The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-05-26
SHORT SESSION,
LITTLE DOING
Trades Few and Far Between
With Price Movements
Sluggish and HeSitating.
MARKET BARE OF INTEREST
BANK STATEMENT FAILED TO
HELP.
MARKET BARE OF INTEREST

New York, May 25.-The short session at
the stock exchange today was practically
bare of interest Dealings were small and
price movements sluggish and hesitating.
The undertone was weak, and tentative
efforts by room traders to carry prices up
ward were soon abandoned. A bad i'm
preston was made by the report that the
underwriting of the $4,000 600 of Rock Is
land four per cent refunding bonds had
been at as low figure as 81, the length of
time which the bond has TO run to matur-
ity indicating that little hope is enter
tanned of an early relaxation in the week
ly statement, the cash increase being
much larger than was estimated. This
did not help stocks and low prices were
made after the appearance of the state
ment. Foreign exchange continued firm
and there is growing likelihood again that
gold will go out.
Discounts in London rose further and
sharp competition is expected with Paris
for the weekly arrivals of old in the Lon
don market on Monday. There was con-
tinued liquidation in the southern railway
stocks, which forced the preferred to the
lowest level of the year. The heavy tone
OF l.. 5. Steel had marked sentimental
effect on the who'll market The closing
was weak and al the lowest prices. Total
sales of bonds, par value. $4,000.
Stocks have been for sale in large vol
ume this week, and with the continued
tOrpidity of the demand wide price con-
cessions were made necessary to secure a
market. The activities OF an organized
and aggressive bear party in the dealings
have been clearly evident, but liquidation
in large volume has given success to the
operations of the bears. The sources and
the motives of this liquidation have fur
nished the material for the principal dis
CussiOn during the week. There has been
no special new development to account
for IL. although the general conditions
IN
any Investment demand for securities, and
this has operated with cumulative force
in prompting holders to get out of their
position in the market Important HQui-
dation has been attributed 70 individual
necessities and plans on the part OF capt.
talists of high standing. and this has fur
nished a fruitful field FOR rumor and sur
mise, which is given credit by its plausi-
biiity. Heavy selling OF the United States
Steel stocks had a powerful sentimental
effect in depressing the whole list. and
rumOrs pointing to individuals we're bust
est concerning this stock. The fame given
to a large personal loan negotiated by a
capitalist prominent In the steel industry
and in mining ventures directed conJec-
ture 10 that supposed source The process
of dissolution of a stock exchange firm
which has been very prominent in specu-
iative operations for long time past,
gave another impetus TO the decision on
the subject. CfrcumStantial reports were
put IN circulation also of liquidation in
the same stock. prompted by a rumored
coming of the change in the corporation.
There were suggestions that other large
capitalists were seeking resources through
stock market liquidation TO meet obliga-
tiOnS on syndicate subscriptions, and TO
nav for new issues of securities offered as
rights on existing holdings of stocks.
There can be no doubt that requirements
of this nature constitute a very general
cause of the present restricted demand
for securities in the open market.
offers of stock at par TO stock
holders in large amounts or of con-
siderable bonds attractive for loans have
been made by a number of companies
whose stocks are most carefully guarded,
usually. against aggressive attack In the
market At present. however. stockhold-
ers are involved in obligations for period
teal instaIIments of subscriptions TO these
large. new issues which preclude them
from giving the usual support to their
stocks in the open market.