The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-10-27
FREE SELLING
At THE OPENING
Speculative Liquidation in Wall
Street Hammered Stock
Prices Down.
PRESSURE RELAXED LATER
CLOSING WAS HEAVY AT NEAR
THE TOP.

New York. Oct 26-COnsiderable spec
ulative liquidation occurred in the stock
market today, although the latter part
os the day was marked by a decrease
OF pressure and substantial recoveries to
the highest of the day. The early sell
ing was not attributed especially to Lon
con. but the recovery set in about the
time trading for the day was over IN
that city. Attention was paid to the Lon
don market for the conclusion OF perl
odical settlement there which occurred
today, and which carries over stock mar
ket accounts for another two weeks
Fears of financial trouble in connection
with the conclusion of the settlement
proved unfounded, only one small fail
ure being reported. The recovery in this
market was partly due to relief over TINS
news. The morning fall in prices did not
become precipitate, but was impressive
for the steady stream of selling orders
and the apparent lack OF any support
ing orders. The selling had the advan-
tcge of a considerable advance in prices
at the opening to start from and the re-
c0very made net gains for the day. On
the decline prices in many portions OF
the list fell through the low levels
touched in the disorderly break Of last
Saturday. thus confirming the common
assumption of a tendency of prices to
sag slowly after a first recovery from
a sharp break until the low level is
touched again.
The political outlook and the discussion
OF labor difficulties on some of the rail-
road systems were given some part in
the encouragement manifest in the spec
lative tone. Preliminary estimates point
t. a weak bank return, but the publica-
ton of these estimates did not check the
recovery in the market. The interior has
evidently drawn heavily on New York
again by the express movement, the loss
or balances by the New York banks on
that account being figured in the neigh
borhoOd of S5.W0C1, while the sub-treas-
Ury operations have withdrawn from the
banks 81 .567. coo. The cash losses thus in
Dictated would not leave much of the sur
plus of So 200.950 over the legal reserve
shown by last Saturdays bank state
ment Upward OF 100000 was trans
by telegraph through the sub-treasury
today. but this is on account of Austria
liam gold received on the Pacific coast
and is subject to repayment to the gov
eminent for gold advanced at the time
the engagement was made for import
There IS a fairly general agreement also
that loans have expanded materially du-
ring the week not for Speculat tive use in
the stock market but for taking up OBJ
legations transferred from the Londor
market
'Bhe call loan market continued easy in
spite o. the seeming imposition of the
banks. The time loan market. however
remained strong. There is some subs
dence of demand in the foreign exchange
market with the completion of the Lon
don settlement. but rates were we'll main
tanned. The recovery became slower a!
prices rose again above last nights level
and the closing was rather heavy. bu
WAS only slightly below the highest price.
of the day touched on the recovery.
Bonds were Irregular Total sales, pa
United States bonds were unchanged
OH call.