The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-02-21
DAY IN
WALL Street
Prices Drop, Recover, Then Drop
Again, Before Close of
the Market.
READING FEATURE OF DAY
SUPREME COURT DECISION Az
FECTS OPERATIONS.
READING FEATURE OF DAY

New York, Feb. 2O-The evidence that
the urgent pressure to sell was completed
Tor the time being was confirmed by the
early action Of prices today. There was
some wavering during the first hour of
trading which carried the level below last
night Tor brief time. The later action
OF the market, however, demonstrated
that this selling was mostly for bear ac-
counts In an effort to renew the decline
ne demand TO cover short sales then
meip PEG the general strength Of the later
market. The advances were Welded
abruptly before the close on the 8 per cent
call loan rate. There were some ont
sIandlng short accounts to be covered
winch were or longer standing and prob
ABLY represented more substantial specu-
IduVe sentiment Such short covering
was very obvious in Reading. This stock
was the feature of the day and its fu-
rious activity caused the enormous
docks absorbed upon the advance over
Swallowed the whole market In spite of
TINS congestion OF activity in Reading
and to less extent in a few other prom
lnent stocks, the volume of the dealings
contracted considerably. The Welding
tendency OF the market during the first
hour, In which Reading shared, was due
IN a large part to the deductions drawn
by speculative operators from the de-
cIs1on OF the supreme court against the
Chesapeake & Ohio in the matter of
transportation charges for coal sold for
us own account It was inferred that the
present status Of the anthracite comma
mes would bring them within the scope
OF the decision with far-redching effect
on the business of the combined anthra-
cite companies. This opinion was rnodi-
fled upon closer study of the decision by
the court, and clauses We're found even
to be interpreted as giving legal sanction
TO the present conditions of operating in
the anthracite trade. The vigorous re-
covery in Reading owed something to this
consideration. With the relaxation Of
pressure to liquidate demonstrated there
was some natural turn among profession
al operators to take the long side of the
market again The buying was fitfuI and
irregular, however. and inclined to make
itself most felt I'm the stocks which have
long moved under the control Of market
combinations The Hill stocks were
again conspicuous, and there was large
proportion Of the less prominent indus
trial specialties in the list of gains. The
time money market reflected the sub
sidence Of the rush among speculative
borrowers which aggravated the scarcity
last week Bankers report also a long in
fIux OF funds to the local money mar
ket for account Of out-of-toWn institu-
tons The rate for call loans, however,
jumped late in the day. The effect was
pronounced in the stock market, conn
ing at time when the room traders were
tempted to take profits upon the days
rise anyhow. The late selling was due in
part also to the moderate proportions Of
the demand attracted by the check to
the reactiOnary tendency Of the market
Hopes that a very large waiting demand
would come forward when the limits Of
the decline seemed to be reached were
disappointed. The furry call loans to 6
per cent was due to the shifting of ac-
counts incident to the payment of sub
scTiptions to the S20,0O0000 Of New York
City bonds sold last week. The example
of the SenSitiveneSS of the money market
and future payments Of similar charac-
ter In prospect on OJner bond subsCrip-
lions were not relished by the speculative
sentiment, and prices yielded so sharply
as to carry the level generally back to
below last night and make the closing
tone easy.
Bonds were steady. Total sales, par
value. So OBS, eco.
United States bonds were all unchanged
on call