The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-09-21
UPWARD SHOOT
IN WALL STREET
Pressure Removed and Those
Who Sold on Wednesday
Bought Yesterday.
SOCIALISM Is A BUGBEAR
FEARS OF THE TIMID BEING
WORKED UPON.
SOCIALISM is A BUGBEAR

New York. Sept 20.-Dealings in the
first few minutes Of today's stock market
indicated the continuance OF the pressure
which carried prices downward yesterday.
Then the course OF prices was reversed
and professional traders who had sold
stocks yesterday proceeded 10 re-buy and
TO revise their views Of the factors work.
ing in the market. There has been more
or less discussion OF the political outlook
Tor some days past. Traders who profess
an apprehension Of a growth of SOCialstic
Views and Of extreme antagonism to
capital in all forms were amongst the
sellers yesterday and the buyers today.
There was some revision also of a story
circulated yesterday with great detail
70 the effect that a conspicuous figure in
the world OF capital had been getting out
OF the market Prominence has been
given to the individual pointed 60 in all
recent deal rumors. has, for instance in
cooperation with the Union Pacific at
tempt TO control Reading, the formation
Of a holding company for the anthracite
companies and so on.
When pressure was seen TO be lifted
today from United States Steel. Reading,
AtChisOn and other supposed favorites In
the speculative operations referred TO. the
traders changed their opinion of the mar
ket attitude Of the speculative leader.
The days market operations had much
TO do with considerations Of this profess
siOnal nature. There was diminishing at
teHtion paid to the Union Pacific Balti-
more q ONO transactions as an influence
IN the market. although discussion on that
topic continues without great show of in
terest. The opening drive against Read
ing was encouraged by the decreased
owing TO the coal strike. The special in
terest i'm the fate of the Reading property
lies in its dual character as line in the
Baltimore & Ohio outlet TO New York ard
as the corporation intrusted with the d.
rectins control Of the bulk Of anthra cite
bodies.
The Union Pacific acquisition of Balti-
more & Ohio has thrown out Of considera-
ton the earlier suppOstiOn that the Read
Ing movement was based on plan for
transfer of coal properties to holding
company. But 1t is plausible 10 suppose
that some plan Of transfer might be in
volved in Pennsylvania willingness TO
would divorce the coal holding function
from the trunk line outlet function in
Reading. Sentiment over money condi-
tons today was better than yesterday.
Additional gold was secured from the
Bank Of England for New York as that
Institution refrained from advancing it's
nounced as being secured from other
sources not disclosed. The ruling rate
for call loans was lower. but time leans
were very firmly held. with bidding strong
for the shorter periods and very little
offering New York exchange at Chicago
hardened somewhat San Francisco again
received $500, 900 from New York by trans
fer through the sub-treasury. The main
stress was laid. however. upon hopes Of
relief measures for the money market by
tho treasury authorities. supposedly by
deposit Of government money with the
national banks. The feeling on this score
was very confident. but no official in
formation on the subject was obtainable.
Interest was aroused by a report Of the
coming Of the financial agent of the Jap
anese government to negotiate S4O,OOOOO0
loan i'm New York. Also by a report Of
the placing of S20,0O0O00 OF Santo Do
mingo bonds with New York bankers.
Multiplying evidences OF demands for
capital on New York keep alive anxiety
over the money situation. The special
strength OF Southern Pacific was due to
reports OF coming rights 10 stockholders
which were vaguely defined in the cur
rent rlmors. The closing tone was ir-
regular but sustained by the late support
In Southern Pacific
Bonds were steady. Total sales, par
value. 81 22SOO0.
United States bonds were unchanged on
-aT