The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-01-04
PRICES STRONG
IN WALL STREET
Stringency of Money Did Not Seem
to Make ANY Particular
Difference.
SLUMP IN CLOSING HOUR
MANIFEST DISAPPOINTED ENT or
SPECTATORS.
SLUMP IN CLOSING HOUR

New York, Jan. S-The movement of
the speculation today contested the in
fluence Of the continued stringency of
the money market with more persistence
than was the case yesterday, but gave
way to weakness at the last. as on yes
terday. The stringency in the fact was
less acute, the money rate showing the
operation of forces working toward re
Taxation. But the evidences of diScour-
aS6ment over the working out of the re-
lief to the money market continued man
lfeSt, and there was much irregularity in
the stock market. The operations which
advanced prices gave signs of rever-
sion of activity into the hands of pools
and centralized forces. Industrial opera
| tions We're on very large scale. This
was true as well of the profit-taking
sales
Some encouragement to speculative
sentiment was caused by the assertion
which was diligently circulated, that
some Of the large speculative cOmbina-
tfonS were realizing on a large scale and
paying off loans on call with which
they had been carrying stocks.
II was aIleged as supplement to
TINS process that the stocks sold were
being taken over in large blocks by cap
ltaIsts of more substantial character
Inc effect of these conditions on the
money market, if they were actually Oc-
curing, was slight. Money went as high
at 40 per cent early in the day, and while
1t remained at that rate for a short time
IT showed little readiness to yield below
the % per cent rate and Hurried to so
per cent again before the close. The post
ponement of the operation of normal
FORCES toward relief of the money strin-
gency caused a revival of rumOrs and
reports of expected special measures Of
relief. The most important Of these was
the report of authority to the disbursing
office of the Panama canal commission
70 Withdraw $o'VV'VU from the New York
sub-treaSury for deposit in local banks
and trust companies. Other special de-
Velopments, however, were against the
money market
The enormous proportions of the re-
quirements of the January settlements
were indicated by the volume of bank
exchanges at the clearing house today,
which rose to 1856, S44 S91, thus eclipsiny by
over 600 the heaviest clearfngs of
any previous day in the history of the
clearing house, which were made on MAY
TO- 1901, the day following the panic
caused by the Northern Pacific corner
The withdrawal from the sub-treasury
OF Sl,0O,WO in gold was enshrOuded in
some mystery and was supposed to be
either for Mexican or South American
destination. More significance was at
tacned to engagements of gold for ship
ment to South America, which were
taken as establishing the control by the
London market of supplies of gold in
TINS market, as the shipments are in
LIQUIDATION of London obligations to
South America There was a recovery in
the rates Of discount in London and Ber-
lin today, which indicated the passing of
the effect of the New Years disburse-
ments in those markets.
Reports of political tension between
Germany and France growing out of the
coming conference on Morocco were be-
neVed to have some influence on the for
eign situation. The b-treasury con-
tinued to withdraw funds from the mar
ket, in spite of the beginning of payment
on the February government intedest-
the loss by the banks to that institution
since the last bank statement rising to-
day to 1856, 600. Special reasons were
advanced for the strength in some indus
trial stocks, but the movements were
generally attributed to the supporting
measures of powerful spectators largely
committed to the market. st. Paul, At
Gibson and Union Pacific showed vary
ing degrees of strength. Only one or
two stocks saved any remnant of their
gains in the selling movement which
overwhelmed the market in the final
hour and made the closing weak and act
i've.
Bonds we're irregular. Total sales, par
value, $4,000
United States IS coupon declined q and
the old IS coupon advanced p per cent
on call