The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-11-21
CALL LOANS HELD
At STIFF RATES
Stock Market Under Restraint
and Inclined to Take a
Turn Downward.
STRONG SUPPORT OFFERED
PLENTY OF PLAUSIBLE RUMORS
CURRENT.
STRONG SUPPORT OFFERED

New York, Nov. 20.-The restraint of the
stiff rates for call loans was manifest in
the DAYS stock market. It's action sug-
gested that the speculative demand would
have halted more completely had IL not
been for the brac cling effect of the sud-
den and violent advances which occurred
at different times during the day in diff
ferent stocks. The special movements
vere unexplained by authoritative news,
but there were plenty of rumors of more
or less plausible seeming. The SiX-point
Jump in Illinois Central was the most
conspicuous example in this class Inc
rumors had 10 do with the supposed re
lation of the property to the project
working out in regard to the st. Paul
K was argued on the one hand that 81
Paul and Southern Pacific were to be
bought into more intimate relation by
interchange of stock holdings and that IL
iinois Central was to figure as the hold
ing company for the merger property
Another rumor was that urgent buying
to perfect the control of Illinois Cen
trai, in view of the internal differences
ia the company. was responsible Tor the
upward shoot in price. The movement
in Louisville & Nashville owed something
to sympathy on account of the analogous
conditions and territory of the two roads.
There also were surmises on the pos
sibility of a dividend increase for the
Louisville & Nashville, and its subsidiary
companies shared in the strength. Rock
Island was the subject of stories OF an
acquisition of control of Colorado &
Southern, which met with official dis
Chalmers. st. Paul was feverish and lr-
regular. reacting constantly from its Wig
orous advances. One or two of the in
tlustrial specialties made similar spurts,
notably General Electric and People 5
Gas. The manner in which these move
nIents were conducted proved rather con-
Vincing to sentiment and with their lack
of influence in sustaining the market be-
wf-ezrN-
and the absence of ineligible ground Tor
the movement became remarked.
The money market was again tlgnt.
The opening rate of per cent soon gave
way to per cent, and yesterdays max
irnum of 8 per cent was touched and
passed early in the afternoon. As known
conditions seem to be moving in favor OF
the banking position this sensitiyeness of
me marked to the demands for the spec
ulation proved disturbing. New York eX-
change at Chicago rose to 70 cents pre-
MUM per ZOO. marking the continued
flow OF funds towards this center The
reports of conditions Of banks in other
cities in response to the controllers call.
as of Nov. Il. are perused with interest
and tend 10 show the general expansion
Of credits and low state of reserves sus-
tanned in comparison with the showing
under the previous call in August
A bad impression was caused by the
engagement Of upwards Of s2,SOec0 III
London to be withdrawn from the Bank
Of England for shipment 10 Brazil and
Argentina. The demand from Brazil is
due to prospective monetary legislation
dealing with the exchange value of the
currency. Hopes have been expressed
tha. London would be able to escape
this requirement, which was not, how
ever, entirely unforeseen. The matter
constitutes one of the numerous infiuen-
ees in the delicate balance of factors or
which depends the ability OF the Banh
Of England to get through to the new
year without advancing its discount rate
hara n re-
Snonse TO the higher money rates. The
tone was firraer in the time money mar
ket, also in sympathy with the rise II
call loans The days gains were much
Impaired or entirely wiped out with the
rise 10 10 per cent in money, and the
closing was easy with mixture OF nei
losses.
Bonds were irregular. Total sales, pal
value, s1.746.091
United States old As registered declined
l. uer cent on call.