The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-09-26
PRESTON OF
STOCK MARKET
Violent Declines at the End of a
Dull Session of New York
Exchange.
CALL LOAN RATE Is LOWER
TIGHTENING AT FOREIGN MON
Ely CENTERS.

New York, Sept. 25.-The market was
held under dull depression for most part
today, but this influence was contested
and was not allowed to make much head
way in affecting prices until the selling
of Amalgamated Copper to realize broke
the whole market In sympathy.
Immediate active factors were not an
influence on the market so much as the
belief that the condition of the money
market would become an active factor
in short time again. Rates for call
loans fell below per cent early in the
day and conditions in that part of the
loan market offered no sign of disturb
ance. Nevertheless, the expectation is
quite general that the preparation for
the Ocotber settlements will involve
furry in the money market. The re
quirements then are unusually heavy and
money is undoubtedly tight in all de-
the secretary of the treasury intends to
extend aid is the only assurance felt
against severe pinch Confidence has
been very strong in Wall street that the
usual recourse to stock market liquida-
tion for relief from such a situation was
to be escaped. But there is no disposition
to extend commitments in the market
even amongst those with whom this Opin-
ion has prevailed.
That there is an element not so sure
of exemption from the usual pressure
was indicated by the growth of the sell
ing movement toward the latter part of
the session. The sums to be paid out next
Monday in dividends and interest will be
very large. The Union Pacific semi
annual per cent dividend and the South
ern Pacific 2h per cent dividend alone
Will call for nearly $15,000,000 and the ag-
gregate of such payments on that date is
estimated at $60.000,000 or more. In addi-
ton the New York trust companies will
be called upon to increase their cash hold
ingS on Oct. l to the extent of $4,000 OOO
There was no relaxation i'm the demand
making upon New York bank reserves
from interior sources and an unusual
amount of re-discounting from interior
banks is being offered to New York
banks. The amount of new gold secured
abroad for New York fell today to a mea-
ger 100000. The stock market settlement
in London revealed high carrying charges
and discrimination against American Sc
curitieS in that market.
In Paris the discount rate advanced to
within shade of the bank rate and the
weekly statement of the Imperial bank of
Germany showed the continued strain
upon the money market at that center
The compilation of the reports of condi-
tons of the national banks throughout the
United States as of Sept {. given out at
washington today, shows that the infla-
ton of credits is common to the whole
country. The percentage of legal reserve
to Liabilities on that date was 202O COM
pared with 81 on June 1S the date of
the preceding reports to the controller
and with 2l.69 or Aug. %. the nearest
corresponding date of last year
Politics came in for some consideration
IN the market by reason of the sessions
Of the New York party conventions. Trad
ers made special demonstration against
the municipal corporations of New York
on this score. The dividend increases on
conformed closely TO the gen
eral expectation. But the heavy realiz-
Ing in that stock and in Amalgamated
{ n h. Of
ulative sentiment as showing a disnosi
ton TO sell on good news in a stock that
is regarded as a speculative favorite of
the group of capitalists most relied upon
TO carry through the present speculative
campaign. This broke the whole market
and led TO violent declines and a weak and
active closing.
Bonds were irregular. Total sales, par
value. 81, 392. OOO
call "