The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-10-11
BETTER Tone IN
STOCK MARKET
Union Pacific and st. Paul Rose
Jointly on Rumor of
Closer Relations.
MONEY SITUATION BETTER
FIRM TONE IN EVIDENCE AT
CLOSE.

New York, Oct 10-Dealing in stocks
expanded in some degree today and the
strength in the market was better dis
tributed and, consequently had more
sympathetic effect on the general list.
The result was 10 diminish the spotty ap-
psarance Of the market. That appearance
was not entirely abolished, however. as a
few stocks showed disproportionate
strength and activity. These stocks were
OF better class than yesterday, when
thg low grade of the securities which be-
gym to appear in the list of candidates
fer speculative favor. had a detrimental
effect on the tone of the whole specula-
ton There was no change in general con-
ditions to account for the better tone of
speculation. The most conspicuous move
ments were accounted for by rumors OF
specific developments regarding the indi-
Vidual properties, most of them vague
and unauthorized. Prospective dividend
increases and combination projects were
conspicuous features in the days stock
market gossip
Union Pacific and st. Paul rose jointly
on revival of reports of closer relations.
These rumors gained additional force from
the fact OF the reelection of the preSi-
dent of the st. Paul as a directir of the
Cnlon Pacific al the annual meeting yes
terday. That meeting also gave rise to
renewed assertions that the pamphlet re-
port was to appear Immediately and that
It would contain important information
~
property. Assurances from authorized
sources that the report would not be
ready for the stockholders for several
weeks did not seem to diminish the active
speculative operations in the stock which
were attributable to the so-called western
clement.
earnings for August reported by the
GDion Pacific was in favor of the move
ment. Other railroad stocks did not in
all cases respond 10 similarly favorable
panifirfG
annual showing did not seem to help the
stock. The ore deal group was sluggish
until late in the day. when demand
for United States Steel developed which
carried it to the highest price on the
present movement. The extraordinary
prosperity in the copper trade was moder-
gamated Copper. Hopes of dividend in
creases were motives for the rise in
Pennsylvania and American Smelling, al
though the latter stocks showed the ef-
feet of profit-taking in its wide advance
during the course of the day. The same
was true of some other stocks which rose
sharply earlier i'm the week. Money con-
tinued to wirk easier in spite of the man
ifest pressure for remittance to London
which made sterling exchange strong not
only here. but in Paris and Berlin.
The advance in the. official discount
rate of the Imperial bank of Germany
was in accordance with expectation, and
the private discount rate receded there
today In London. however, the priva Il
discount rate ADVANCED anu III was COIL
sidered probable that the Bank of Eng
land would advance its official rate to.
morrow in view of the heavy withdraw
ais of bullion from its already depleted
supply as shown in last weeks state.
rnent The bank sent another 81. 250.000 tC
Egypt today. 1t is believed that New
York has made large reduction OF
United States indebtedness to foreign
money markets this week. That il could
no so without disturbing the relaxing
tendency Of the local money market j:
regarded as encouraging evidence of the
Improvement in the local money situation
The improved money situation was re
Elected also in an enlarged demand fol
bonds at advancing prices, which gave
that market a very firm tone. Tota
sales. par value. s2,754.O00.
United States bonds were all unchanged
on call.