Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1901-01-05
II The First Hour he Volume Of Business
Transacted EcIipsed All Records.
Mems ulnds Were Prepared Tor Mar
veis Paradise for Professionals
Price Movement Very VIVA.


stock exchange We're wholly unequa
TO the performance Of an the business
demanded Of &c.
The atmosphere In the neighborhoo,
OF The exchange was charged with IN
excited spirit and mems minds wer
prepared Tor maryels anl We're opeI
TO almost any exaggeration On the way
OF prophecy Tor the future II was ap.
parent from the frOthy efteryesCencs
of prices az the opening that heavy or.
ders had been placed IN various stocks
to buy at the market without any
reservation as 10 the price. such d
market offered O paradise To- the pro-
tes3lonal manlpulat0r and enabled hin
TO make opening prices az an impossi-
be level Many professional operators
who had been unlimited buyers in yes
lerday's upward surge Of prices, came
down town this morning with an easy
sense that they had been reckless But
the opening changed their minds and
they unloaded al handsome profits.
The price movement was very Wild.
some OF the railroad stocks which are
usually most stable, shooting upwards
Ike rockets, only 10 fan back. Rail
roads I'm which the capitalists, credited
with the ST. Paul deal have any IN
terest or connection. were especially er-
ratio, Ia the prevalent belief that fur
thcr enormous consultations OF rail-
road interests are contemplated. This
would take In important railroads
amongst the coalers trunk lines and
Paclics Accordingly there was vio-
lent speculation In ne Readings, Erie
ST. Paul Northern Pacific aud the
Changers, Missouri Pacific aud other
stocks Opening gains among these ran
from 20 oyer points. "
These bulges at the opening We're no
more astonishing than the headlopg
rush IN sell stocks at the high level
In which variations Of half Ia one point
between sales quickly followed each
other 20 the extent OF several points.
This represented the eager Efforts of
the purely speculative element 10 skim
the cream on theseductive proftsrepre-
scented by the volatile rise of yesterday
ana this morning. The consequence
was some quick reactions, running from
two 90 nearly five points, the latter Ia
the Readings
The evidence of the instability OF ;he
The speculation did not have an imme-
date effect but by The second hour the
market had quieted down considerably
and was much less euauc, Sugar.
Tennessee Coal and the Rubber stocks
were weak and affected the general list
Some OF the railroad stocks, including
ST. Paul lost an their gains. There
were renewed advances In the Read
fHIl I'D. D.
the purpose of sustaining the market.
but realizing continued heavy and
prices fell again lower than before.
The disposition 90 take profits in
creased during the second hour. oW-
ing 20 the feeling OF insecurity caused
by the instability " prices The eager
ness to Sell became almost as marked
ass the urgent buying demand AZ first
and prices very generally forced below
last night The violent fluctuations In
prices were accompanied by great ex-
element The days business was
record breaker for Saturday. l.l670OO
shares having changed hands. Only
once before in the history of the ex-
change have the sales for Saturday
session Of two hours reached a million
shares Sales OF the Reading stocks
We're % 900 shares OF the FIRST preferred
lOi. 600 shares Of lhe common and 10000
shares Of the second preferred and over
100000 shares of Erie common.
MONEY
Close. Money on can steady at 4 per
cent. Prime mercantile paper 400
per cent,
Sterling exchange nominal with actu-
al business In bankers bills at ASK
az for demand and at AslhqA Tor
sixty days Posted rates 4S3a4SL
Commercial bills. 4SlhNA.
Silver certlhcates-6iA06j.
HIayiHan 5,ii.r. ,on