The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-09-14
STOCK MARKET
IS DEADLY DULL
large Operators Have Appar-
emily Ceased Trying to
Force High Prices.
MORE GOLD FROM ABROAD
f,DNEY RATE LOWER IN NEW
YORK.
MORE GOLD FROM ABROAD

New York. Sept. 13.-There we're indi-
cations in the days stock market move
ments of a growing quiescence IN the
speculation on the part OF the large OPP
orators whose powerful resources have
Kept the recent market going through all
vicissitudes of the money difficulties.
Fluctuations were uncertain and deal
inSs had the appearance Of professional
operations of the trading class. The up
ward movement was brisk at the outset
IN continuation of yesterdays sharp re-
covery. But IL flattened out before long
and the market lapscd into a dullcr con-
ditiOn than for many weeks past. The
demand from short interest fell off coli
siderably with the reduction in that ac-
count with covering operations and the
market showed the lack of this technical
factor Of strength This gave rise TO an
inference that yesterdays advance was ~
professional movement designed 90 drive
in the shorts rather than a resumption
OF important operations on the long side.
The reaction Of the first Of the week
was evidently caused by reduction IN
holdings taken on I'm the course of the
supporting measures during the strin-
gency In the money market of the week
before, and this selling incidentally en-
couraged the putting out Of short con-
tracts which were covered yesterday and
this morning The narrowing process
going on in the market by this series of
movements is easily perceptibe and to-
ing
The professional motives for operations
in special stocks also showed the increase
of the professional element in the mar
ket with its revived deal rumors and div
idend prospects. The money market con
tinued TO realize and cali loans were made
throughout the day at below per cent.
The Bank OF England raised It's official
rate 10 per cent. That the advance Of
a full I per cent to AZ per cent was con-
sicered possible and the more moderate
action was taken as negatively favora-
bic.
Further gold was Withdrawn from the
bank for shipment to New York, but this
was believed to be on an engagement
made yesterday. and il was supposed that
the New York command Of the bank S
supply of gold is now checked. \ let
ting down in the price of gold in London
was viewed as a sign Of the security felt
against immediate further takings. Nei-
Their was there any engagement Of gold
announced in Paris FOR New York ac-
count. The falling away In the local
money rate has led to the retirement of
some OF the credits OF interior banks
which were placed here to take advantage
OF the high money rate. New York eX-
change at Chicago also slipped back to a
small discount today. The continued
movement Of currency TO the interior and
Withdrawals of money for revenue pay
mcuts 60 the government are TO be kept
in view as offset to the weeks foreign
gold movement. Restraint on specula-
ton was due TO the further uncertainty
OF relief measures by the treasury de-
partment against any harmful money
stringency to some Of the means at COM
mand for releasing surplus treasury
funds TO the market.
Further deposits of government funds
with national banks anticipation OF gov
eminent interest payments of redemption
Of government tours of 1907 are all con-
sidered available means for effectins this
purpose.
Belief i'm a coming increase in the Ana
condn dividend lifted Amalgamated Cop
per sharply and the Great Northern ore
lands deal was an influence on the Hill
stocks and United States Steel. The lat
ter fell back under the enormous weight
OF the selling to about AZ, and the fol-
lowing heavy tone in the market was
affected by sympathy with this obstacle
There vas buying Of Union Pacific on the
assumption that with the per cent div
idend off the price tomorrow buying
would be attracted The lack to follow
up i'm the buying on the advance prompt
ed the late selling movement. which wiped
out early gains and established prices be-
low last nights level.
Bonds were Irregular. Total sales, pal
value. S.1I6.O00.
United States bonds were unchanged
on call