The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-11-27

Spectators in Wall Street Dis
posed to Wait Before
Taking a Plunge.
MARKET LACKS A LEADER
TENDENCY is TOWARD LOWER
PRICES.

New York. Nov. e6.-Confusion of specu-
lative sentiment was discernible in the
movement of prices of stocks today, and
the activity Of the trading was contracted
largely. Operations were left largely in
the hands of professional traders. Their
confusion was due to the failure TO find
any effective leadership by important
Transactions or any appreciate following.
sfhe show of strength after the mixed
tone at the opening had an encouraging
effect and was interpreted as an assertion
81 power to support the market against
such pressure as that which came upon
the market toward the close OF last week
The way in which Great Northern pre-
ferrcd was sustained after further de-
cline was especially effective IN reasSur-
ing sentiment. The buying which followed
came from professional traders, VINO
thought they read an intention on the
part of powerful operators to renew the
advance in prices When they became us
trustful of this intention, stocks We're re-
sold and the course of prices was re
traced on the late decline
The further drop in prices OF Great
Northern ore rights. when issued, as
they are quoted on the curD, had large
influence i'm turning the market down
wards again. The decline in these rights
serves to discredit the extensive rise
which occurred in the price of Great Nor
thern preferred on the speculative buying
in anticipation of the distribution. Inc
treatment of loans in which Great North
ern preferred serves as collateral Wheh
the new certificates are issued. IS COM
plicating factor. The weakness OF the new
rights ON the curb would add TO their I'M
attractivenesS for inclusion in the col
lateral for such loans.
The call money market relaxed today
and no immediate pressure was enforced
on the stock market on that account Inc
movement of currency to San Francisco
continues S5000G0 being transferred To that
Doiut through the Sub-treaSury today. and
l.sraHg-
NAV reach several million dollars FUR
Tier shipments to the cotton regions alSo
are likely. The position of the Bank Oi
England continues to grow stronger. i nt
tone of London financial comment SHOWS
however. that a possible renewal OF a ue-
mand for gold from New YORK Is as mucI
dreaded as a cOmplicating factor IN tha'
market as that from any other source
\ rise in the Bank Of England rate to
per cent before the end of the year WOuC
have so damaging an effect on EheIISI
trade and on foreign markets geheTdlS
that il would counterbalance an adNah-
tage TO New York from securing more
gold than that market
The conservation of the surplus reserves
of the United States treasury that ma.
b. employed for relief of the local mar
ket up To this time keeps up confidence
BY their availability on any violent sus
Cestion of money stringencY. Ihe lmhe
diate course of the government revenue
oDeratiOnS is absorbing but little from the
market the excess of receipts over eN
Deuditures for this month reaching only
s. SS7. 600. The weekly report of the BanF
OF Germany showed an Improvement II
condition but in a moderate degree, CON
steering the heavy banking requirements
Il he met in December. There was som,
special strength in Missouri Kansas 3
Texas stocks. due to a supposltlol ina
they were being bought for control am
correction by a larger system. st. Pau
and Union Pacific suffered especially u
company with Great Northern preferred
Bn ra4sfPp
,gof generally below Saturdays closing
Slight rallies on short covering left th'
closing tone irregular.
Eends were heavy; total sales tpal
value) 81 45SO90.
L 5. 5. registered, declined / per cen