The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-11-29
ACTIVE AN HOUR
AND Then DULL
Professional Traders Closed Up
Their Business and Pre-
pared for Holiday.
CALL MONEY GOES HIGHER
LARGE DIVIDENDS FALL DUE
THIS WEEK.
CALL MONEY GOES HIGHER

New York. Nov. 2S.-There was an hour
of moderately active trading in stocks
after the opening today and then the mar
ket settled down into the usual pre-holi-
day dullness. The dullness resulted in
the concession of the gains which were
established in the first hour. The tone
was heavy afterwards Professional
traders were evidently disposed to close
up their contracts over the holiday, and
this inclination was the more pronounced
since many brokers were preparing TO
leave the city to be gone until Monday
next. The effect of the preparations for
the December settlements was suScepu-
bic in the money market, and the rise IN
the call loan market had some depress-
ing effect. The whole market was mar
row and almost entirely professional, ana
therefore of slight significance. The
Union Pacific annual report continued to
occupy a large share of attention. the
stock was not active in the market, how
ever, and there was some apprehension
that the good news on the stock had al
ready been discounted, as in other in
stances lately. The powerful position OF
the company I'm the matter of cash assets
was much commented upon, the item
showing a total of over $685. 100000, of
which nearly $35,OOO,OO0 was placed in de-
mand loans.
2 To the apprehension of the Wall street
! public. demand loans are suggestive Of
facilities for holding Of stocks on margin
ana the immunity Ol lIupOll dnl SptCuid-
tive holdings from the effects of money
stringency through the fall has beer the
subject of constant comment. The fact is
cited in the same connection that the
Pacific stocks have held a foremost place
in the speculation for many months past.
A strong market position for the stocks
is inferred from this chain of events On
Friday there is payable the S6,4OOO0O div
idend on United States Steel preferred,
and on Saturday a long list of dividend
payments falls due, of which the most
important are the American Tobacco reg
ular and extra dividends, and the Atchi-
son half yearly dividend on the common
stock. Money supplies are affected at
the same time by cash requirements. The
sub-treasury has taken upwards of 3d.
100000 from the banks since the last state
ment. Transfers to San francisco are
included in this amount. The custom col
lections are also running heavy at pres
ent. An additional 200 was trans
ferred TO San Francisco today, which is
not included in the above figures. Money
atSo has gone to Canada this week in
connection with the making up of the
annual showing of the banks there for the
Nov. 80 reports. New York exchange at
Chicago also fell back TO discount to-
day.
The Bank of England made a gain of
upwards of 100000 in gold today, of
which 100000 came from Paris. The
London money market was affected, how
ever. by reports that further engagements
of gold for shipment to Brazil are i'm
New York trust companies as of Nov.
"A showed the effects of the operation
of the new reserve law. Compared with
the August report. there Is shown a de-
crease in loans of SHOP, coo, and an in
crease of specie holding of $, 3SS. 800. In
the yearly comparison there is con-
traction IN the loan item of ST. 75S 500, a
growth in specie of $24,1l5 100. and in legal
tenders of S2.711, 200 The Iessened bur
den on the reserves of clearing house
banks in their office of ultimate resolve
against re-depOsits, on which loans are
twice made is thus disclosed. The strong
report of Rock Islands net earnings for
October helped TO explain the recent adj
vance of the stock. Buying of New York
Central was attributed TO the approach
ing period of subscription rights TO new
stock. The market was lethargic for the
latter part of the day, and closed ir-
regular.
Bonds We're irregular. Total sales, pal
value. 81, $4,000.
United States bonds were unchanged OF
call