The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-12-02
HELD IN CHECK
BY DEAR MONEY
Little Character to the Specu-
Iation in Stocks in Wall
Street Yesterday.
INROAD ON BANK RESERVES
DRAIN EXPECTED TO CONTINUE
FOR SOME TIME.

New York, Dee There was little
Character 10 the trading in stocks today,
the cOnstraint on the speculation being
attributed generally to the money situa-
Iion- The bank statement did not reflect
as large an inroad on the reserves as was
1oretold, but yesterdays q per cent money
rate caused an apprehension that the fun
result was not included in the statement
OF the averages contained in the bank
statement. The largest part of the loss
came late in the week, and so figured to
a small extent in the averages. Moreover
the influences at work to cause the drain
are expected TO continue in force. The
funds employed in making the December
first payments may be slow in returning
10 the channels of the money market.
The English money market, on the other
hand showed the effect of the large re-
cuperatiOn of reserves by the Bank of
England, and there was a sharp decline
in discount rates in London. Sterling
exchange rates here also were weak.
The constraint in the stock market was
shown in the smalineSs of the dealings
rather than in any depression of tone.
Dull resistance was in evidence, and some
of the minor stocks made sharp advances,
especially among the lesser iron indus
trials and the railroad equipment stocks.
SThe cOnStraint ON the market was attrib-
futed in part to a desire to await the eff
feet OF the forthcoming message of the
president The financial world has formed
Inc opinion that the extent of the rec
message may be pretty well inferred from
previous official utterances, and does not
look for sensational surprises
A heavy decline in a favOrite speciality
in the curb market speculation attracted
attention. owing to the prevalent appre-
,hension that a state of speculative infla-
ton in mining stocks may have laid the
way for collapse. The November trans
actions at the stock exchange fell to Il
total of less than 20. 600 900 shares of stocks
sold. or 7.42S,6 go less than in last No
hEFs NTrlail In Nra1F # hrr,
which changed hands was SIS, 703. 200 less
than in November of last year, the total
declining Is Si3340,S 500
Total sales of bonds par value. SIPS 900.
Speculative activity in stocks has been
restricted this week. The interruption of
the mid week holiday and the preparation
for the December money settlements were
prime causes OF the conservative DISPOSE
ton toward new commitments in the mar
Eet. Prices moved sluggishly and iTregu-
larly and often reversed themselves in
the course of a days trading. Special
movements in few stocks had a sustain
ing influence 10 some extent. but there
were other cases where there was depres-
sion from special causes. The permanence
of the low nOn-dividend paying stocks did
not persist beyond the opening of the
week and the return to the front of the
most important high-grade railroad stocks
nad beneflcldl effect on sentiment. The
publication of the annual report of the
Union Pacific was an influence in this
shift of the preference of buyers.
Transfers of currency to San Francisco
TO move the fruit crop have been large
during the week and there has been a
movement to Canada as well in connec-
zion with the annual showing OF the Cana
dian banks. The further probable require
ments of southern money markets for
completing the movement of the cotton
crop is a further item to be considered.
There has been a decided improvement
in the position of the English money mar
kets. The condition reported by the Rank
of England Thursday is felt to show
sufficient resources TO meet all the ex-
.Iected requirements for the end of the
year and the fears of a year-end bank
rate of Z per cent have practically dis
appeared.
Bonds have been dull and the tone
rather heavy.
United States IS, the IS and old Is reg
,istered declined =. and the old As coupon
5 per cent on call during the week,