The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-11-18
MORE ACTIVITY
| IN WALL Street
Better Condition of Money
Market Put New Life Into
the Spectators.
UNION PACIFIC PROMINENT
REALIZING SALES HELD BACK
OTHER STOCKS.
UNION PACIFIC PROMINENT

New York Nov. 1.-THE renewed spec
ulation was actively continued today I'M
der the influence of the Frightening pros
poets in the money market The principal
dealings spread to some new quarters
and it was obvious that some distribution
was being effected of the stocks which
have figured most prominently in the
previous sharp advances. Union Pacific
was the conspicuous new favOrtte and the
demand was stimulated by glowing ru-
mOrs of the tenor of the forthcoming an
nual report. Meantime ST Paul. the Hill
stocks, Reading. Anna lgamated Copper
and Southern Pacific were held back by
selling to realize
limitations were in circulation before
the appearance of the bank statement
that a restoration of the surplus would
be disclosed. and buying was actively pur-
sued on the assumption thus founded.
Such limitations before the appearance of
the official compilation OF the condition
of the banks by the clearing house have
become regular routine in Wall street
They are profeSsedIy based on estimates
by experts, but they are found generally
to correct errors in the expert estimates
made on Friday afternoon and prepare
speculative sentiment for the discrepan-
cies from the Friday estimates which are
shown by the bank statement
TOdayis principal discrepancy in that
5 respect was the S2.S1730G cash increase
compared with the estimate of not over
one million. Last weeks Unexpectedly
by the trust companies and the report
of condition having been made to the
state superintendent of banking, it is SUP
posed that these bodies have ROW made
redeposits with the banks. A large move
ment of gold into the Bank of England.
some of ii American eagles, received from
the Bank of France, was a feature of the
days news Regarded with satisfaction
here Sterling exchange in this market,
however, continued to rise with the cas-
ing of the money market. Light was
thrown on the strength of New Yorks po-
sitiOn in the commercial exchanges TO
meet the large volume of loans which
New York owes abroad by the October
foreign trade statement.
The increase in agricultural exports
oyer last year is expanded by the growth
in manufactured exports 10 nearly S33.-
100000. The value of imports also has de-
cllned, for the first time in many months.
The effect is an increase in the excess
value of exports for the month of Si2.-
343.4S9 to total of SS9,21l.55S, while the
net gold import for the month was only
slightly over so, 600.
Pie mixed character of the trading con-
tinued up to the closing, and made it ir-
regular. SKIS i-
Total sales of bonds. par Value. S91S. 600.
The comment of the stock market dur
ing the week has been frank on the influ-
ence of the issuing of calls for report of
condition both by the United States con-
troller of the currency and by the New
York superintendent of banking on the
more liberal spirit toward borrowers dis
prayed DN the banks and the trust COM
panies. That is to imply that arrange
ments made TO fortify the showing to be
made in response to these calls are being
altered to the benefit of borrowers aud
TO the lessened strength OF the reserve
percentage of these Institutions.
Attention is forced to the growth of
outlay for wages by the general move
ment for advances and much calculation
is made of the effect to be expected in re-
ducing net earnings of corporations. The
subject is of added interest because of
the advancing tendency of operating ex-
penses due to the rich cost of materials
and the disadvantages of operation under
the high pressure on all means of DrOduc-
ton and transportation. Railroad Off
Gals express the opinion that additional
charges for transportation must be made
10 enable profits to be maintained. but
the prevailing agitation for legislative
limita ton of freight and passenger rates
is cited as an obstacle. On the other
hand, the benefit of the increased de
mand for consumption to result from the
higher wage scales is not lost sight Of
The bond market has been dull and ir-
regular
United States 2s and the old is have de-
clined Is per cent on call during the
week