The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-11-22
MONEY RATE RAN
Up TO 10 PER CENT
Prices for Stocks in Wall Street
Went Off Rapidly in Con-
sequence.
SOME RESISTANCE SHOWN
CLOSE IRREGULAR AND BELOW
THE BEST.
SOME RESISTANCE SHOWN

New York, Nov 9.-There was a good
deal of uncertainty in the movement of
the prices of stocks today, the varying
fluctuations being mostly traceable TO the
changing course of the rate for call loans.
When the rate ran up TO 10 per cent,
in the first hour, the resulting down
ward movement of stocks was fairly COM
prehensive. Afterward the market showed
10 very consistent tone. The advances
were spotty and uneven, and there were
important stocks which failed TO respond
TO the advance.
The general impression was one of re-
slstance TO pressure and Of underlying
strength. The recession in the money
rate was allowed to have an important
influence in the recovery.
The action of the money market was
puzzling. The raise of the two previous
lays was in spite of factors supposed
TO be working for the replenishment of
ioanable funds, while today's easing of
money conditions seemed inconsistent with
the cessation of some of yesterdays IA
vOring influences. The recent upward
course of New York exchange at Chi
cagO was reversed today, in spite of the
attraction of the money rate of yester-
day and this morning. The possibility
II a recurrence of the interior demand
for currency is not lost sight of. and
the interior exchanges are carefully
Wa tched for indications of it. There was
deposited at the Sub-treasurV also 500
20 for Geographic transfer to San Fran
cisco, said TO he attributable to the ac-
tive work of reconstruction going on in
that city.
Foreign money markets were disturbed
ny the new demand for gold from Bra
I'll, which is making inroads on the Bank
II England.
London sentiment was quoted by re-
ports of additional sums to be relin-
quished by the Bank of France for Lon
don Time money rates here continued
to recover from Mondays recession, in
spite OF the decline in the later call loan
market From this time there was an
inclination to look for some special cause
The yielding of the call loan rate proved
an effective argument for renewed
strength in stocks. Notwithstanding the
obscurity about its cause. There was a
noticeable diversion of speculative atten-
ton to low priced stocks and a circula-
ton of rumors TO, account for some OF
them while in others specific eXpiana-
ton was lacking. The rise in Pacific
Mail was clearly enough due to the strong
demand for a ship subsidy law taken by
the secretary of state In his speech at
Kansas CITY and the assumption that
the attitude Of the administration on the
subject might be thus inferred. There
the Hill stocks. Union Pacific and Read
ing Illinois Central relapsed from yes
terday's violent advance, and St Paul,
United States Steel. Amalgamated Cop
per and some other prominent favorites
were backward. Profit taking by the pro-
fessionals affected the whole list late in
the day and the closing was irregular
and generally below the best.
Bonds were irregular. Total sales, par
value. S2,1l4000.
United States registered IS declined 4
per cent on call.