The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-12-04
DULL MARKET,
PRICES FIRM
Holders Had No inclination to
Sell Stocks in Wall Street
Yesterday.
MARKET APPEARED STRONG
CoPPERS LED THE WAY, AIDED
BY SMELLING.
MARKET APPEARED STRONG

New York. Dec. 3.-The only effect per-
ceptible from the stiff prevailing rate for
call loans today was a small volume OF
dealings in the market. There was no
apparent inclination to sell stocks and
the small buying was therefore effective
in advancing prices The market had an
appearance OF decided strength through
out in spite of the dullness- The strength
was in evidence from the outset, not
Withstanding some degree of apprehension
over the threatening conditions in the
outside market. The renouncing of the
option on 100000 shares of Nipissing
which was announced by the Guggen-
helms on Saturday after the market
closed, aroused fears of panicky eOndi-
lions in view of the active speculation
which has been in progress in mining
shares. After the first downward plunge
of Nipissing its rebound and the deyel-
opment of actual strength in the outside
market removed the fears OF reflected
damage from that source.
The notable price movements were IN
the class of low priced stocks Doth IN
the railroad and industrial lists. Prices
advanced in these came in relays and
the constant rotation of the demand keI't
up the appearance of strength IN the mar
ket when the large portion of the list was
practically suspended and mOtonless.
Z High priced stocks were firmly held and
there were strong examples amongst them
as well. Some of the days movements
were associated with reports of special
developments affecting the stocks, but
others are without special foundation
There were rumOrs OF coming subscription
rights to new Canadian Pacific stock.
Chesapeake & Ohio was influenced by re-
ports that Pennsylvania holdings of that
stock were to be taken over for addition
to the holdings in the Vanderbilt inter
a of minor lndIStTlalS
were also prominent. Erie was neiped by
the report of net earnings for October,
which showed a large proportion of the
gross increase conserved for the net thdt
the current average in other cases.
Ii was generally understood that the
presidents message would not go 10 con-
gTess until tomorrow. There was WIDE
" current assumption that the market
had more than discounted any untaVof-
able effect from portions of the message
that might reinforce previously expressed
views which have been regarded as I'M
favorable factors in the market and that
its actual publication might result III
some influx of demand into the market.
The copper stocks led by smelling became
effective factors in the general strength
of the market. The ruling rate Tor mon
ey was higher throughout than on Friday.
although the z per cent maximum OF
Friday was not touched. Inc SuD-lFedS-
I1rv shows an absorption of nearly s.
100000 already to figure in the new bank
statement week. The government lnstl-
tuition also was accredited at the clear
ing house this morning Tor over nan q
million dollars.
The supposition is general that it Will
he several days before the money mar
ket feels the relaxing effect of the re-
turn of funds employed in the December
] settlements. Very heavy requirements
also lie ahead of the market for DeCem'
Der 10. TO which was added today the an
nouncement of offerings of S9SO0.0O0 New
York bonds The Bank of England re
ports further heavy accretOn of bullion
But the downward course of discounts
in London was halted. The cash demand:
Upon the central bank from the English
provinces is looked for this week to bt
maintained up to the end of the year
Sterling exchange was very weak at one
time but became firmer before the close
Time money was very strong. There wa:
some profit taking when money went t,
the highest at % per cent in the after