The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-11-08
NO ANIMATION
IN WALL. Street
What Business Was Trans
acted on Change Was of
Desultory Character.
SELLING TO TAKE PROFITS
MONEY SITUATION ABROAD is
UNSATISFACTORY.
SELLING TO TAKE PROFITS

New York, Nov. THE speculation in
stocks proved TO be of a desultory char
acter today in spite of the signs of ami
nation in the early selling The largest
part of the activity was during the first
hour and this was largely under the DOM
nation of foreign influences Reported
apprehension of a further advance in the
Bank of England discount rate at the
weekly meeting of the governors tomor-
row was a principal factor There was
some selling out by the buyers of the
last few days. That buying had been due
10 hope that with the election out of
speculative demand for stocks There
was no sign Of ii this morning. and the
selling TO take profits aggravated the eff
tect or the selling for London account.
The suDDosition OF a rise in the Eng
lish bank rate seemed due in part to
Tears on the part of the authorities of the
bank that the New York stock market
was about TO enter upon new period of
speculative activity with the probability
OF enforcing further demands upon the
English money market to keep ii up.
30 FAR IS this was a factor i'm the days
talk OF a rise in the bank rate. the eff
feet failed to Justify the apprehension.
as operations in New York were on a
diminishing scale after the opening burst
of selling. 1t is evident. however. that
the Bank of England has not made salts
factory progress in the recuperatiOn Of
reserves considered necessary before en-
terlnS upon the year-end requirements
Importance was attached to report that
the Bank of France relinquished some OF
it's gold holdings today for shipment TO
Egypt Vas relief for the Bank of England
from this drain might be hoped 10 operate
against an advance i'm the discount rate.
The only notable resistance in the mar
l1et was in the Hill stocks. especially
Northern Pacific. The strength of these
stocks WAS attributed to the old cause of
an expected, disbursement in some nego-
table form Of the beneficiary results of
the iron ore deal. There was. nominal
strength also in Illinois Central. and in
Chicago & Alton. which was explained
by the belief that the assumption of the
control of the Illinois Central i'm the Har-
riman interests, argues some project of
closer relations between roads dominated
by Hartman.
The local call money rate was main
tanned today but il did not advance. The
tone of the time money market. however,
was strong and nervous. Very little mon
ev was In the market. There is some con-
fidence that the interior demand for cur
rency is nearly satisfied for the present
hut the condition Of the local money mar
lxet i'm the Immediate future is believed
to be dependent on the attitude or Lon
don lenders in connection with the next
stock market settlement Reports from
Washington or a case in preparation Tor
prosecution of the Standard OH company
received some attention in the market
The demand from uncovered shorts which
caused recoveries in prices disclosed that
hear activity was an important element
i'm the markets weakness. but considera-
HE net losses remained after the rally
The closing tons was firm ana dulI.
Bonds were heavy. Total sales, par
United States bonds were unchanged on
call