The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-09-16
STOCK MARKET
LED BY READING
Baltimore & Ohio Also Con-
SpiCuouS, Followed by Low
Grade InduStrialS.
DECLINE IN GENERAL LIST
RUMoRS IN GREAT VARIETY ARE
CURRENT.

New York Sept. 15.-Reading had the
market largely to itself with Baltimore
4 Ohio as a conspicuous pendant TO the
Display. and with a. number of low-grade
iDdustrials making spectacular move
nents i'm the background. The general
list was but little affected. and the ma
Jority OF stocks closed at small net de-
cines and were not notably active. The
failure of the bank statement to come up
10 expectations had something to do with
the result. but the violence of the move
ment In Reading and the lack of anthem
tic information TO explain IL had an I'M
favorable effect on speculative sentiment
There were flying rumors i'm great va
riety. most of which pointed to closer
relations by Reading and Baltimore g.
Ohio. Hence the parallel movement i'm
that stock. Other rumors pointed TO the
formation OF a holding company to take
over coal companies from the railroads
owing 10 the question of the legality of
their present holdings under changes in
the law. other coalers showed some SYM
pathy with Reading. but showed nothing
like the strength and activity of that
stock. The cash gain of the banks was
scarcely more than half the preliminary
estimates based on the weeks currency
movement the increase amounting to
but N.932.700 as a remnant of the week s
receipts of gold to the amount of over
s20'o00'0O0 by withdrawal from the sub
treasury against imports engaged.
There have been receipts of gold this
week OF S3O00.000 shipped before the priv
was accorded. The cash gain thus shown
would have been insufficient to wipe out
tho deficit in reserves without the ac-
campaigning decrease i'm deposits by seal
ing down of loans. The impairment i'm
the expected cash gained seems to be
due 10 the further building up Of the
cash reserves of the trust companies to
comply with the requirement for addi-
tional holdings which comes into force
on Oct. I. Foreign exchange rates con-
tinue to move upward away from the gold
imnort point. But it is expected that gold
VIII begin to arrive early next week
which was shipped from London last
Saturday and which. therefore. did not al
low Withdrawals OF government funds un-
der the treasury order which went into
erect on monday. The amount of these
shipments is estimated at 100000 to So
100000. The market closed easy under the
influence lataI nc of, of the bank Showing; Total
Bonds have been dull and generally
heavy.
United States IS have advanced - per
cent on call during the week
The operation on Monday Of the treas
uIy aid to gold imports was followed bv
me release of a flood of gold for imme-
date transfer into New York bank re-
serves. The effect was to break the
stringency in the money market bv re-
cuperation OF a surplus i'm the reserves OF
the New York banks. which were de-
ncient in the last bank statement by a
margin OF $6.5N ops. The stimulating ef-
rect on the stock market Of the easing
or the money situation proved to be but
moderate, and the speculation showed a
tendency to lapse into professional hands
and the fluctuations in prices to become
narrow and uncertain
1t was assumed that the power of the
capitalists and bankers which had been
operating i'm the market were desisting OF
the pursuit Of the campaign which was
luaugurated with the dividend action on
Union Pacific and Southern Pacific A
desire TO await the further clearing IN of
the money situation was attributed 10 the
motive Tor this attitude, as news Of or
motiVe Tor this attitude, as news of gen
eral conditions continued in the highest
degree satisfactory
Practically all Of the gold secured for
TINS market during the week came from
the Bank of England and was reflected
IN decline IN the bullion holdings of maj
institution OF nearly S15OOOG00 I'm Ara
weekly statement on Thursdsv ana 'i in
en advance in the official discount rate
from &c TO per cent Discount rates
IN Paris and Berlin also rose and foreign
stock markets were disturbed
protective measures were adoDted in
foreign markets. and London money lend
ers were reported to be concerning meas
ureS 10 discriminate against the advanc-
Ing of further credits of New York az
count. The gold secured was said 10 he
the result OF borrowings for New York
account The gold secured was said 10
be the result OF borrowings for New,
York account. London i'm CONSEQUENCE
eXacted wider margin on American Sc
Curities i'm loans.
New Iork's borrowing was an influ-
cnce not only i'm the securing of gold for
transfer TO the banks here but in the
holding of American securities i'm Lon
don. purchases being made there AGAINST
sales I'm New York