The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-01-25
Prices Crumbled Away Under Heavy
Realizing Sales.
DAY FOR SHORTS
MILLION AND a THIRD SHARES
WERE SOLD.
Movement to Unload Attributed to a
General Desire to Take Profits
All of the Active Stocks Were
Lower Clearing House Record
Broken-Lead and Copper Higher.

New York, Jan. 2-4.-Enormous realizing
n short sales today materially affected
the quoted prices of stocks. The dealings
We're in excess OF a million. and a third
of shares, and at no time did prices OF
the higher valued railroad stocks reach
yesterdays closing figures. Heavy sales
in the early dealings were caused partly
by the lower range of London quotations
II there were numerous declneS eX-
ceeding 2 point. A sharp upward move
ment followed, support being extended TO
Michigan Central, Union Pacific preferred,
General Electric, Peoples Gas, Manhat-
tan and Missouri Pacific, New Jersey
Central, Tennessee Coal & Iron and
Federal Steel common were also lifted.
The trading element begun TO sell freely
appreciated.
The market at first became dull as
prices receded, but the selling gradually
assumed larger volume and quotations
rapidly crumbled away, eventually aWak-
ening practically all stocks traded in. In
the absence of unfavorable news the re-
action was attributed to technical condi-
tons. By reaching stop losses orders in
the more active snare material SlumpS
occurred in prices, with as much as 81
point or more difference in quotations be-
tween transactions.
Money continued easy and the banks
were expected to make another heavy
gain in a this week. The movement
or money from the interior and from
California continues heavily in favor Of
New York. The lowest price of the day
was made in the final hour and selling at
that time wiped out the gains in stocks
made earlier in the day.
The extreme breaks in the Va%nderbilts
ranged up to AZ in Northwest. In the
Flower specialtieS the largest break was
in New York Air Brake, six points. The
drop in the grangers ranged from two
points in Rock Island to 81 in Burlington.
to AZ in Reading first preferred. In the
Pacifics the extreme drop was 4 points in
Union Pacific preferred. Pennsylvania
dropped 3&, American Malt 8 n General
Electric 8. New York, Ontario & West
ern was the most active stock on the list
and dropped 215 points.
A number of wagers were settled today
when Missouri Pacific on dividend rumorS
crossed Northern Pacific common in the
forenoon trading. 4 feature of the mar
ket was the resumption of activity in the
middle class n low priced stocks.
The bond market displayed early
strength, but later yielded in sympathy
with the reaction in the stock market.
Total sales 1920, 900.
q. S. IS and the old As coupon declined
Is in the bid price.
Total sales of stock today were 1882. 924
shares, including: 2225O Atchison, 1O1,S2
Atchison preferred, 1880 Canadian South
ern, 20, $50 Chesapeake & Ohio. 1854 Bur
Iington, 1886 c. c. c. & St. Louis, 5000
C. c. c. q st. Louis preferred. 1924 Del
aware & Hudson, $3.50 D. & f. G. pre-
ferred. I,4a Erie preferred, 1900 Illinois
Central, 17,4W L. & N, 1886 Manhattan,
5000 metropolitan, 1910 Reading pre-
ferred, 1882 Missouri Pacific. 1000 New
Jersey Central, 49, 20 New York Central,
23.S25 North American. 24320 Northern Pa
ciic, 1918 Northern Pacific preferred, ia
9l5 Rock Island, 1880 Union Pacific, IS, 100
st. Paul, 400 Southern Railway, $3.50
Southern Railway preferred. GO, 80 Union
PACING preferred, 1920 Wabash preferred.
$50 Paper, 1880 Tobacco, n.21O Steel. s.
265 Steel preferred. 1880 Peoples Gas,
Sab General Electric, 10.470 Brooklyn
Transit; 1900 Pacific Mail. 1851 Sugar.
"a, 40 Tennessee Coal & Iron. 600
Leather preferred. 31.57S Western Union.
500 St Louis & Southwestern, 27.1OO Chi
caSO Great Western.