The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-01-14
SHORT SESSION
WAS VERY LIVELY
Volume of Sales in Wall Street Dur
ing Two Hours Nearly Reached
the Million Mark.
PRICES STARTED HIGHER
SIGNS OF DISORDER IN FINAL
DEALINGS.

New York, Jan 13-There was enor-
nous profit taking throughout today's
abort session Of the stock exchange.
Notwithstanding tbs very active demand
which lifted the volume OF sales for
the two hours session to near the mil
lion mark, the market was kept in
very irregular state by the constant real
ling and showed some signs Of dis
order in the final dealings. There were
some fresh points OF strength just de-
Veloping at that time, which gave the
closing its irregular tone, but the gen
eral level of the market had declined
considerably from the highest and stocks
were coming out very freely. There were
sustaining points Of strength at all
times and prices were lifted 70 the high
est after the general reaction from the
opening advance. but the favorable bank
statement, which was better than the
preliminary estimates. was the signal FOR
heavy selling throughout the list to take
advantages Of lis stlmqiating erect eoC on
Ssedy affected by the late realizing and
HLhis had its usual effect on the senu-
ment towards the whole market. RMS
was after Union Pacific had been lfted
fh5sss.. 1'''o" % . nov t''Y
At one time Amalgamated Copper and
United States Steel preferred momentar-
lily were also a point above last night
level. The Hill stocks also made wide
additions to their recent large advances.
Missouri Pacific continued its newly
awakened activity and had some effect
on other members of the Gould group.
The gain of over Sl5,000,O00 in cash by
the banks realized all the estimated cur
rency movement and besides made up
the discrepancy IN last weeks unex-
planned showing of a decrease. The
nominal increase IL loans was a reller
from the apprehension that the extern
sive liquidation of borrowings from for
eiEneTs during the week was being
transferred to the New York banks. Inc
inward rush in Brooklyn Transit at the
last was due to revived traction merger
rumOrs. Reports Of failures OF broker
age houses in PittsbuFg and Cleveland
growing out of the DenisOn, Prior &
Co failure in Cleveland had some bad
Total sales Of bonds. par value 81
Review Of the Week.
An active digestive process has been
clearly in evidence in the stock market
and 1t was not until the latter part or
the week that there were signs OF the
completion of this process and the re-
sumption OF large operations on the long
side, such as characterized the Iradlng
OF the latter part OF the Old year. Inc Inc
power throughout, and the large real
izing. which was attributed TO some Of
the heaviest operators. was accomplished
without serious impairment or prices at
any time and with many striking points
OF strength developed at new points With
sustaining effect.
The market became narrower under
the process OF realizing and there was
q perceptibIs falling off in the newly
awakened outside interest, which appar-
entity took warning from the Willingness
OF large speculative holders to supply
new demand and tighten their hold
fngs.
the elimination OF speculation ana Of
~ lie had ha
had been actively stimulated by the de-
oislve recovery of the latter part or last
week, and which poured into the mar
ket in strong tide at the opening or
this There was no actually un1avOrable
news to account for the reaotionary ten
deucy but II was obvious that the re-
Taxation of the money rate ana the
demand for securities which resulted was
taken advantage OF on very large
Slscale TO take profits on the part or
Whose who had held through the money
stringenoy OF December with obstinate
determination.
Thare has been during the week no
small degree OK apprehension that the
money situation itself might work to
the DISADVANTAGES Of the further conduct
OF tho speculation. It wes not feared
that the possible tightening OF money
would foxes out the present holders. who
had ASCndaRtly proved their control OF
resources IN December, but IL might
hamper the dAVe5opDnent o. the expected
runaway bull speculation on the part
OF tbs puDllc 81 @Gkos winch Was re-
lied upon 10 take up the great holdings
OF the powerful speculative organizations,
which we're taking on stocks during the
period OF money ennbarrassnnent. When
gold exports were under discussion du-
ring the week tho falling OF IN the
activity OK the stock market and the
evidence CT pressure upon it gave color
10 this apprehension. II was not re-
ievsd at once b. the large replen!sh
.neut Of the local money market rom
domestic sources. which was going on
II was expected that this increased sup
ply OF FUNDS would operate oaly to IA
cIiitate the outgo Of gold 70 foreign mar
at