The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-01-19
MARKET RAIDED
BY BEAR CROWD
Prices Hammered Down in
Wall Street by Strong Pro-
feSSionaI Party.
DRIVE AT UNION PACIFIC
NO SUPPORT EXTENDED BY THE
MAGNATES.
DRIVE AT UNION PACIFIC

New York, Jan. 1S.-CIouds of depres-
| sion gathered over the stock market to-
day and the weakness. which has been
spotty and intermittent hitherto. became
general and acute This was A result
rather Of disqualification of sentiment
on current topics of discussion than of
present factor in the situation. More
over, it became very evident that large
activities were traceable to professional
party of operators on the bear side of
the market. This party showed every
evidence or Skfllful organization and ag-
greSSive leadership. and there was a gen
eral disposition TO attribute its general
snip to veteran operator whose actiVi-
ties have been dormant for a considerable
period so far as public information has
followed them.
The bold methods pursued by the newly
organized party is shown by the wide
spread proclamation made before tho
opening of trading Of the plans for the
day, including special pressure TO be di-
rected against what seemed to be the
Port Arthur of the market. with a view
10 securing the key to the position This
ngurative explanation is based upon the
comparative firmness with which those
stocks have resisted the general weak
ness heretofore and the sympathetic eff
rect this has had in sustaining the gen.
eral market
While professional short selling was
clearly traceable in the days market the
views of the bears and proved the exist
ence OF conditions on which they based
the attack. Instead Of enCOuntering on
position or any effective support for Sc
curities attacked. the fall in prices in
tenslfied the pressure OF the liquidation
and gave much of il the appearance of
urgency. which always gives currency to
rumorS of financial stress about the stock
exchange.
The estimates of the weeks currency
movement emphasized the growing ca Sc
of the money situation. with an Indicated
cash gain of $4,000, 600, but sentiment in
the stock market is forced to the belief
tnat the accumulation Of money resources
at TINS time IS not TO be for the benefit
of market speculation hut is HkeIv 10 he
spoken as FAST as available TO take care
OF the enormous issues of new "a initial
The terms on which the new capital is 10
be Offered for subscription will assure an
attraction to privileged subscribers such
as stockholders. AZ least which is caIcu-
idled 10 outweigh the advantages offered
by any OF the securities now in the open
market ~"
The course of the foreign exchange
market also diScourages hope of any Of
tectlNe relief for our money necessities
Sterllng exchange was strong here TODAY
Stocks enjoyed one good rally in the
AFTERNOON. when shorts took profits and
reducsd thelr lines, but another deter
mined drive against the market dis
lodged heavy stop-loss orders and caused
a threatening slump in ST Paul the Har
rimans, the Hills. Reading and AuaIga-
mated Copper. The closing was in con
sequence much unsettled and feverishly,
active.
Bonds were irregular. Total sales. par
United States bonds were unchanged
on call.