The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-09-27

WEATHER EYE ON POLITICS
BROKERS WATCHING SARATOGA
AND BUFFALO.

New York, Sept. 26.-Price movements
were divided by considerable intervals of
time in the days stock market and for
the most of the day the current was
sluggish and liStlesS, with disposition to
cling about last nights level. When there
was any show of mobility movements
were exceedingly Vacillating and uncer-
tain, the level of prices showing the same
tendency TO return TO last nights level
At one time during the day there was a
talr average of gains scattered through
the list. but from that level prices plunged
to a general decline. 1t was difficult
to trace the factors in all these move
ments. A general air of doubt and of
waiting for enlightenment was percepti-
bic in the neighborhood of the stock ex-
change. large amount Of attention was
given % the political party conventions
at Buffalo and Saratoga and traders in
stocks were likely to be influenced in
their operations by their Interpretation
of events as making for or against the
growth of "SOciaiistic tendencies towards
pressure against the New York public
utilities on u suppoSition that the welfare
of these corporations is especially con-
cerned in the future as il is being shaped
by the political campaign.
An early call money rate Of 6 per cent
also proved encouragement to Specula-
tive sentiment, il was supposed that
it marked the beginning of the pinch of
the preparations for the October Settles
mentS. This fear was diSproved by the
later developments, the coal loan rate
falling back before the active money lend
ing of the day was concluded. Not only
was the call money market undisturbed
but an appreciably easier tone prevailed
for time loans and additional supplies
were offered in that market. There has
been some money withheld from the call
market waiting for a rise in the rate to
a designated figure 1t is believed that
the failure of call loan rates to advance
has prompted placing Some\ money thus
held in the time loan market. Yesterday
was the last day for payment of subscrip-
tons to half the contemplated issue of
St Paul stock calling for about $4,000, 00O
and the completion of arrangements for
the payment may have realized some
money.
An announcement of an additional en-
gagement OF $4,000 gold for import also
helped the money market, as il was feared
that the dwindling proportions of the
movement lately had reached the vanish
ing point. The foreign exchange market
eaSed off to some extent today and dis
count rates were lower in the open mar
ket in London. This leaves the open mar
ket rate above the official rate of the
bank, but there is less expectation that
the bank will advance it's official rate
tomorrow Money continues to move from
New York to the interior. especially by
the indirect method of payment of reve-
nue. dues at interior points by drafts on
New York. This helps TO account for the
large gains by the sub-treasury from the
local banks. which amount TO SIN coo
since the last bank statement Included
i'm this is upward of $4,000,000 in return of
government deposits against gold engaged
for import for which the banks are re-
imbursed by receipt of the foreign gold
The course of events in Cuba had a
share in the unsettlement of the market
from time to time. The markets I'M
certain fluctuations continued up TO he
last. prices rising to the best of the dav
in the final hour and then running off
again with an easy closing.
Bonds were irregular. Total sales par
value. $3.50 900.
United States bonds were unchanged on