The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-01-22
RI|OYANT CLOSE
At TOP PRICES
Market Started Off in Upward
direction, Uncovered Shorts
Doing the Buying.
THEN MORE LIQUIDATION
,nolsNT REBOUND IN THE LAST
HOUR.

r.- York. Jan. I.-Cond.tions I'm the
,..ck market were much confused again
- The market did not maintain the
,..oyant show Of strength with which
/. opered and did rot even make a good
..yigtorre 10 the renewed selling pres
.,,c which developed during the day
rho inference was prompted that the up
.soo, NJ prices at the start was due large
h. fo requirements on uncovered shorts
.,5 the higher prices which were caused
t,,. this buving were taken advantage Of
% renew the LIQUIDATION. as was the case
lost week. There was a buoyant rebound
81 the last again. &c was a surprise that
i Considerable uncovered short interest
should be- developed I'm the market when
tbe dovnvard course of prices was once
arrested and a turn upward effected. IL
was hoped also that the arrest OF the
ranid decline would fOTtify the position
of long accounts In the market SO as TO
relieve them from the necessity for re-
covering the commitments as was OeVi-
ouslv the case last week
Thare was buying AT the opening IN
great volume which was attributed 10 The
i,rge banking interests and which was
accepted as an intimatiOn of the deter
minat0n Co support the market. The
time occupied since the market closed on
SATURDAY En- "a canvas OF tho situation
found no warrant for the rumOrs of fl
rsncal difficulties which were i'm circu-
hion saturday and there was an un-
ierstandIng that some arrangements had
been perfected for the protection of
number ~ accounts which were over
banging last weeks market. In the loan
crowd also the rates on a number of
stocks which had been most freely sold
last week indicated the proportions Of the
.HI.rf fHHH af.tHH IN go
d1i apparent that tho decline Of last
week had resulted I'm bringing i'm very I'M
Uieldy selling orders to commission
houses. such as are likely TO follow q
Sunday interval after a considerable de
cline These various conditions COM
bIned TO awaken the uueasiness Of the
bear party ana prompted them TO active
buying iD Tho first hour With the COM
pletiOn Of the buying Of this character
the action OF the market became disap-
pointing again.
The nature of the selling in INTERIOR
1ugh METROPOLITAN stocks had an intimi-
iating effect on sentiment. On the other
hand much attention was attracted by "a
report that plans were SHAPING I'm some
lf the railroad corporations to modify
their intended OUTLAWS for the coming
year for extensions and bettcrments. The
New NorR Central was directly Indicated
by these reports which were without
official sanction. however. Interest rates
On time loans continued TO decline. For
'ign markets we're affected By the ex-
pectation that the Imperial Bank OF
Germany would reduce it's discount rate
iomorCw. ana there was an easier tone
.l the foreign exchange market.
me- renewal Of the liquidation during
lne dat served to revive reports OF the
n'cessiious scaling down OF some import
tni accounts OF long standing, and which
h supposed were helped over the end
% ne year IN the hope that the easing
NJ he money market would offer a bet
ier chance FOR liquidation. When this
IQualtlon was over the market rebound.
Q suddenly and closed buoyant at the
i'n prices of the day
Bonds were heavy. Total sales, PAL
value NNl00
cfr "a "