The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-05-30
PRICES BETTER
IN WALL STREET
Bears Busy Covering Short
Contracts in Spite of
RumorS of Failures.
LITTLE BUSINESS DONE
HOLIDAY PREVENTED ANY NEW
COMMITMENTS.
LITTLE BUSINESS DONE

New York, May 29-The closing up of
accounts was the important influence at
work today in the stock market. The same
influence was effective in London. Here
the Decoration day holiday tomorrow was
the motive. There the conclusion of a
stock market settlement and lack of YER
iflcaticn of rumors current yesterday that
failures were to result, prompted the COW
ering of short contracts The imminent
holiday took away all inclination amongst
traders here to enter on any new COM
mitments. The fact that the closing up
OF speculative accounts resulted in more
buying than selling of stocks was contlr-
matory of the impression that the posi-
ton is largely extended upon the short
side of the market. The uncertain price
movement of wheat, reports of more ia
Vorable weather in the crop regions and
forecast of needed rains and higher tenn
perature added to the Discrimination Of
shorts to remain uncovered over the holt
day.
The sentiment in financial circles was
that a sudden change in the prevailing un-
usually weak conditions might alleviate
to an important degree the depression at
the ruling demand for securities. The
engagement of 100000 gold for shipment
to France tomorrow did not deter the
bears in stocks from proceeding with
their movement to cover shorts This
amount was less than was estimated on
Tuesday, when the first engagement was
made, but it belied the assumption of yes
terday that no engagement would be made
today. Discounts receded in London to-
day. but conditions bearing on the gold
movement were not otherwise material
~ changed and the question Of further
outgo of gold is left open.
A rise of copper in the London metal
market was a helpful factor for the metal
market here. The professional element
was influenced in its position to some
extent by the cabled adviceS or an active
Spectator who had attracted some fol-
lowing in past movements.
The speech to be delivered by Presi-
dent Roosevelt at Indianapolis today was
much discussed Accurate knowledge Of
the substance of the speech was professed
in many quarters, but confidence was less
pronounced as TO the Interpretation TO be
placed on t in public discussion. This
the covering operations by shorts. In
creasing attention is given TO the show
ing of net earnings of railroads for Aprll,
as successive reports received indicate
correction of the recent excess of the in
crease of operating expenses over the in
crease in gross earnings.
The Lehigh Valley report for April was
the important example today and its good
showing was a strengthening factor upon
the eOalers generally. 1t appears that
officials of the railroads already reporting
for April the growth of Isl per cent
in gross earnings, leaves an expansion for
the net earnings after the increase in OPP
Grating expenses is allowed for, OF g.'s
per cent. This showing may be further
improved from the effect of advances in
freight rates, which were to go into ef-
feet in many cases on May i. The
strength of today's market IN spite OF its
extreme dizziness. drove the shorts into
gave the flip to prices which raised
them to the highest of the day. but which
was not fully maintained to the closing
Bonds were irregular. Total sales par
United States old Is declined Il per cent
on call.