The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-01-24
NOTHING DOING
IN WALL STREET
Further Decline in Activity,
Trading Being Done Sole
Iy by Professionals.
BREAK IN THE HILL STOCKS
NORTHERN PACIFIC TUMBLED
IN SYMPATHY.

Nev, York Jan. 23-There was a fur
,ber decline i'm the activity of stocks to-
5sv. the total dealings bearing no larger
proportiou 20 those Of yesterday than did
those of Yesterday to the active market
,f Monday The character OF the deal
.ngs was little changed. Professional op-
arations again seemed to make up priic-
ricauv an of the dealings. Also these
,porations were followed without any
show of form conviction and constant
shifting by traders kept values i'm an
unstable condition that made the mar
ket closely resemble that of the day be-
fore
The early decline in sympathy with the
break in the HI stocks ELECTED support
ing orders Of the kind that have made
the bears grow timid and which gave
color 10 supposi lions that an accumula-
ton Of stocks has been going with a de
sire 10 avoid violent fluctuations. The
movement ia the Hill stocks was a direct
response to the judicial unfolding OF the
contention Of the Minnesota state au-
thoriues that consent of the state rail-
read and warehouse commission was re
CURED for the proposed issue Of new
Great Northern stock. The officials of
fh9 railroad were not disposed to COM
meut upon the decisions en- the absence
IF its full text bat the opinion iu the
stock market inclined TO the view that
ID material obstacle had been encoun-
tered iu the WAY of the proposed plan for
raising new capital.
The companion movement i'm Northern
Pacific represented the view that its pro-
posed stock increase might be opposed
ny similar measures while the market
contrast in the upward movement Of St
Paul ~as caused by the speculative as
sumption that the quick manner Of COM
pleung its stock issue bad f0restalled such
probable hindrance. II was a belief
widely held AT the time OF the St Paul
stock issue that the abluptneSs of the
methods by which il was carried out was
due to a desire 10 avoid any such COM
uhCatiOn
Another target FOR attack was Cana
dian Pacific. which sod largely for FOR
elEn account. some apprehension OF ar
addition 10 outstanding stock had a parj
u its depression. but an oVereXtende,
speculative position in the stock was
given the responsibility FOR most OF tn,
depression The sympatehtic effort 81
this movement again was moderate out
side OF the immediately allied group
General conditions were given little al
tcntion.
Money continued 10 work easier, bat tn
terms at which railroad corporations ar,
selling notes 10 Tln for periods of seq.
prai years which make The Interest "a IL
10 maturity run Go per cent and up.
wards. detract from the effects of IA.
relaxing money markets. A feature OF tn,
money market is the improved deman,
that has sprung up for commercial pa.
per which has resulted in a reduction il
rates 10 52i per cent for prime grades
Discounts in Berlin receded today. Tn,
foreign exchange market here was bu
little changed The operations OF tn.
Sub-treasury continue 10 yield a liberia
addition 10 the bank reserves. the gaiI
since the last bank statement nov
amounting to S2.SGj.000. Today's fluctua
tons were as various as those Of yester
day. but the closing found "a rally in pro
gross instead of q reaction a. on yester.
day. Net gains predominant today gher,
declines were the rule at the precedins
close
value. s. - coo