The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-01-03
STRENGTH ONLY
SHOWS IN SPOTS
Spectators More Conservative Than
They Were at Last Weeks
Close.
CALLMONEY REMAINS HIGH
RELIEF EXPECTED FROM DIVi.
DEND PAYMENTS.

New York. Jan. 2-The action Of the
stock market today indicated rather
more conservatism In the speculation
than was the case last week, even while
money rates were ruling at 100 per cent
level. The speculation made progress
today and there was a broad and active
market with plenty of evidence of
strength. The strength. however. was in
spots and the market showed a large
degree OF irFegularity due to pressure of
proIlt-tak1ng on some Of the principal
market leaders of last week The action
OF the market also showed the strain OF
maintaining the speculative position in
Ine lace OF hope deferred In the easing of
money: The money situation today was
appreclably less acute than last week,
nlaDIy strong. The rate opened at 50
per cent and there was small disposition
70 yield below 80 per cent. while the
in progress and beIated borrowers made
a late rate OF 60 per cent.
This was g distinct disappointment to
the hopes of some of the boldest of
last weeks speculators. Many who took
slight view Of the Importance of q 100
per cent rate for one day or two days
regard with less eQuanimity the posst-
plllty OF a rate considerably less, al
though still higher, should it be main
tanned for a period of days or even
feoted today than was hoped by the
large disbursements of dividend and in
been making by the accumulation Of cash
and by the release of sums gathered into
trust companies to strengthen their
showing for the annual statement Such
relief as is to be looked for from these
sources should come pretty promptly and
further relaxation which is hoped for
from other causes will come into effect
more slowly.
The deposit at the sub-treasury on
Saturday Of 100000 for transfer to San
Francisco provided a disagreeabIe sur
and n pGfn fGh rn
balance Of the government institution at
the clearing house this morning. which
this, however. the banks have already
lost TO the sub-treasury since the bank
statement 81, 100000. The money situation
I'll T9fsgn Do sTKett dhSTswsr agod de
Paris and Berlin. Sterling exchange rose
at Paris and Berlin and there was a
h in fbRe pd65g 99R IN The the PTFios Of gSd
uatiOp was considered improved and con
ttnental money markets were relieved ac-
eign markets is of Importance to the
New York situation owing TO the very
heavy sums borrowed from foreign lend
here, and when all Is due within the next
few weeks.
The facility with which these oblfga-
tons can be renewed may have bear
ing on the future Of the speculation here.
New York exchange at Chicago, which
had been ruling at a discount. rose to 8
laid on the fact that wagers on the may
orally election in New York, which were
held up on account OF the contest, were
paid Off today Some special effect was
produced on sentiment by the manifest
pressure upon the United States Steel
stocks, Union Pacific and Amalgamated
Copper. which were influential leaders of
last weeks advance. The recovery in the
money rata on the demand from beIated
borrowers late in the day added to dis
appointment over the small outside par
ttcipation in the marked induced general
hours trading, which carried the average
level below Saturday and wiped out
many Of the earlier gains. The closing
tone was irregular.
Bonds were Irregular. Total sales, par
value, s., $4,000. United States IS COUPON
advanced q per cent, while the old As
coupon declined 1 per cent on call.