Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1906-08-22
Opened With Quotations Lower
But Soon Changed
Front.
HILL STOCKS IN DEMAND.
Call Money Advanced 10 seven, Which
Restricted Speculative
Operations.

New YORK. Aug e2-Conslderably less
excitement marked the opening Of the
stock market today Initial quotations
were generally lower bat tn market
speedily reversed Itself under The lead OF
the Hni stocks Great Northern preferred
selling g points above yesterdays closing
ngure Improvement was also shown by
Northern Pacific. Amagainated Copper
aud Pennsylvania. The Hartman stocks
and other recently active issues were
comparatively neglected ln the early trad
Ing which was IN fairly large volume,
though much below that AZ tnc opening
yesterday and the previous day Inc gen
rral liSt recovered hy the end Of the nrs'
half hour but heavy realizing, presum'
ably for pr0ht taking brought further
irregularities London. which reported a
Teactlunary tone for American securities,
was said ~ have sold mere at the open
Ing COMMISSION houses reported a con
tlnuance 81 the recent activity but trad
ing largely professional
The market showed further improve
mont In financial reports that gold eN-
ports are being arranged Money openen
40 ~ per cent. which Is only ] per cent
below yesterdays closing prices
The INST hours business aggregated -.
90 shares Business IN the second hour
WAS smaller than Tor any similar period
since last Friday The market was dull
at frequent moments and prices generally
showed a tendency 90 sag
The sales al Moon Nstv $4,000 shares
The feature Of the noon hour was an ad'
vance In call mtmey 10 7 per cent the
highest for some time The market con-
tinued dun and reacuonary practically
all the early gains being lost Sales To
] o'clock were S6.J00 shares
Opening prices IN the stock market TO-
day showed great irregularity and Their
was a renewal of yesterdays late sellins
In certain stocks After the first FIVE
minutes. however. the market began TO
rise vigorously under the influence ~ =
heavy demand for the Hill stocks. Penn
sylyania and Amalgamated Copper and
Pennsylvania rose a .oint. Amalgamated
Copper Ia, Great Northern preferred ~
ana Northern Pacific 8
Materially higher prices were establish
ed before the Inevitable realizing sales
undermined the advance and caused sharp
reactions. AZ the height Of the buying
Great Northern preferred had gone up p
points to 32eis Anaconda 3 Colorado Fuel
"a, 81. Paul 2 and the pacihcs, Reading,
l. & y. Sugar ] to ~. Business shrank
decidedly when prices began TO sag, the
reaction reaching "a. In Great Northern
preferred 4 90 Anaconda, In Northern
Pacific and a point or Whereabouts IN most
Of the other stocks ~ any prominence.
By II o'clock the market had become
quite duh bat was raiylng
Little u interest occurred I'm the sec
ond hours business and trading was tho
smallest of the week a rise 10 lA by
Union Pacific held the list well IN check
and there was also some sustaining force
created by the demand for United States
Steel Some stocks huCtuated az J..
point or 80 but the general movement
was unimp0rtant
Bonds we're steady at noon.
Higher rates for call and timel loans
caused a spirited selling movement Read
ing made a precipitate drop TO 10 ana
some other stock that had been between
! and points above yesterdays closing
fell as much below An interval Of dull
ness set in aftcrward and the list picked
up slowly.
Speculative operations were restricted
BY the advance Ga money rates business
was very small vigorous bidding for Union
Pacifc carried IL 10 lsiis and revived buy
ing elsewhere.
4 belated rise in the L. S Steel stocks
occurred late IN the afternoon, the com
mon advancing 81 10 f6N. the highest
price of the year. The buying was Of huge
propOrilons. many blocks of from 2.J1 90
100 sh.res changing hands. The gem
eral market. a. showing momentary SYM
pathetic strength. was sold heavily under
cover Of the steel movement. eventually
getting to the lowest u the day. Reading
broke TO below i4 and a number ~
other stocks also scored notable losses.
The l.. 5. Steel stocks meanwhile were
supported. the common holding around o..
Iackawanna dropped lg', 20 5pia. The
closing was active and weak