The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-01-14
OUTSIDE ORDERS
QUICKLY FILLED
First Hour on the New York
Stock Exchange the Most
Active of the Day.
REALIZING THEN SET IN
CAUTION AND SKILL IN PROFIT
TAKING.
REALIZING THEN SET IN

New York Jan. l3.-It is customary to
await the actual occurrence of an ex-
pected event before taking action in the
stock market to accord with the event.
That fact was the main one illustrated
by the action of stocks today in response
10 Saturdays disclosures of restoration Of
a surplus over the legal reserve required
OF the clearing house banks. The most
important of the buying of stocks induced
by this development proved to have been
already accomplished when operations
were resumed at the stock exchange to-
day. There was considerable incurslon
Of outside orders, but stocks were hber-
ally supplied to meet this new demand,
although prices We're bid up considerably
higher than Saturdays level to accommo-
date il. Most of the new outside buying
orders were executed at the higher level
of prices of the first hour of the day.
That proved also the most active of the
day, and there was a notable lapse in the
animation of the market after that
There was an effective rally again
after the realizing sales were suspended
The profit-taking was conducted with
caution and skill. the selling not being
pushed aggressively on the declines. but
on any advance the volume OF offerings
was quick to swell again. PROFESSIONAL
traders held the market when they found
these obstacles Attention was attracted
by the selling of another kind, small IN
itself. but OF significant effect on SEN
timent. This was realizing sales on or
dered lots of stocks bought outright in
the demoralized period by small invest
ors, on which large profits have since
accrued.
While the heavy accession of cash to
the bank reserves revealed by the bank
statement was accepted assurance
against further damage from money
shortage for l,nding purposes, there was
added consideration today to its signifi-
canoe as an index to shrinkage in the act
i've employment of money in business.
The heavy decreases in the country s
bank clearings gave evidence in the same
direction. Another Feature of this ten
dency is the large offerings OF national
notes for current redemption at the Unit
ed States treasury which marks the be
ginning of the automatic tendency 20
contraction OF the bank circulation.
Railroad traffic officials cOTrObOrate the
evidence of the bank clearings by their
testimony to the continued shrinkage IN
the freight movement. This tendency, IN
addition to the revelation of actual earn
ings of some railroad systems, had to
do with the renewed weakness OF bond
issues of several companies which have
been the subject of unfavOrable rumors
for some time past. The recession IN
traffic returns is 50 severe as TO bring
into APPARENT doubt in some cases the
ability TO earn fixed charges. The tone
thus caused in the bond market made
a bad impression, as substantial I'M
provement i'm the investment demand for
fixed interest bearing securities is looked
for on the conclusive demonstration OF
fundamental betterment in the outlook.
The selling 20 take profits was d6slsteO
from in the last hour of the day and
United States Steel led strong rally IN
stocks.
Bonds were irregular. Total sales. par
value. 81, $4,000.
Il. 5. 2s registered declined Is per cent
and the coupons = per cent on call.