The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-01-31
LARGE HOLDINGS
WENT OVERHEARD
Semi-PaniC in Wall Street
DeIuge of Stocks Thrown
Upon the Market.
LITTLE SUPPORT OFFERED
UNSETTLED FEELING AT THE
CLOSE.
SUPPORT OFFERED

New York. Jan. 30-Acute depression
developed in the stock market today and
the fall in prices took on threatening
proportions in the ate trading. An ap-
pearance OF support was given The ma, e.
ket I'm the early part Of the dav and sew
eral successive rallies we're made from the
occasional declines. These rallies carried
.prlces more than once back % the cPsL-
Ing nigh level or above. but IL tna hic0t r
level OF prices the demand for stocks
iattened out, giving warning Of the lack
~ any motive power in the mIrkcc to
The high opening seemed 20 be due
'aleey 20 the influence Of the favorable
g1s,fterly statement OF earnings Of the
a nited States Steel coEDOratiDu tvbich
NJ as not published until after che close
or yesterdays market. Aay expecta: iCll
or an increase in me dividend rate had
Oeen detlnitely abandoned before tie
meeting. The informal remarks on C,u1-
ditions in the trade by the chairman Of
Hhe board OF directors of the cCrp0rafion
nnd his explanation that the Offers ahead
were not subject to cancella sion, as was
formerly the custom. tended 10 ernDhasiza
nne force OF the showing. The opening
sldVance OF q i'm the price of the stock
immediately attracted such ur9ssur, of
selling orders as effectuaIIv dcmonsfrated
mat eager advantage was taken OF the
stimulating effect of the report to market
hoidings. The first price was the high
est or the day. and. although the stool,
market showed occasional resistance to
rhe pressure on the general market, rs
faliure 10 advance WAS conclusive in
Snaplng sentiment on the whole market
The idle condition of the trading ct the
rallies was apparently allowed to work
ltS Impression on sentiment and the
Bears collected their forces for ,.a1eyved
attack on the market Successful
nnroadS were made at first on few
Wromincnt stocks. notably PannsvlVania
Erie and Reading. The yielding tendency
OF the stocks affected the whole market
ny sympathy and the weakness spread
as the dOminancy OF the bear party be-
came obvious. The whole market was
ultimately. and the crumblinc
OF prices wiped out margins. diSIOdged
stop loss orders and brought stocks upon
The market i'm deluge. The extent of
the account upon the long side of tho
OF the strength Of these holdings were
proved unfounded by their vulnerabilitv
10 the bear attacks.
A variety OF rumOrs Inevitably found
by reason of the violence of the
break and some OF these revealed The
1ctlVities OF the bears i'm aCgravating the
Of stockholders. Reports were
current that some OF the recent railroad
note issues were being sold at sacrifices
TO realize funds. II WAS alleged that the
whole OF the Si200Oo00 Of government
funds last deposited with the national
instead OF the S12OO0.O0O defined BY tho
ltreasury department The fierce trading
tactics by the bears left the short inter-
est to be covered at the last. and this
was the cause OF the feverish rallies
otherwise the market closed unsettled and
in disorder
Bonds. were heavy. Total sales. par
United States bonds were unchanged on
call.