The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-10-09
RECORD PRICE
FOR RED METAL
lnduStriaIs Connected With
Copper Boosted by Extra
ordinary Demand.
THE SUPPLY LOOKS SMALL
GENERAE~ MARKET DULL AND
SLUGGISH.
THE SUPPLY LOOKS SMALL

New York, Oct. S.-A few of the less
important stocks offered a rather sem
sational spectacle in todays market, but
the trading on the whole was dull and
uninteresting and prices moved in a slug
gish manner. The firm undertone of the
market was largely sympathetic with tbs
lew notable advances. The only factor
in the general situation which could be
held to account for the apathetic specu-
latlon was the money market conditions
me immediate outlook with the opening
OF the week did not fully hold the prom
Use Offered by last weeks market relax
anon While there was no actual stiffen-
ing TO-DAY the downward course Of inter-
est rates was quite distinctly checked
Inc result was less confidence in addi-
uonal ease il the securing of resources
Tor stock market operations.
The disappointing exhibit of the banks
In the weekly statement of conditions was
not held accountable for the tone of the
money, as the actual condition was be-
Heved to have been improved more than
was indicated by this comparison of the
weeks averages. The course of foreign
money markets had more effect These
distinctly reversed the easing tendency
OF last week and moved upward. Dis
counts were quot2bly higher in London,
Paris and Berlin. Discussion was re-
newed or the probability of a rise in the
official discount rates of both the Bank
OF England and the Imperial bank of
market moved upwards and the demand
In that market was said to be largely for
bills
These maturities are known to fall into
very large amount during October and
the rise IN foreign money rates adds to
the lnducement to recall them or adds
TO- the cost or renewing them. The bear
ing on the foreign exchange situation OF ,
the outcome of the cotton crop receives
special attention in view of the fears of
a smaller crop than has been estimated
with a corresponding reduction in the
available surplus for export
Inc reactiOnary movement in todav'S
COTTON market was satisfactory devel-
opment IN that part of the situation
More or less active discussion is going on
in financial circles of the great extern
sion of banking credits in the country at
large and the part PLAYED in them nv
real estate. mining and other speculation.
me movements in special stocks TODAY
nearly all had rumors of happenings of
ndiVldual character to account for them
Inc General Electric advance was ac-
companled by reports of a coming stock
Issue with subscription rights Thu
strength in Westinghouse Electric
American Locomotive and Allis Chalm-
ers was sympathetic or was due to ru-
mors of actual mergers in contemplation.
lndustrlals connected with the copper
industry were all affected bv the extra
ordinary market for the metal which
touched record prices both in London and
New York, with apparently no supply
available for immediate delivery or for
the nearby months. In contrast came
the report of the determination of the
United States Steel corporation to make
no advance in prices of finished products
IN spite of the urgent demand. Railroad
OFFICIALS reported growing difficulty in
taxing care of the freight offering for
transportation and a certain DrosDect Of
freight congestion if any obstruction oc-
ours from bad weather. Union Pacific
was the only prominent RAILROAD stock TO
snow notable strength. United States
Steel hung about 49, to which if rose Fri
day afternoon on the eve Of the announce
ment of the terms of the ore deal.
good proportion Of the days gains was
yielded in a late reaction and the market
closed easy.
Bonds were firm. Total sales. par value
$2644Vo- United States old As declined
"a on call.