The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-11-10
LITTLE CHANGE
IN THE MARKET
More Resistance Shown But
the Money Situation Was
Somewhat Worse.
BANKS FEELING PRESSURE
CLOSE WAS HEAVY WITH FEW
NET CHANGES.
BANKS FEELING PRESSURE

New York Nov. s.-Todays stock mar
ket was OF much the same character as
that of yesterday. Better resistance was
shown, however, TO depression, in spite
OF the aggravation OF the money strin-
gency. Money on call went to Il per cent
quite early in the day and 10 Is per cent
before the close. The strength of the
time loan market was also increased and
the payment of premiums over the legal
inter est rate extended in some cases TO
loans for the six months period. Loans
FOR sixty and ninety days were on per
cent basis. The expectation became gen.
eral that weak showing would be made
by the banks In the weekly statement to-
morrow. The outgo to the interior has
gone on this week and with the abSorp-
ton by the sub-treasury promises TO di-
minish the cash reserves of the banks by
between 100000 and $S,00000Q. 1t is to
the change in the local market. however,
TO which most Importance is attached.
The action Of the money market for the
last day or two has suggested that the
banks are beginning to feel at last the
pressure upon their resources due to the
transfer Of loans from London TO this
market I'm connection with the large re
duction I'm the account in American Sc
curities supposed to have taken place in
London at the last stock market settle
ment. IL has been the subject of puzzled
conjecture in the financial district that
no effect has been shown on the loan
item of the banks in the last two state
a
from London To this market. So far con-
trary TO expectation was the bank show
ing in the last two weeks that there was
not lacking those who maintained today
that tomorrow statement would show
a continued contraction in the loan item.
There was a marked difference in the
tone Of the money market today, however.
from that on the days preceding the two
former bank statements.
Northern Pacific was again a point of
resistance to the depression in the mar
ket, with no news beyond the reiteration
OF the TumOr of a coming melon cut
ting" The report of the determination TO
capitalize the Pullman surplus and to dis
tribute it to stockholders gave some SYM
pathetic cTedence to the Northern Pacific
report. Pullman rose sharply at the open
ing. but fell violently afterwards Re-
ports were circulated of intended resist
ance TO the form of the proposed bonus
TO stockholders on the part of an organ
lied majority. American wooden extend
ed its break of yesterday on account of
the decision to increase the issue of pre-
ferred stock. This stock subsequently,
rallied. The resistance to the decline and
the tendency towards recovery were due
10 the positiVeneSS with which reports
were made that additional relief for the
money market by the treasury depart
ment had been determined upon. II was
even asserted that the secretary of the
treasury was i'm the financial district.
These reports failed of cOnfirma ton.
The foreign exchange rates were af-
feCted by the local money situation and
declined in spite Of the rise in sterling
rates both at Paris and at Berlin. The
private discount rate also rose at Paris.
The weeks exports of grain showed q
material decline from those of last week
amounting to 337 i63 bushels in the case
of wheat and TO 40 297 bushels in the case
Of corn The recovery in the money rate
after easing off unsettled the closing.
which was heavy and lifeless and left net
changes mixed.
Bonds were steady. Total sales, par
value. sl.344.OOo- United States bonds
were unchanged on call