The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-01-24
STOCK MARKET
RA|DED BY BEARS
Heavy Stop-Loss Orders Uncovered
and Prices Crumbled Away
IL Consequence.
USUAL REALIZING SALES
FEAR OF CONDITIONS BECOMING
UNSTABLE.
USUAL REALIZING SALES

New York, Jan 23-The mixed opera
tions Of new speculative issues in the
stock and the heavy selling to realize
profits accrued went on side by side to-
day in much the same way as for several
days past But the selling TO realize so
effectualIy OverbOre the new buying as TO
cause crumbling of prices When the
bear traders perceived the tendency Of
things they attacked the market with
great Vlgor, and their raiding tactics
caused an uncovering of large stop loss
orders placed by speculative holders below
the market in fear that conditions We're
becoming unstable. With the reaching of
stop loss orders declines became quite pre-
cIpltate and the tone more decisiveIy re-
dictionary than for a long time past.
Inc action of the market had to do en-
tlrely with the technical conditions and
little attention was paid to any news in
developments. The enormous liquidation
IN the past few days, and especially that
OF yesterday, has resulted in a large re-
auction or the concentrated holdings of
stocks in the hands Of organized specuIa-
ton, which has been able to control with
much skill the feeling of the market in a
way to save prices from damage.
The session Of the market was largely
given to conjecture concerning the iGenti-
ty of individuals or parties who wa
doing the principal selling. Conjecture
pointed pretty clearly to quarters which
have been credited with operations lead
ing to some Of the most notable advances
Of the last few days. 1t was concluded,
therefore. that q purpose to sustain the
market against selling to take profits was
the motive of these advances rather than
any developments regarding the value Of
the properties. The lack of any news OF
such developments aggravated the distruSt
in the movements and foStered q convic-
ton that some Of the upward spurts of
recent days were due III effect to the
transfer through the market of stocks
from one hand to the other, Of which the
total issues were in practical control al
ready Of the operators. There was the
growth or sentiment sure to be aroused
at times of reaction in the stock market
that the unVarying course of prosperity,
great as it may be- has been discounted
sufficiently in the price advances already
effected. The adviceS from railroad Of
ficials Of the easing of the car situation
gave some impression Of a lulI in the
course of business expansion. The I'M
.Seasonably mild weather led to Sugges-
tons of damage to the winter wheat crop.
The session of the United Mine Workers
convention kept alive solicitude over the
labor outlook in the coal industry. Signs
of unsteadiness in the metal market es-
pecially copper and lead, threw open to
suspicion the very high level of prices of
stocks Of companies interested in those
industries. An engagement of 100000 OF
gold for shipment to Argentine marked
the control of a gold supply in this mar
ket for account Of London. Foreign eX-
change, however, became easier and the
rates for time loans were marked down,
latter part Of the day showed relief by
the liquidation and had the benefit OF the
demand to cover from the short sellers on
tCday's decline. Southern Railway, Den
yer & Rio Grande and Colorado Fuel
helped the recovery by their vigorous adj
vances. and the closing was firm and very
active.
Bonds were easy. Total sales, par value,
$46G0.O00.
cent on call.