The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-01-21
STOCK MARKET
SHOWS LOSSES
AL Efforts to Boost Prices Were Met
by Liberal Offerings to Take
Profits.
PRESSURE ON THE LEADERS
REVIEW OF OPERATIONS FOR
THE WEEK.
PRESSURE ON THE LEADERS

REVIEW OF OPERATIONS FOR
THE WEEK.
New York, Jan. 2O-Activity was at
the boiling point in the stock market
today A detailed analysis of the net
changes of the day reveals a liberal
sprinkling Of net losses throughout the
list, in spite Of the frothy whipping up
of prices in the speculative favorites.
HhiS process was conspicuous at the
opening and again at the closing but
was taken advantage of at both times
TO market enough lines IF stocks and
take profits out Of the market. The
most striking gains II the early mar
ket were much impaired during the pro-
gress of the trading and in some cases
losses were substituted. The burden of
upon st. Paul, the 39s-pOint rise in
which cOunteracted the realizing move
ment which became general after the
appearance of the bank statement. OF
the earlier features, Reading rose in a
volatile manner four points to a new
record level. This. stock closed again
within a fraction OF the highest.
Others did not fare so we'll Anaconda,
after selling Y points higher than last
night, closed 10 points lower. AmaIga-
mated Copper was also under steady
true of the Pacifics and smelling stocks
The unSteadineSs of the market for the
metal came in for consideration in con-
nection with copper and smelling stocks.
United States Steel preferred continued
its recent strong tone, with a tWo-po1nI
advance, of which IL saved more than
half at the last. The bank statement
regarded as favorable the gain In cash
of nearly S12,O00,000, being rather in ex-
cess of the estimates. The loan eXpan-
sion of $50, 800 was regarded with less
favor, but was considered a fair con-
sequence of the great animation Of the
speculation during the week. The firm
tone of the foreign exchange brought
IN some renewed consideration of the
question Of a future export movement
of gold. The final slump in Anaconda
had a slightly unsettling effect on the
market which had commenced TO re-
cover under the aggressive lead of the
St. Paul movement. Total sales OF
bonds, par value, $3,3l5,000.
Review of the Week.
Dealings at the stock exchange this
week have amounted to more than a
million and a half shares of stock a
day on the advance. A good marke
for securities Of all classes has resulted
and the constant realizing sales have
been absorbed readily without making
large inTOads on prices The realizing
has not been general at any time ant
whenever 1t occurred strong buying
other stocks at advancing prices made
accomplishments. Some Of the stocks
which have been subjected to the heaV-
lest realizing came through the dlges-
tive process so vigorously as to encour-
age a resumption of operations for the
advance and have formed afterwards Il
strong sustaining influence IN the mar
ket. The realizing has come apparently
from large operators who accumulated
heavy lines of stocks in the early stages
of the advance last fall in anticipation
Of the enlarged demand for stocks which
: Z. p = h. ~Ar cor
and who held tenaciOusiy through the
stringent money conditions of December.
The present growth Of the general de-
mand justifies their calculations, and 1
enormous profits accrued in many in
stances induce their retirement from thu
speculation with assured gains. On the
other hand, there is a large class Of
commission houses which kept their
clients out of the speculation through
out the autumn with the explanation
that the eXlgencieS of the money mar
ket operated hazards TO specula-
tive commitments and left a chance for
a reaction in prices which would afford
opportunity TO obtain stocks at a lower
level. The reaction failed to develop
and. while the present high level Of
prices does not commend itself to the
conservative judgment of all, the decis-
i've relaxation in money conditions Of
fers such facilities for holding securities
as to bring in a large belated demand
OF this character, Besides the purely
speculative realizing which makes up the
bulk of the sales, there is tTaceable a
proportion of selling of investment hold
ings attracted by the prices to whic
some of the high grade securities have
been lifted and which are fairly termeC
fancy prices.
great variety Of special conditions
have been advanced for the demand for
individual stocks. But the general fac
tors behind the movement are clearly
enough defined in the heavy accumula-
lions of currency in the reserve centers
all over the world which is going on
and the universal promise of sustaine
prosperity found in the reports and opin-
ions from all the quarters Of the /,
ness and industrial world. Confidence
has returned over the peaceful outcome
OF the Morocco conference, and cOndi
lions in Russia have had less disturb
ing effect on foreign markets. Admis-
sions are readily given at the high le
at which prices Of securities are ruling
of the danger of over extension and i'm
prudent undertakings in a time of high
credit and universal confidence and the
inevitable consequences Of check to eX-
pans-on, reaction and depression. But
the answer now heard in Wall street
is that. although prices are high, they
promise to go higher before reaction
ensues. The element of hazard is not
without its fascination now, as in a
preceding history. and speculative ex-
element clearly sWells and extends.
Bonds have moved moderated except
for the speculative issues. United
Vanced L and the new IS coupon q per
cent on call on the week
SFook Oun+aTforS