The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-07-11
DECLINE IN PRICES
IS BUT NATURAL
Wall Street Accepts 1t as Re-
turn to Natural Level from
ManlpuIative Prices.
MONEY MARKET Is TIGHTER
GOVERNMENT CROP REPORT AT
FORDS NO HELP.
MONEY MARKET is TIGHTER

New York, July 10.-The rapid decline
in prices of stocks today was quite gen.
orally accepted as a readjustment from
an artificial level established by manipu-
latiVe tactics Various occurrences were
cited as weakening influences on the
market, but the conviction remained that
these were impelling causes toward the
abandonment OF a futile campaign for a
rise rather than any deep seated incen-
tive TO liquidation in the ordinary sense.
Bankers and even stock commission
houses are numerous which have depre-
Gated the untimeliness of the recent Op-
eratIOns to advance prices and TO at
tract public interest in stocks. but the
persistence and the strength of operations
carried a certain amount of conviction
with them The campaign was carried
up TO the very threshold of tOdays Sc
we're money requirements with apparent
uncOncern and needless of the warnings
which have been common in the Wall
street district ever since the advertise
ments designed to further the project be-
gan to appear. The whole project seemed
TO be abruptly abandoned today and half
to twO-thTd gains which have been more
than two weeks in establishing We're sur
rendered in a few hours St. Paul which
was reserved the speculative leadership
for their last resource. after being forced
up in the face of selling pressure. natu-
rally was the most acute sufferer today.
Union Pacific, Reading. Amalgamated
Copper and the Hill stocks came next in
their order. in which they have figured in
the operations of the manipulatOrs Of the
market. Some weakness in Union Pa
cific was attributed to the poor subscrip-
tons reported to the new convertible
bond issue. A converse statement of the
case was also heard, that the subscription
period for the bonds having expired, the
support of Union Pacific for the pur-
pose of adding to the attra Ctiyeness OF
the bonds was no longer maintained. Sub
scriptiOn warrants for st. Paul new stock
also fell back in proportion to the fall
IN the stock itself. The squeeze in the
money market came as was expected and
was, indeed, inevitable with the with
drawal today of government deposits
from the national banks The small
number of subscriptions to the new bond
issues naturally eased the demands for
money, but the return Of deposits into the
sub-treasury depleted supplies to such an
extent as to run the money rate UP to
s per cent quite early in the day. The
filing of the governments suit against
the American Tobacco company and the
stated purpose of the New York public
utilities commission TO probe the local
sentiment Of apprehension over govern
ment activities against corporations. The
reduction in the price of copper also was
an unsettlinS influence and another de-
cline in prices at the New York metal
exchange kept alive uneasiness over the
stability of that market The govern
ment crop report offered no help to
stocks. The first report on the years
corn crop was of a poor showing The
Improvement in conditions of winter
wheat was less than was hoped for and
the falling off in condition of spring
wheat was unfavOTable.
Bonds We're easy. Total sales, par value
S1,32z0O0
United States As declined Il per cent
on cali.