The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-01-27
MARKET FOUND
GOOD SUPPORT
Pressure Met With Vigorous Resist
ance and Prices Were Buoy
antly Started Upward.
ADVANCE NOT FOLLOWED
TONE RATHER HEAVY AT THE
CLOSE.

New York, Jan. 26.-There was consider
able pressure Of liquidation today for
time but a vigorous resistance was OPP
posed to the depression and aggressive
buying orders appeared which started
prices upward again with buoyancy. The
advance was not pursued to any great
extent and the market became rather
strangely quiet and neglected without any
marked point Of weakness appearing TO
discourage the advance. The forecast for
the weeks currency improved faVorably
the days transactions Of the sub-treas-
ury. The gain by the banks from that
source had amounted to only $1,000, 900 up
to last night and this was more than off
set by the takings Of gold for export.
Inc regular express movement with the
Interior however, has been largely in IA
Vor or New York estimates of the receipts
On balance at this port pointing to a
gain of wards Of $6O00000. The usual
ooubt IS felt over the loan item, but the
supposltlon from the heavy liquidation in
the stock market known to have taken
place would be that the volume Of loans
has been contracted.
other financial operations. however,
uned to take place at this period of re-
turn flow Of currency into bank reserve,
VIII AFFECT the, showing of loans. The
money market continued easy, but for
elgn exchange rates made a further ad-
vance The decline in the sterling ex-
change rate at Paris and the reported
hardening Of the discount market in
Paris have a, bearing on the outlook for
goId exports NO arrangements were re-
ported, however, for any further move
ments Of gold. The announcement that
the next issue of New York City bonds
would be per cents instead Of 3D. in
order to secure their sale within the legal
minimum Of par was regarded with in
tereSt. Since the new city charter no new
bonds have been issued for less than 316
per cent, but the price of the securities
mas been declining from above 103 to be
low par.
The high rates for money and the spec
uIattve demand for securities with claims
10 share in profits are given as the cause
OF the declining tendency in fixed inter-
est bearing securities, Of which this is
an example. Disappointment over the de-
clslon of ths constitutiOnality of the stock
transfer tax had some part in the decline
IN ACTIVITY OF the later market. The early
selling pressure conferred upon Reading
and the unsupported condition of that
stock had sympathetic effect upon the
rest OF the list The strength of Union
Pacific, st. Paul, Analgamated CopDar
and the United States Steel stocks made
an effective leadership for the recovery
III the market and was supplemented by
the active demand for the Pennsylvania
group and number of the Morgan rail-
roads.
Less effect was produced by the wider
advances in a number Of stocks Of a
Colorado Fuel and D. & r. G. was con-
nected with the plans for Pacific coast
extensions for the Gould system and St
Paul and the additional requirements this
lnolcated for steel products. Reports of
gross earnings Of railroad earnings for
the third week in January and of net
earnings for December made very favor
able showing for the Atchison. Topeka. &,
Santa Fe, Louisville & Nashville, South
ern Railway and several of the Gran
gers. The market was not effectuaIly re-
vlved In the latter part Of the day, al
though there was some further show of
strength The close was rather heavy
Bonds were firm. Total sales, par vaIue
81, 10000. ~
United States bonds were all unchanged
on call