The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-12-10
MARKET RAGGED
AT THE OPENING
Then Baying Movement Of Enor.
meus Volume Developed.
PR0FIT-TAKlNG AT CLOSE
NEW HIGH RECORD FOR UNION
PACIFIC.
PROFIT TAKING AT CLOSE

New York, Dec. 9.-TOdays stock mar
ket was Kaleidoscope. The market was
ragged anG irregular Until the appearance
Of the bank statement disclosing the de-
felt in the legal reserve when 4 buying
movement Of great animation and enor-
nous volume developed and carried prices
compTehe1Sively up with a resistless
sweep, Just Ia the final dealings there
was some FATHER wild throwing over of
noluings 70 realize profits. The result
was an unsettled and irregular closing.
At one time during the Snort session the
market was uniformly weak and consider
able losses showed all through the list.
TIE upward rush of prices after the ap-
pearalce OF the bank statement was a
striking demonstration of the power OF
kne organized speculation in the market.
Inc explanation commonly accepted OF
me movement was as q demonstration. OF
a positive conviction OF coming relief OF
The money market. There was nothing
but rumOrs up TO the close of the mar
ket TO account for this conviction and
ton as the source Of the expected relief.
The current discussion on this subject
assumed that the banking position dis
closed by the clearing house statement
presented a position which the secretary
OF the treasury has stated as contingent
upon his taking action to relieve the
money stringency.
1t was argued that the weeks events
showed that money resources even for
commercial purposes have been so large
" depleted that the stringency must ex-
tend 10 other quarters than the stock
market unless relief is Forthcoming. The
bank statement empha sized this eOndi-
ton. The rushing 40 OF stocks on this
assumption represents a speculative ma
newer OF some violence. OF the bank
statement itself some scepticism. was OK
pressed over the showing OF a decrease fin
the loans IN view OF the course OF the
weeks stock market. The loss in cash
VE~EC as.fE gzsr-
toreign exchange moved upward strongly
Continental exchanges also moved strong
~ against London and a rise in the Off
cal discount rate OF the imperial bank
or Germany on Monday was regarded as
possible Paris was reported to be Sc
curing gold in the London market Sugar,
Amaigamated and finally Union Pacific
We're the Conspicuous features of the mar
ket, the last rushing to above 140 to a
record level In the late outburst in the
market
Total sales of bonds, par value. 81, $4,000.
The Weeks Operations.
Money resources for use at the stock
exchange have contracted this week and
developed an acute StrIngency which car
ried the rate for call loans to the highest
Defore IN over three years. While some
Hnsettlement has resulted III the stock
market the .slightness of the effect pro-
duced has been a matter Of surprised
comment. Speculative excitement has
quickly revived at any suggestion of re-
laZation in the money situation or upon
any rumor Of supposed developments OF
relief. The speculative position has been
pertinaceOusly maintained and only alb
soiute withdraw lof credit has prevailed
II inducing the retirement of market
commitments. The 49, PRESSURE Of
forced liquidation resulting from the
stringency In money points 10 the en-
trenchment position Of organized parties
in the market which have led the specu-
lative movement. doubtless due TO prOci-
sion made befort hand by borrowing large
sums on time 1t is accepted also as a
demonstration that the outside general
participation in the market on the part
Of those dependent on ordinary money
market resources has been comparatively
small.
Bonds moved narrowly and showed evil
dence Of some pre- Ssure at times
United States Is and old Is declined Il
per cent, the new IS registered q and
new, Is coupon 4 per cent on call on the
week.