report. that il reflected the
extreme appreheEsions which have been
held regarding the crops But stocks
failed to benefit from this There was n
momentary rise in prices when Il was
announced that Governor Hughes had We
toed the New York two-eent fare bill.
but the drop from that point was abr1lnt
with the dissemination of the rumors of
trouble with Japan. Last prices repre-
scented very slight recoveries from the
lowest
vd Bond, .sS were ere irregular Total sales par
United States bonds were unchanged on
call. '''