The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-08-14
HIGHER FIGURES
IN WALL Street
Stocks Well Absorbed and Con-
siderable Business Early
in the Day.
OLD RUMORS AT WORK
CLOSE WAS HEAVY ON DOWN
GRADE.
OLD RUMORS AT WORK

New York, Aug. 13.-There was a mod
crate but persistent absorption of stocks
IN today's market, with the ultimate eff
feet of lifting prices to a higher average
level. The movement was hating and
irregular in the early part of the day, and
had to contend with some speculative
considerations which were given an I'M
1 aaNofdDie tenor IN the current opinion.
Inc bulk of the days business was
largely congested in a few Speculative
faYOrlteS. but those of this class which
nave been most effective in their svmpa-
thetlc influence on the general market
were again brought into place with the
result that the general price movement
came INTO accord with them,
81: Paul, Union Pacific and Southern
racine nave demonstrated their capacity
many tunes recently TO carry the list with
them. The buying today which proved
impressive was calculated TO convey the
impression of accumulation by we'll in
formed insiders as to coming deveIon-
ment regarding those stocks The rllmors
current which attempted TO give shape to
me expected plan for financing the Pa
ciuc coast extension of the St Paul to
the expected dividend increase on Union
PaclIlc and to the inaugural dividend of
Southern Pacific, which rumor TODAY
1lXed quite explicitly at the per cent
rate.
An unsettling influence in the early
dealings was the break in Brooklyn Rapid
transit, which were caused by the iudi-
clal decision against the cOmpany's right
10 coiiect double fare to Coney Island and
10 the disorders which resulted yesterday
from the determination to collect the
double fares. The Interborough Metro
pO1tan stocks moved strongly away from
the Brooklyn stock. influenced by the
statlstlcs for traffic for the last quarter
over the Manhattan borough lines and by
frnf hon
The stiffness of the call money rate
proved restraint on the early specula-
ton, and this was not relieved at once
by the news that the bulk of the 81 5OO-
OOo or gold arrivals in London has been
secured from New York. The price of
gold was bid up a penny an ounce in
London In order to secure the gold The
stock market there was also affected bv
the prospect of dearer money and some
selling of securities in New York for that
account was the result There was some
easing in the call loan rate here later in
the day. Some relaxation for the time
OF the interior demand made upon New
York was indicated. Sub-treasuTy opera
tlohS also promised some contributions
to New York banking resources this
week, and delayed effect is looked for
from the re-deposits of government funds
with interior banks which have been
making since the Panama canal bond
subscriptions The decline of inward of
S5OO,0O.OOO in the value of July agricul-
tural exports caused by the heavy fall
ing off in the cotton outgo was a factor
lacking assurance for the international
exchange situation.
The small effect on the provisions item
or the beef packing agitation was cOnsid-
cred gratifying from the standpoint of the
financial markets. The days gains were
not fully maintained to the last, and the
closing was rather heavy. The bond mar
kets were quiet. Total sales or bonds
81 $780, 600.
United States bonds were all unchanged
on call