The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-01-23
DEALINGS FEW
IN WALL Street
Operators in Doubtful State of
Mind as to Which Way
to Turn.
RANGE WAS VERY NARROW
PRICES LOWEST AT CLOSE OF
THE DAY.

New York, Jan. 22.-Values were ex-
ceeding unstable in the stock market
today Fluctuations were constant
whether upward or downward. The
range of the fluctuations also was mar
row and the volume of dealings on
which they were made was small. The
limited dealings apparently were in
professional hands and there we're no
evidences of any awakened outside in
terest i'm the market. The transactions
or the day seemed to represent nothing
more than constant maneuVering for
position between parties Of profession
al operators or testing operations to
ascertain the tendency of the market
doubtful state of speculative opinion
is the natural inference from there
appearances
The current discussion and mixed
sentiment on the outlook as it found
expression in the neighbOrhOod of the
stock exchange confirmed those i'm fer
ences that the brokers employed in the
execution of orders in the influential
stocks also conveyed an impression of
important buying and Of protection of
prices against an attack by inside in
terests in the properties. The sugges-
ton was prompted that absorption of
substantial character was going on
at any concession in prices looking to
an accumulation of shares This an
pearance having the effect of intinidat-
ing the bear element, they refrained
accordingly from aggressive attacks
on prices.
Upon the other hand the conviction
was not entire that the liquidation
which has been a feature of the re-
cent market had been completed.
There was a diligent watchfulncss for
the appearance of selling which might
indicate a continuance of this process.
Opinion was prOfessed that the demon
stration of the completion of such
stock exchange confirmed those inter-
liquidation would find a large short in
terest still uncovered i'm the mar
ket waiting for an opportunity to
cover. sharp rally i'm prices would
be expected from such a covering
movement The market was concerned
almost entirely with such technical
considerations. and little attention was
paid to anything else. There were. In
fact, no developments of Importance
i'm the general situation. The reduction
I'm the official discount rate Of the I'm
perial bank of Germany was expected.
and was i'm conformity to the general
relaxation going on i'm the worlds
money market with the relux of funds
to the reserve centers usual at this
season following the turn of the year
Interest rates here continued to Weld
both for call and time loans The
moEcy market was extremely dull and
borrowers were inclined to wait a
hoped-for opportunity for even better
terms than are now procurable. The
decline in interest rates is leading to
tho retirement of loans placed here
b. interior banks during the period Of
high rates. 1t is expected that this
process is serving to expand the loan
ACCOUNT of local banks which are called
upon to accommodate borrowers, whose
leans are thus placed by this process
but does not affect the cash hold
ings, as the funds are left on deposit
here by the interior banks. Transfer
was made to the sub-treasury of ST.
100000 from San Francisco to New
York. The days net changes in stocks
are generally small as would be ex-
pected in such a market. The market
was heavy during the latter part of the
day, and last prices were about the
lowest.
Bonds were irregular. Total sales.
par value, $1.744,000.
Omitted States bonds were unchanged
on call