The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-09-19
WALL Street
IS MYSTIF|ED
How the Hartman Baltimore &
Ohio Deal Will Turn Out
Is Unknown.
INFLUENCE UPON READING
STOCK MARKET AFFECTED BY
NEGOTIATIONS.
INFLUENCE UPON READING

New York Sept. 1S-The principal factor
In the stock market today was the ad-
mission by the banking house having the
transaction in hand that negotiations were
In progress for the sale to the Union Pa
cific Of the stock of the Baltimore &
Ohio railroad recently sold by the Penn
sylvania to the bankers. While the SEN
sation OF the days market was i'm the
Reading movement, the Baltimore & Ohio
transaction was none the less the i'm
peliing cause. This was so for the reason
that the division of the control of the
Reading among the trunk line railroads
was managed In the case of the Penn
sylvania by placing holdings of Reading
stock in the Baltimore &. Ohio treasury
as the New York Central on it's part
placed Reading holdings i'm the Lake Shore
treasury. With a passing of control OF
baltimore x Ohio TO other hands than
tho Pennsylvania. it's share OF influence
IN the Reading control would also be af-
fected.
Wall street was mystified as to the full
bearing of the new arrangement and as
u the extent TO which the negotiation had
actually gone. Kuhn, Loeb q CO. assert
ed that the report OF sale to the Union
Pacific was premature, while admitting
that 1t was under negotiation Various
problems were thus presented for the con-
sideration OF the investor and the spec
ulator. IL was assumed that the Penn
sylvania would insure itself against harm
Ohio before parting with it. But less GER
tointy was felt as TO the possible attitude
or other trunk lines TO the new arrange
ment, especially i'm it's bearing on the
Reading management.
The violent advance I'm Reading aroused
some apprehension that a scramble might
be going on amongst the railroad powers
TO achieve n belated reimbursement of the
balance in Reading holdings II was held
TO be plausible also that i'm fixing the
destination for its holdings of Baltimore
* Ohio the Pennsylvania might have been
actuatcd by policy Of hostility to the
Gould project for a through line from
ocean to ocean as was shown in the op-
position TO the Wabash efforts 10 secure
entry into Plttsburg; The lurking posi-
bihttes OF resentments and harmful con-
tests thus suggested made the Reading
movement a damper rather than a slim
ulGtion to speculative confidence.
The continued strength of the money
market also was a cause Of dissatisfac-
ton in speculative circles and disappoint-
cd the belief that the thrush Of gold last
week and the continued arrivals by the
steamers this week had effectually re-
Taxed the money stringency. Some fur
Their tightening was looked for as the first
o. October approached, but i'm the mean
time easier conditions were looked for.
Not only was the call money market hard
today with a high rate of per cent. but
the premium on time loans was again adj
vanced. The demand for time money was
reported strong and almost no funds were
offering I'm that market. Discounts hard
ened in Paris and London, the open mar
ket I'm the latter center rising above the
official rate of the bank. The rise in the
German banks official discount rate was
sufficient notice of the rising course Of
the money market at that center. New
York exchange at Chicago fell to p cents
discount.
The points of strength I'm the days mar
kct were generally amongst industrials,
Amalgamated Copper continuing con-
spicuous with reiterated rumors OF div
idend increase. The railway equipment
stocks enjoyed the benefit Of the known
urGent requirements OF the railroads. Re
public Steel was affected by the proposed
Increase In Tennessee Coal stock i'm view
Of the belief in ultimate merger OF the
two companies. Minneapolis, St. Paul &
Sault Ste. Marie suffered from the dis
appointment Of persistent claims that the
dividend was to be increased at today s
meeting OF the directors The market
showed some relief when Reading yielded
more than half it's siX-point advance, but
the closing was irregular.
Bonds were irregular. Total sales. par
value. $20SS, 900. United States bonds were
or call