The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-01-06
STOCKS IN THE EAST
speculative Fever Again Forces
Heavy Bulge.
STATUS Is DANGEROUS
-,-r5rALTHY CONDITIONS MAKE
A CRASH POSSIBLE.

: ------ : N
Hl-.- cnerVesceuCe. They quickly
trs-,mcf the frotL at the top level or
49, tg take pTodts, and attracted so
49, a following TO the selling Slae
.-sr me sensational ope ling gains " ere
--.s.rv wiped out before the close, ara
5- aT cases greatly reduced Alltt d
4.- of violent excitement at exceeding
,-- wide fluctuations the market was
f..fdadIv easy in tone al the close ana
et q level generally below last night
NOR. were some important exceptions
and there were a number of spaSmOdIc
-arIfa- Of weak stocks on covering Dy
charts It was e. Spectators day pure
90 simple and whatever substantial
.-rsiHrratiOns may have been behind
- buviug demand were almost com
-lataI- lost sight of in "a frenzy of spec
L5.tfg. excitement. No stOT- was too
,-T8 gr improbable To gain ready Gre
UtuUe. c..
p.-r IS O., pass TO the control of the
--r.rn traus-continentai lines has
Id The speculative mind open 10 al
.-.-r ANYTHING in the way OF rumOrs
-.,4-1fng railroad combinations. Cap
-,..sf- Who have been influential in
+rs 81 Paul deal are supposed to have
additional far-reaching plans These
.-rru4s4I plans were made the basis OF
.far-s extraordinary movement. The
.4 fhrrfzaI announcement before the
E-ss that j. p Morgan & Co had Sc
mod control of the Central railroad OF
Ne. Jersey in the interest of the Read
inc ro.upanv offered some basis for the
r1r-,nr= current. The Reading stocks
.rer- most prominent in the onenlng
erurt OF prices. the HTSJ ptrLetfeq
mounting = points the second preferred
aI- and the common 67s. The extreme
.dvance i'm New Jersey Central was o9E-
Iu the heavy hUyng at the opening
There Uere advances also OF points
fu Missouri Pacific, 81 n 81 Faul- "a
in Erie first preferred Z9s IN Erie COM
mon 8 iu Erie second preferred ana "a
i'm Rock Island Gains of from l To :
points were numerous all through the
m. eageness Il the selling to take
y profits caused sudden and violent de-
,.Tfu.e successive sales In some cases
,-ruiug "a half 10 point from prices,
until they were carried back To last
nights level OF below. Meantime there
was growing weakness in sugar Ten
ueSSer Coal the Rubber stocks and
some other iudusJrials. The fevertsh
excitement ou the floor of the exchange
WAS iudrSrrihabIc With prices In
state of Wild fuCruatilu. The sense OF
insecurity beramc overwhelming. Nio-
lent advances were followed by wide
rrlauees and ass sudden TecoVcries- /
creased the disposition to- SELL and the
favorable bank statement was taken
advantage of tp further unload ST
Paul reacted 81 points from the top,
Z New Jersey Central {. Northern Pacific
3ia and Pennsylvania 3il The Read
ing stocks showed o 40 3 points net
gain for the day. Baltimore * Ohio 32S
New Jersey Central % and Missouri
Pacific u.s.. Otherwise there was Moth
ing important on the side of gains and
The list presents O. ragged line of net
losses
Weeks FIuctUatiOn Violent.
Wall street has witnessed one of the
most astonishing revolutions in specu-
LdiiTe sentiment during the past week
III ITS history ON Thursday night the
impression was well nigh universal
among the specializing public that the
iHH--a"dIteu reaction i'm stocks had
been naugurated and heightened
course of liquidation fairly estab-
E~h'a- ] he causes underlying the
sudden and unprecedented recoy-
cry on Friday are not suff-
GENTLY outlined Vet to be clearly
aA@Il z'd- The course of prices is itself
2 suificlent demonstration that power
II combinations of capital had pIans
still unprovided ron Hecessftatfrr- the
buying of wholesale amounts of grOcIzS
or various railroads. it is evident. also
l-al the speculative public in large
numbers were standing eagerly bz
i1'hlnE Tor an opportunity to Eet into
me market at prices below the prevail
INK ever ana their precipitate rush To
tIF forced prices upward with q frotb--
eI-rNeScence- Much surprise Is heard in
wan street also as To the identity of
.-' obviously large short interest which
"tr driven tD cover and severely r-rr,
l-0a- on Friday, and the belief is cen
t'al That the settlement of old scores
ana antipathieS had no small mart i'm
''-1 --'lelous raid made on the bears.
Unhealthy c additions Shown.
10 is difficult to give an idea i'm ref
respect of the mid-WCek conditions in
-.'- STOCK market. but-it is evident thar
very unhealthy conditions must have
'...'-aL"4 the market TO make possible
SUE. "a setback as occurred co0sfdar7y---
Vas. waiting demand for stocks
..-4ueuce was rather preciDf-
-z scramble TO unload by the large
-......' '. holders of a narrow margin.
....'-. resources to extend the margin
A> ID Mold their stock through any
a--" dtsline-the reckless gam
H' stake their all on on uncer-
.-7 . a possible chance is offered
=.-. sudden wealth. There have
.. ABUNDANT Indications of late of the
e.'.IT NJ this element among The act
LOT. -N H The stock market These
a.- o. blind Credulity in seusa-
.- ~ Hl tilmSy authority and
...'. Taa 31.ity, and a reckless in
-..- P" what price is paid for
-.E .H.E they may secure a title
DIV. 't however uncertain a tenure.
..s HHt of the cash paid down
-... --'.I+E Co meet the future obIi-
,r..# .aEmaut. At "a period of
e. nj rser d