The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-01-08
OPENING Squirt
IN WALL STREET
Dizziness interviewed as a Result
of Conflicting Opinions of
the Spectators.
SELLING MOVEMENT IN u. P.
AMALGAMATED AND READING
ALSO UNDER PRESSURE.

New York, Jan. 1.-The early promise Of
a large business in stocks for the day
was not maintained I'm the later market.
The dizziness which interviewed was due
to a seeming suspension Of speculative
opinion between the conflicting influ-
ence of marked strength in one set of
speculative favorites and weakness in an
other. The irregular opening was fol-
lowed by an active buying movement
which caused a fairly comprehensive adj
vance Distinct lines of cleavage in the
movement then developed. In Union Pa
cific, Reading and Amalgamated there
was obvious selling pressure and an inn
pOrtant distribution going on, which was
interpreted as a movement to take prof
its on the part OF buyers whose initiative
last week had SO much 10 do with stir
ring up the speculative revival. There
was no change in the conditions which
were supposed TO have melted this buy
ing
differences in the construction placed on
those conditions. These had TO do with
the tone of the public discussion OF the
disclosures Of the affairs of the Harri-
man railroad companies brought out in
the course of the interstate commerce
commissions inquiry. The effect of the
powerful position of those companies was
modified by the suggestion that the
hostility and repression by government
agencies. This was a revival of the view
held Of the inquiry in its first stages.
The appearance of joint distribution in
the market of Union Pacific, Amalgamat-
I'd Copper and Reading was regarded by
the professional element as rather i'm
posing evidence Of the market views Of
a party whose leadership in the specula-
tive movement Is of widespread influ-
ence. On the other side was the stub
bornness with which advances We're held
IN United States Steel preferred, Penn
sylvania, AtchisOn and Brooklyn Rapid
Transit. which also was held as demon
stratng the market views of important
clements in the leadership of the mar
ket. The news from Washington of the
upholding by the supreme court of the
New York state stock transfer tax was a
disappointment 10 market operators, as
hopes have been built on this suit OF re-
lief from a burden that has had rec
Ognized influence in REFRESHING activity
in the stock market.
The weak showing of the Saturday
bank statement was not much regarded
today as confidence was general that
the immediate factors in the money mar
ket are working toward ease for time
ut least. Discounts receded further IN
London today. and there was some re-
action in the foreign exchange market
here. In Berlin there was some recovery
i'm the discount market. This was the
only DEVELOPMENT seeming to conflict with
a supposition that the Bank of England
was likely 10 lower it's discount rate this
week Money for all periods was obtain
able at per cent i'm this market today
Late i'm the day there was some added
stiffness in the tone of the call loan rate,
which rose TO 10 per cent, with added ef-
rect on prices. Railroad traffic officials
were united in admitting reaucIlon III
tho nrcssure of offered traffic which
promised relief from the car shortage
THE late furry in money caused an IT.
regular closing.
Bonds were firm. Total sales par VaIue,
e. gt0OOO United States % advanced "a
NOR cent on call