The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-09-12
SELLING ORDERS
ARE POURING IN
Prices of Stocks on New York
Exchange Falling in Con-
sequence Thereof.
SEVERAL EXCUSES OFFERED
LITTLE IMPROVEMENT IN THE
MONEY SITUATION.

New York. Sept. u.-Prices Of stocks
gave ground in todays market and in
creases in volume. over yesterday were
regarded with disfavor in view OF t,.s
preponderance of selling in the orders ex-
ecuted. Speculative operators were Of
two minds i'm trying TO explain the move
ment of prices. One explanation was that
the easier rate for call money was taken
advantage of to realize profits by pre-
vious purchases. The other was that
the easing of the money rate was less
pronounced than had been hoped for, and
gave less promise OF permanence owing
10 the continued causes Of drain upon the
New York money supply. Recent buyers
OF stocks on an advancing scale are gem
orally recognized to be of class that
possessed resources enabling them 10 ig-
more the ordinary exigencies of the money
market and TO proceed TO act on their
confidence i'm the future value of stocks
The campaign OF millionaire operators
on this basis must recognize the small
chance of a general demand for stocks
during the actual period Of stringent mon
ey as medium for realizing profits.
Notwithstanding the pertinacty with
which stocks have been held by the now
erful operators i'm. control of the mar
het' II has been the common expectation
therefore that any easing of the money
rate would find large holdings of stock
dent also that, measured by the actual
engagements of gold already secured for
Shipment TO New York the previous es-
Inmates by the spectators i'm stocks were
extravaganza. The actual gold movement
therefore. even with its alternating eff
1ect on the money situation. represents a
disappointment to this element in the
market.
The actual payments by the sub-treas-
ury I'm placing of government deposits
against gold engagements amounts for
the tWo days the order has been in ef-
feet to Si3 10000. This does not include
some of the gold secured last week In
London. and which was shipped for New
York on Saturday, thus falling without
the privilege Offered by the treasury de-
partment for holding government depos-
its on engagements made after Monday.
such shipments. therefore. VIII not be-
come available for New York reserves
until the arrival of gold next week The
same is true of Australian gold on the
way. An arrival of a shipment of 81 900 -
coo today when added TO the gains from
the sub-reasury, makes a gain sufficient
20 make up the deficit below the legal
reserves Of the banks. but does not pro-
vide an imposing surplus for expansion of
credits for meeting additional require
ments from the interior
rise in New York exchange at Chi
cago today to a premium OF > cents in
dicated some relaxation in the interior
the Bank OF England for New York i'm
spite of yesterdays rise I'm the price OF
gold, and went into New York deposits
by withdrawal from the sub-treaSury. II
was intimated that the control of this
gold was facilitated by the recent plac-
Ing OF Pennsylvania railroad notes in
Paris. Discount rates continued to adj
vance Ia London. Reports were current
in New York of some severe discrimna-
tons against American collateral in the
London money market. Rates for time
loans were firmly held and continued 10
command a premium over the legal rate
for periods up TO six months. The ex-
traOrdinary promise of the crops. con-
tanned i'm yesterdays government report
was not much regarded owing TO the
large influence already played in the mar
ket by the crop prospects. Prices fell
by successive movements throughout the
day and closed weak and near the low
est
BonNS were irregular. Total sales, par
value. 81 100000 United States bonds
were unchanged on call