The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-09-22
STOCK MARKET
DULL AND SLOW
Less Activity in the Few Stocks
Which Have Kept Things
Humming.
MONEY CONTINUES SHORT
TREASURY LOOKED TO FOR
MORE MELP.
MONEY CONTINUES SHORT

New York. Sept 21.-The shrinkage in
the volume of dealings in today's stock
market was principally due TO the les
SEEMING Of the furious activity I'm a few
stocks which has kept up the aggregate
fo- several days past. Reading and
6outhern Pacific were stih disproportion-
ately active. but in nothing like the same
degree as for some time past. Outside
OF the speculative favorites the market
was exceedingly dull and sluggish and
nearly stagnant at times. The dullness Of
inc market In face of an appreCiably
easier condition of the call loan market
and the promise of n substantial increase
In the banking surplus TO be shown in
tcmorrow's bank statement was the oc-
casion or various theories TO account for
- Voices were heard I'm the financial
district to point out that an inference
might be drawn that speculative demand
was so so eager to lick up resources I'm
the call loan market as detractOrs had
Secretary's Shaw's circular to national
banks warning against lending govern
ment funds for speculation has impressed
upon the minds of stock market borrow
ers that they must wait on signs OF ur-
gent need In other departments of the
money market than the call loan branch
70 induce fresh relief measures by the
treasury department, The contrast in the
call loan rate receding to below per cent
with the stock market quiet and gilt
edged mercantile paper commanding 6Izd
ptI cent ana also loans Tor sixty and
ninety days commanding a premium equal
IN an interest above Z per cent was re-
gorded I'm stock market circles as glow
Ing evidence of the innocence of specu-
spOnsibility for high money rates. This
contrast was felt to offer a convincing
argument in favor of new relief measures
by the treasury department.
The belief was very confident in fact
that further deposits of government funds
IN national banks was Immediately i'm
minent. Estimates OF the weeks move
menus or cash point TO gain by the
hanks OF upwards OF Sill 100000. This rep
reSents the weeks acquisitions of foreign
sold with the subtraction OF drains to
other quarters. An important element in
the offset was the loss of balance to
the interior on the express movement,
which rose again to above $4,000 900. in
dioating that the interior drain on New
York has been fully resumed.
There was a small additional parcel Of
gold secured today and this not in Lon
don. but in Paris and not from the Bank
or France, but from other quarters. The
private discount rate i'm London rose an
additional fraction above the bank rate
and the price of gold also rose higher
INC effect being to divert New York's
demand upon Paris. Unless the Bank of
France relinGushes it's determination not
TO release gold TO New York IL is not
expected that a movement from Paris
will attain any important proportion
This Increase and conviction that treas
ury measures were the next available
source Of relief. The special strength OF
Southern Pacific was based on reports of
an Issue OF preferred stock 60 provide
means for taking over st. Paul. Anal
gsmated Copper responded to an advance
in the price of the metal and a number
of minor industrials were affected by spe-
ciai factors bearing on their industries.
The closing tone was heavy and there
was no relief from the predominant dull
ness.
Bonds were heavy. Total sales mar
value). 81 $4,000.
United States % coupons, declined u
per cent on call