The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-10-21
Financial and Commercial

per cent strongly bid for all dates, with
IN expectation of higher rates next week
Relief by stock market liquidation was
thus plainly indicated. Its violence and
and left sentiment disturbed and anxious
Total sales of bonds, par value, s1,4A,OO0.
Review Of the Week.
The stock market was in a lethargic
conultion all through the week until it
was thrown into disorder by, the unex-
pected advance on Friday in the Bank of
England discount rate from per cent
to 8 per cent Following the rise in the
bank rate on Oct. II from per cent to
per cent this action was symptom of
monetary disturbance that was not to
be ignored. The instantaneous effect was
ordinary requirements OF the United
states and the resulting discussion OF
this country's. account on the London
market lie at the bottom OF the condi-
ket has fallen. But this prime cause has
been complicated by other Intervening
factors, especially the large Withdrawals
of gold from the Bank Of England for
be due to the active speculation in cot
ton. which again is primarily due to the
decline in condition of our own cotton
crop These factors are computable and
are considered capable of orderly adjust
ment. But there has been less clearness
about the factor of conditions in Russia
and growing anxiety has been caused by
the occasional reports of increasing dis
orders in the Russian finances
The apathy of the New York stock mar
ket during the week has been attributed
more in the common estimation to the
approach of the elections The public
has been out of the market and il Is OBJ
Vlous also that market operations by the
powerful combinations have been discon-
tinued. The smaller class of traders have
had the market to themselves The re-
n 81 x-o6
however. to test the conditions In the
market. They demonstrated that the
market was under Intentional restraint
apparently intended to hold it in a conii-
ton of quiescence. Traders attempts to
advance prices met with obstacles in the
shape of large offerings of stocks. On the
other hand. such offerings were with
drawn when prices receded. and when the
traders tried to extend the decline by
short sales they found their offerings alb
sorbed with determination. The action
of Amalgamated Copper was a conspicu
Gus example of this tendency. Confidence
was general in the advance in the divi-
dend rate to per cent, but all specula-
tive movements in the stock to advance
the price met with opposition in the form
of sales of the stock in sufficient volume
TO check the advance. The same course
was pursued on the aggressive advance in
the stock when the directors advanced
the dividend. 1t was the general suppo-
sition that the purpose of this course was
TO keep the market quiet until after cleo
ton. owing to the object lessons which
were being made Of the movement of the
stock market in the conduct of the polit-
zeal campaign.
For the same reason various financial
projects which have been the subject of
rumors have been dropped out of the dis
cuSSion and speculative sentiment was
discouraged by the prospect that the in
citement to speculation furnished by
these rumOrS would be lacking
Great Interior Demand.
With the progress of the week the be-
lief grew that developments in the money
market were having as much TO do with
the restraint on the stock market as the
political situation. The weeks down.
ward course of international rates was
first checked and then reversed The mid
monthly period called for some large divi-
dend and interest disbursements and