The Salt Lake herald-Republican. [volume] (Salt Lake City, Utah) 1909-1918, 1910-07-06
MARKET WITHOUT
SIGN OF SUPPORT
Little or No Demand for Stocks
and Prices on Down
Grade.
BEARS IN HIGH FEATHER
LARGE SHRINKAGE IN CASH
HOLDINGS OF BANKS.
BEARS IN HIGH FEATHER

New York. July 5.-Demand for
stocks showed extreme prostration to-
day and prices were allowed TO run
dowEwards without any sign OF sup
port by important banking and finan-
cial interests. The amount Of stocks
marketed was not large. The severity
OF the extreme decline was notable on
that account. The bear party IN the
market seemed encouraged BY the Ia
cility with which they were able to
procure stocks 10 cover the short
transactions left open after last weeks
break In prices. Having covered over
the three days holiday interval. they
were prepared % put out fresh short
lines today. The demand was 50 Ian
guild that this selling was easily ef-
fective. 10 was suspected that there
was some re-sellinR Of stocks bought
ON the break last week for a profitable
upturn IN the market or purely for
purposes Of support 20 check the de-
moFeii1ation- Inc signs that these
stocks were coming back on the mar
kct were taken to mean that the larger
financial interests were not commit
ting themselves TO any effort 20 ad-
vance prices, or even sustain the mar
The consequence was drop to near
last weeks low level OF prices early
in the day. but an arrest short Of that
The renewal OF the depression was
not accounted Tor by any striking new
developments in the situation. The
most important item or news was the
death u the chief justice OF the SUI
preme court Probably no period In
the history Of the supreme court has
seen questions OF more vital and more
peculiar interest TO corporate wealth
awaiting the decision Of that tribunal
The extreme view Of the pending
sherman law cases before that court is
that the very existence % corporations
is wrapped un In the form which the
decree may take. Even where that eN-
trcme view o. moderate the opinion IS
general In financial circles that definite
plans Tor forward action involving, the
corporations Is held back and viii be
delayed until an q supreme court has set
its definite Interpretation upon the
sherman law. Unless n special session
% The Senate is called TO act on early
appointments 20 fill vacancies on the
supreme bench. n further delay in the
hearing Of the cases until after De-
cemher LIST e. regarded as unavoidable
Another item In the days dispute
tudc was the large shrinkaEe in cash
holdings of the banks disclosed by the
saturday bank statement. loss Of
nearly 10000 900 IN the actual cash
fs.Al3.800 loan expansion did not
coincide with the known facts OF the
stock market liquidation. although the
serni-annuaf settlements might offer a
The cash item. however. caused n sup
position that outside banks had drawn
very heavily on the New York balances.
and this directed removed attention 70
the possibility OF further requirements
60 conserve the interior banking posi-
lion The easing discount market in
London and the downward course OF
foreign exchange rates awakened dis
cussion or probable Imports Of gold.
Bonds were irregular. Total sales.
par value. sf.760 900. United States
bonds were unchanged on call
CLOSING STOCK LIST.