The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-09-15
OPERATIONS ON
THE LONG SIDE
Slight Check to the Downward
Course of Prices on the
Stock Exchange.
ROOM TRADERS SKEPTICAL
SHORT LINES PUT OUT ON THE
ADVANCES.
ROOM TRADERS SKEPTICAL

New York, Sept H.-Operations on the
long side of the stock market were re-
sumcd in sufficient volume today 10 eff
feet a turn from the downward course Of
prices in progress yesterday. The days
strength was spotty strength at one point
contrasting with heaviness at others in
the process of maneuVering to take
profits. The room trading element was
Skeptical of the market and put out short
lines on the advances The principal OPP
eratiOns centeFed I'm the coalers, especially
in Reading. RumOrs were revived of an
intended Investment of ownership of coal
properties by the railroad companies This
report has TeappeaTed at intervals ever
since the publication OF a judicial decision
which seemed TO indicate the illegality
OF the present ownership OF the means
OF production OF the material trans
ported, and has been regarded as favor
able to the COalers. Details were not
forthcoming of the plan, but the specula-
tive assumption was that large profits
would accrue TO the railroad companies
from the proceeds of the new arrange
ment.
The rise i'm the coalers on this assump-
ton was in contrast 10 the former favor
able effdct on those stocks Of the taking
over of coal mining properties. Other
stocks which were notably strong had
special causes assigned There Were some
conspicuous groups in the line of advanC-
ing prices and some recent leaders were
held back throughout the day. The
per cent dividend came Off the price of
demand there seemed to be selling by
those who had held only until the divi-
dend should accrue to them.
A number of industrials figured in the
days advances on developments i'm the
special trades i'm which they were inter-
ested or i'm the affairs of the corpora
lions themselves. Estimates of the bank
statement pointed to a favorable return
tomorrow. and this was used to encour-
age the speculation. The increase in cash
for tho week was estimated TO be in the
EeighbOrhOOd OF SlJ,000O00.
The sub-treasury operations include the
payments of recent gold engagements
abroad. except tOdays payment Of 81
10000. which brings the total payments
on that account for the week up 10 Sl9,
$4,000. But receipts of revenue payments
and for Geographic transfer to interior
points and other routine sub-treasury OPP
eratons leave the payments by that m
stitution II the banks at only Sl5,029,WO.
There is a small offset to this gain in the
movement on balance by express TO the
interior. which is estimated at but few
hundred thousand dollars compared with
over five million dollars last week. Ihls
relaxation i'm the interior demand for cur
rency contributes much 10 the promised
strength OF tomOrrows bank statement.
The further advance in the sterling eX-
change rate today decreased the command
by New York on gold in London. Atten-
ton was given to report also OF a semi
official statement of the unWillngneSs of
the Bank OF France TO release gold for
shipment 10 New York. fall in ster-
ling exchange at Berlin today lessened the
prospect OF SOlQ ulcNluS iitui liidA NSlttNf
10 LOnd-a which has been canVassed as
an Indirect method Of renewing supplies
available to the New York demand
The late furry I'm money was attributed
10 thu preparation for some large dvi-
dend payments due tomorrow, the prime
pal OF which is the $4,000 payable 70
Standard Oil stockF elders. This proved q
restraint on any sympathetic response to
the buoyant upshOot In Reading and made
an irregular closing.
Bonds were heavy. Total sales, par
value. s. ,O66 90
United states bonds were unchanged
on call