The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-09-18
RUSHED UP AND
DOWN At WILL
Concerted Movement on Stock
Exchange to Boost Prices
for a Moment.
REACTION SOON FOLLOWED
SOME MOVEMENTS WERE TIPPED
BEFOREHAND.
REACTION SOON FOLLOWED

New York, Sept. 1.-THE speculative
element went racing through the list of
stocks usually prominent in the market
today, and exploited the individual stocks
thus selected for what they could be made
to yield in the way of price movement.
The furious activity with which the sud
den bursts of buying distinguished these
STOCKS was no less astonishing than their
sudden lalpse into dizziness when opera
tons turned to the next choice on the
selected list. AS the various stocks were
left behind by the tide of the most active
Iradlng, they were inclined TO sag back in
price around the influence of the profit
taking sales. Some of the strongest and
most active stocks of the early dealings
lost all their gains, subsequently those
that Immediately followed in the move
ment lost part and the latest corners into
gains. Individual transactions in separate
stocks were very large and gave the i'm
preston of orders executed from one
source or under concerted operations.
Purely speculative operations by room
traders following these movements were
on an enormous scale and without any
pretense OF information to base the buy
ing on. Blocks of thousands of shares
were bought on the floor and often quick
ly sold at a slight advice for no other mo-
| tive than that they looked good for a
movement. Some of the days conspicu-
Gus movements were advertised before
hand and were subject of widely circulat-
ed tips before the market opened. Accu-
mutation of buying orders over the week
end, as a result of last weeks influences,
were on a moderate scale.
The usual weekly summing up of in
dustrial and business conditions was con-
Vccing of the flood tide of prosperous
activity in every branch. The car move
ment of all kinds of merchandise over all
lines was reported to be limited only by
the available equipment facilities and
railroad officials expressed but one APP
n M aar- FQr limo nd
coming freight congestion from insuffi-
cheney of means to take care of freight
offering The railway equipment stocks
responded early TO this showing of con-
ditiOnS. Amalgamated copper responded
to the showing Of general prosperity in
the copper trade, and to specific rumors
of intended increase in the dividend on
Anaconda and on its own stock. The
speculative element was disposed TO as
sumo that the Saturday bank statement
showed that the crisis in the money mar
ket had been passed and an obstacle thus
removed to the due reflection in the Sc
curitieS market of the extraordinary pros
perity prevailing. First loans en- call
were made at below per cent. compared
served to confirm speculative confidence
The latter rise in the call money rate
to 10 per cent had something to do with
the reactionary tendency of the later
stock market although the palpable spec
ulative exploitation of stocks that was
going on and the manner in which differ
ent issues were thrown aside as fast as
their possibilities were exhausted, excited
some uneasiness. The hardening of the
money rate was attributed to the arrange
ments making for a payment for an in
stallment of subscriptions to Baltimore &
Ohio new stock which called for some
thing like 5000 0OO0 There were some
small additional gold engagements in Lon
don announced and incoming steamers
brought several millions engaged abroad
| too small to get the benefit of the treas
ury aid measure and which. therefore
became newly available TO New York
bank reserves with their arrival There
were further remittances from here &c
| San Francisco through the sub-treasury
Reading, Pennsylvania. the Hartman Pa
cities and Amalgamated- Copper absorbed
large proportion of the days dealings
! The closing was weak and not much OF
the days gains was saved.
Bonds were irregular. Total sales, PAL
value. So, 33S, 600
United States IS registered declined I:
OPr cent on call