The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-11-23
STOCK MARKET
is MORE ACTIVE
Many Low Priced lnduStrialS
Bought and Sold During the
Working Hours.
CALL MONEY GOES LOWER
REACTION IN PRICES AT THE
CLOSE.

New York Nov. 22-The stock market
still showed strength and breadth of ac-
tivity today. In some instances the adj
vances were sensational. The character
of several of the stocks which were thus
affected. however. was such that the
sympathetic effect on the general list was
unsettled rather than stimulative. The
bad repute of some stocks with the spec
ulative element has to. do with causes
quite aside from the financial standing or
character of the companies themselves.
Stocks of comparative small capital or
which are closely held in a few hands
and are seldom active in the stock mar
ket are not fdVOrite mediums OF specu-
latlOn in times of ordinary activity Their
sudden emergency into prominence either
10y large transactions or violent fluCtua-
lions IS usually accepted as a sign that
market possibilities have been about eX-
hausted IN the more popular stocks and
that only the course of elimination by
exhaustion has brought the speculation
around to this class.
Hhis feeling was accentuated by the
publication, at last, of the terms for par
tlCipatiOn of Great Northern stOckhOld-
ers in the benefits of the ore lands con-
tract. The valuable nature of these bene-
fits was beyond dispute. But this trans
action has served so long as the main
spring OF one speculative OmVement after
another while held in the confines of
vague conjecture that doubts are felt as
feet. now that il is definitely outlined and
therefore placed without the realm of
specula ton This impression or sentiment
was clearly manifested in the movement
in the Great Northern preferred, itself
which started dOWnWardS from the outset
Northern Pacific moved in sympathy. The
fcverish fluctuations in St. Paul also kept
sentiment constantly ShlfJlng. Inc most
substantial example of strength in the
market from the speculative standpoint
was Union Pacifis. which moved asgres-
siveIy away from St Paul after having
been crossed momentarily by the Z per
cent payer earlier IN the week.
Revived discussion Of a southern iron
merger was reflected in that group Of
which Virginia Iron, Coal & Coke was
the conspicuous figure. with a buOyant
rise at one time Of 1872 over last night.
The cOalers also made sensational jumps
apparently on the drawing of an analogy
between the Great Northern distribution
and what might result from a separation
Of coal mines and lands from railway
company ownership
\ great many low priced industrials
were concerned in the movement at one
time or another. The course of the call
money market showed that the factors
of relaXa ton were not as rapidly effective
as was indicated by the lSfter course OF
Yesterdays market. Thel I was no rise
to 10 per cent as i'm the earlier dealings
Yesterday but the ruling rate was mann
tanned about : per cent until late in the
Uay. The increase in the GOLD holdings
bv the Bank of England was SatiSfdc-
rory development and the decline in gold
holdings Of the Bank of France by its
REIMBURSEMENT 10 the London market was
offset by a scaling off of credits.
Domestic developments were less salts
factory. New York exchange at Chicago
fell back L. a small discount after hav-
in- ruled at 20 cents premium when the
week opened. Another half million dollars
also was transferred to San Francisco
through the Sub-treasury. The late money
market continued strong and very little
off o o
M to three months and per cent bid
and 81 offered for six months. There
was a marked decline in speculative conf
Gcnce with the progress Of the day and
decided reaction in prices from the high
level Net losses were as conspicuous as
gains al the end of the day and the
closing was weak.
Eonds were irregular. Total sales, par
valCe S3104. 900.
United states 2s registered advanced y
per cent on call.