The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-11-20
BUSINESS BEGAN
WITH BU0YANCY
First Hour in Wall Street Was
Marked With Feverish Haste
to Buy Stocks.
OUTLOOK WAS PROMISING
MONEY UP AND PRICES DOWN
AT THE CLOSE.
OUTLOOK WAS PROMISING

New York. Nov. 19-The stock market
started the week under the full impulse
Of the improved tone which developed
last week. The first hours business was
the largest for that interval of any time
that has been done for many months past.
Prices were affected by the invariabIe
custom il professional operators to dis
tribute stocks to meet a new outside de-
mSnd and profit taking made its usual
impression. but the breadth and strength
or the new outside demand and the ef-
fectlve absorption which resulted had 4
very encouraging effect on sentiment.
The speculative forces behind the mar
ket therefor came in with renewed &C
cumulatfon and resumed operations for
the advance with more appearance of sub
stantial strength than at any time last
week. AS the day progressed, however,
there appeared to be some distaSte for
the feverISh sentiment in St. Paul and
the excessive b0uyance displayed by that
stock Other stocks were shared with
st. Paufs strength last week were not
ably backward in the movement and
seemed TO be freely supplied on all adj
vances.
The new candidates for speculative fav-
or were not as influential in their SYM
pathetic effect on other stocks as these
prime favorites. Union Pacific and Read
ing were only occasionally strong, and
were continually carried back by selling
to realize, while Southern and United
States Steel Amalgamated Copper and
American Smelling were under pressure
that was almost uninterrupted While
not sufficient cause for positive weakness
in these stocks until the general decline,
when money went to per cent, this pres
Sure was sufficient to prevent them
from sharing in the strength prevailing
elsewhere in the market. Many low priced
non-dividend paying stocks also were
made active at advancing prices. and
this suggested an effort to bring about
a process of rotation in demand which af-
fCrds better facilities for digestion OF pro-
fits. Rates for call loans rose higher
thar on Friday last, and thus caused
some misgiVingS over the adequacy of
the augmented supplies in the money
market to carry on a successful specu-
lation. Variety was given to last week s
rUmor on the subject of st. Paul by as
signing possible part TO buying in the
Hill interests, while last weeks rumOrs
were all agreed in destination for the
property in the Hartman combination.
The subject of possible competition to
secure the the property thus conveyed,
seem to jar upon speculative susceptible
lilies to some extent.
Reports from abroad pointed to some
clearing up of doubtful feeling over the
money outlook there as we'll as here.
London discount rates were allowed to
sag TO below the banks official rate, and
sterling exchange on the continent de-
ciined. Here rates for foreign exchange
we're maintained in spite of large pur-
chase of stock here for London account
and free offerings of commercial bills
in the England market. Sub-treasury
operations were in favor of the money
market the banks having gained
81 ,1S5,000 from the government institution
since the bank statement was compiled.
Further release of gold by the bank of
France for London was factor in fav-
or of the money market But the rise in
call loans to 9 per cent. Offset other con-
siderations and was responsible for the
free selling which in the final hour car
ried many stocks to a level below Sat
urday. The market closed easy.
Bonds were easy. Total sales, par value
81 $4,000.
United States IS declined Is per cent on
call.