The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-11-15
RISE IN STOCKS
At THE OPENING
Easier Tone in Call Money
Market Helped the Operators
in Wall Street.
ST. PAUL LED PROCESSION
CLOSE WAS ANIMATED AND
BUOYANT.
ST. PAUL LED PROCESSION

New York, Nov. 1.-THE stock market
made a prompt response today to the
easier tone OF the call money market with
an advance in all departments on deal
HgS winch took on at times, and in GER
talh stocks. a considerable degree of an
lmatlon. The revived strength and ac-
HNlty of the market was distinguished
oF renewal of the many dormant ru-
HnoFS regarding the properties OF which
the STOCKS led the movement. The vari-
Guy aud Inconsistency of some of these
suggested they represented surmises on
tne part of floor operators to account for
the transactions i'm the stocks rather
IMAM in formed statements. This left the
way open 10 wide range of conjecture as
10 the Identity of the interests which were
operating on this large scale Purely
speculative operations by stock market
pools were suspected in some cases while
IN others brokers on the floor of the
STOCK exchange prOfessed to see evidence
OF operations for the account of some
81 the great capitalists. or groups of cap
ltailsts. the occasional campaigns by
whom, form an aggressive and effective
leadership which is followed with conf
uence by many of the smaller operators.
me same influences were due largely
10 the identity of the brokers employed
10 execute some of the large orders in
some of the most important stocks and
who are credited with acting frequently
for the so-caled large interests. OF
course the business of such houses is
not restricted to the execution of orders
f0i any single client and the placing of
orders with them for effect on sentiment
Is a frequent device of the large trad
ers. The remarkable movement in ST.
Paul owed much of its large following
10 the conviction on the part of the
traders that some of the large concen-
trated business in the stock was for ac-
count of capitalists of first rate re-
sources and frequently active i'm the mar
ket The rumors which accompanied the
movement have been heard many times
before. An early intended offer of sub
Scrlptlon rights to stockholders of new
stock To provide means for the Pacific
coast extensions. alternated with the pass
ing of control of the property to South
ern Pacific or of Southern Pacific to st.
Paul as the favOrites with the specula-
tive following. The completion of the
stock market settlement in London with
odt trouble and with less pressure of liqui-
d3tion on New York banks was expected
evidently left some bear accounts uncov-
cred and there was considerable buying
for London account here today. Sterling
exchange at Paris fell back from yester-
1ay's high point. but still ruled high.
The remittances in progress from Paris
to London are reported TO be on account
uf sn installment of subscriptions to the
their remittance TO London evidently op-
Grated TO satisfy demands on New York
at that point and so relieved the ten
SIGN i'm the money market here although
private discounts rose above the bank
rate at London. Money on call loaned
ut a maximum of 9 per cent compared
with Il per cent yesterday. and 20 per
cent on Monday and the rate had fallen
to 6 per cent and below at an hour when
sctve operations in the money market
were still going on. Rates for time loans
were firmly maintained for the shorter
Leriods but money brokers reported addi-
tional funds offering for six months
loans for account of western banks and u
resulting easier tone.
The movement Of New York exchange
at interior points in the western also
marked the turning of the tide in the cur
New X.
The excitement in st. Paul spread to the
Otlier Pacifics and the supposition grew on
the floor that St Paul was to be brought
int the general operations of the Harri-
man combination. The market closed ami
mated and buoyant.
Bonds were firm. Total sales par value.
81 .624.000.
United States bonds were unchanged on
call