The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-11-25
UNEASY FEELING
IN WALL Street
Evidence That Speculation Has
Been 0Verdone Has Bad e.
feet on Sentiment.
LIQUIDATION WAS GENERAL
THE BANK STATEMENT BETTER
THAN EXPECTED.
LIQUIDATION WAS GENERAL

New York. Nov. pa liquidating
movement in speculative accounts de-
Veloped in the stock market today which
attained considerable proportions during
the course of the two hours session.
Particularly, damage was done to prices
of the transcontinentaI railroad stocks.
owing 10 the extensive advances which
had occurred previously in their prices
The action of Great Northern, preferred,
since the announcement OF the plan OF
participation in the ore contract rights
RnG the course of the quotation for the
rights when issued in the curb market,
mas had bad effect on speculative sentl-
tment. The evidence that speculation had
been overdone in that case arouses I'M
easiness over the outcome of other Specu-
lative factors which have been followed
with confidence on very vague informa-
ton. Some apprehension finds express
sion over the adjustment of loans IN
which Great Northern, preferred, figures
as collateral when the ore rights come
off the stock, the suggestion having
found circulation that banks VIII re-
quire additional collateral and be un-
willing to accept the beneficiary certiIi-
Gates to make up the gap, owing to the
inactive market which may exist for
them when separated from the stock it
self.
The consideration of the recent wide
decline in Standard Oil in the outside
Nmarket had an important effect on Specu-
laUlVe sentiment although tEat stock was
was stronger than was expected in the
matter of cash gained, the addition to re-
serve reaching nearly three million dol
lars against estimates which did not eX-
coed million for the maximum. The
$4000.000 loan expansion in the face of
the suppOsitiOn that interior bankers
were lending freely here during the week
was not so well liked. The market raj
lied on the appearance of the statement,
but the higher prices induced resump-
ton of the liquidation and caused the Sc
we're break in prices from which mere
was only slight recovery. The closing
Was weak.
Total sales of bonds. par value, $4,000.
The week in the stock market started
out confidently under the influence of
the good bank statement Of last Satur
day, and the evidence of forces at work
for the further ameliOratiOn of money.
The course of the money market subse
quently unsettled this confidence to some
extent, and led TO an irregular and
spotty stock market A number of COM
into prominence and rushed upward in
a sensational manner. without any in
telligible explanation, and this had the
Inevitable effect of arousing suspicion
of manipulation and the purpose to con-
ceal operations at outside points in the
market. Distribution of speculative ia
vorites although there was vigorous adj
vances in others. The attraction of the
profits resulting from the rise in prices
of the previous week induced the Tealiz-
Ing and bore heavily upon the market
closely in accord with the course of the
money market and conditions there evil
IDENTIFY had an important bearing on spec
uatiNe sentiment.