The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-10-01
HEAVY SELLERS
ON SHORT SIDE
Professionals Take Advantage
of Conditions to Cover Ex-
tensive Short Interests.
SECURITIES UNINTERESTING
WALL STREET DECIDEDLY DULL
AT PRESENT.
SECURITIES UNINTERESTING

New York. Sept 3O.-The movement in
prices in the stock market today was
regarded as due rather TO the adjustment
of speculative contracts among profess
sional operators than to any new view
OF the conditions. The professionals were
heavy sellers on the short side last week
and they took advantage of the outside
selling strength over the week end TO
cover extensive short interests today. The
selling induced by last weeks sharp de-
cline was most pronounced today on Lon
don S account. From the lower level of
prices at the start there was a brisk re-
covery from show of vigorous strength
Tor time. but with a reduction of the
snort interest and the satisfaction OF de-
mand from that source the market sank
back into mood of uncertainty and OF
irregular fluctuations. The money mar
ket reflected the preparations for the
october settlements. as is usually the
case on the last day of the month"; but
the strain was so far short of stringency
that the effect was rather TO increase the
disposition of the shorts to cover.
Call money did not get above per
cent. The later dizziness of the stock
market was due in part 20 the postpone
ment beyond the expected hour of the
delivery of the presidential speech at
Canton, making its publication until after
the days session of the stock market was
over improbable. There was some re-
vision of last weeks estimates of what
the substance of this address would be,
but this was accompanied by sugges-
tions that the presidential utterances
from which disturbance of financial SEN
timent dreaded might be looked for in
later addresses. Underlying the present
situation is the general conviction that
period OF abstention from speculative
activity is essential to the safe working
of the needs 10 be met The torpid de-
mand for securities which is one con-
sequence OF this abStentiOn opens the
way for bear attack. Hopeful views are
reported among the ranks of bankers and
in other ranks of capital nevertheless
The October dividend and interest pay
ments, according 10 the estimate of the
Journal of Commerce, will amount 10
Sl6o,O00,O00. which is the largest ever made
for this period OF the year, notwithstand-
ing reductions in dividends in some com
panies notably the coppers, and readjust-
ment OF dividend proceeds by some of
the large railroad companies which would
also affect the comparison. To meet these
large disbursements there are large &C
cumulations of cash which involve tenn
porary withdra walls from the active uses
Of the money market but redeposit OF
these fund.- will bring them back 10 the
money market. The availability of this
large sum has had little reflection in the
immediate reinves tment demand for Sc
curitles in the New York securities mar
ket, but II means replenishment of the
capital fund nevertheless. This fund
finds greater attraction yet in the money
market and in more direct forms of lend
ing Assertions from railroad officials
of the sustained volume of their traffic
and especially of the great grain move
ment were features of the weekly inter
views from that source. Copper weakened
in London, but no change was announced
here.
The punishment administered to the op-
orators in Canadian Pacific was illustrat-
ed in a lS-point rise in that stock and
the disposition of bears to cover else
where was emphasized.
Bonds were irregular. Total sales, par
value. 81 366, 900.
United States bonds were unchanged
on