The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-09-28
STOCK MARKET
GENERALLY WEAK
Effort Made Early to Boost
Prices Failed to Have
Any Effect.
GREAT DISASTER FEARED
RUMoRS FROM GULF STATES
WERE ALARMING.
GREAT DISASTER FEARED

New York, Sept. 27-The currents of the
stock market shifted constantly today
as yesterday and speculative sentiment
seemed to undergo the same vacillations
during the day. There was an dpprecia-
bic expansion in the volume of the mar
ket, however, and the fluctuations were
much wider than yesterday. The effect
i've efforts on the side of higher prices
practically ended after the shock caused
by the alarmist rumors regarding the
extent of the harm done by the storm
IN the southern states, although there
was temporary recovery after il was
learned how far the early rumors were
exaggerated. AS these rumors pointed to
| the humiliation of the city of New Or
! leans and almost a repetition of the San
Francisco calamity the effect On prices
! of stocks was natural when the results
! following the San Francisco catastrophe
were remembered. The more sober cell
slderation of the news from the south de-
| traCted from its sensational features, but
| provided some grounds for misgivinSs
over the effect on the cotton crop.
Reports of Withholding of spot cotton
| from southern markets pending further
details of the damage done indicated a
disposition to pause and take stock of the
/ situation before taking definite steps. The
ladvance in prices; which was interrupted
| by the storm news, was largely in SYM
pathy with the whipping UP of Reading
| in a manner that has become highly
CHARACTERISTIC of that stock and with d.
miniShing effect on general speculative
sentiment There was some subsistence
! of political discussion with the adjourn
ment of the New York party conventions
until late in the day. The late bear drive
against the market was accompanied wi h
/ many professions of anxiety over the
possible disturbing effect upon business
! confidence of an active campaign waGed
along the lines indicated by the political
outlook.
Fears of pinch in the money market
| also played part in the pressure on the
market. Great diligence is exercised in
studying up details of requirements TO be
met in October and mention of anything
| that has escaped general attention is of
/ influence in aggraVating fears Of strip-
ments to be made in New York next week
! was one such, item brought forward to-
| day. The largest requirements to be met
which are on Oct. l. are expected to be Of
| temporary effect and of kind to find
| their way back at early day into the
channels of the money market 1t IS
/ pointed out, however that large maturi-
/ ties Of time loans occur during October.
| especially in the form Of finance bills
placed with foreigners and the open dis
| elimination lately exercised by foreign
money lenders against the American
borrowers raised the possibility of diff
culties to be met in renewing these bills
| in case of need.
There were reports of further gold en-
gagements current today, but no actual
/ engagement was announced until after
| the stock market closed, when a 81, 800 00J
/ enga cement was reported. A good i'm
preston was produced by the Bank of
England authorities refraning from ad-
vancing its official discount rate. but the
] weekly statement shows a material weak
/ ness both by loss of bullion and increase
/ of loans. the proportion of reserve to il
ability falling from 1855 per cent last
week to 1888 this week. The Bank Of
| France also showed a loss of s. 335, 900 in
! gold and an expansion of $4,000 coo i'm out
standing loans. The sterling exchange
rate at Paris declined in consequence with
/ this showing The tone of the call money
market was hard but showed no disturb
ance. The considerable rally at the last
was due to covering of short contracts by
/ the bears and was evidence of the pro-
fessional character of much of the sell
! ing.
Bonds were irregular. Total sales, par
value. H,77S,000 ~
United States bonds were unchanged on
call.