The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-02
LARGE DEMAND
FROM OUTSIDE
But New York Stock Brokers
Await Receipt of the Nee
eSSary Cash.
MARKET FIRM BUT QUIET
AMALGAMATED COPPER UNDER
PRESSURE.
MARKET FIRM BUT QUIET

New York Nov. 1.-The stock market
WAS tranquil today with a firm under
tone, and sank into condition OF semi
stagnation after various irregular but mar
row fluctuations, being still under re
stricton of the banking situation. me
gradual clearing of this situation reIIects
a feeling of growing confidence IN the
stock market but the facilities for It's eA-
preston are still hampered. tentative
operations on margin, which have cropped
up with the easing of the call loan rates
receive no encouragement from bankers.
Houses with interior connection asseII
that there is a potential demand LOT
stocks from points outside of New YORK
but that the execution of orders from
these sources must await the receipt o.
actual cash shipments. and the dliLlcuI-
ties IN the way Of exchange operations.
There was a subsistence of the forced u
quotation which has been feature al
most every day for some time past, ana
some disturbing rumoTs that were in cir
culation yesterday were not confirmed,
and their influence waned. One of these,
that the Pennsylvania dividend was 10 be
reduced was refuted by the action taken
by the directors before the stock exchange
had begun its session. That stock was, In
consequence. in considerable demand. and
its strength had a sustaining et-
feet on the whole list The Ge-
cline IN September net earnings and the
of proposed retrenchments
in improvement out of this did not affect
their strength. A contrary influence CEN
tefed also ABOUT AHldlSdiildleu copper,
which was under pressure, in spite of fur
Their advances in the price of copper in
the London market and at the New York
metal exchange. The usual compilation of
the banks estimates OF the weeks cur
rency movement was read with somewhat
langIid interest, owing TO doubt of the &C
curacy of analysis of cross currents IN
the weeks movement
The banks show a movement of cur
rency balance away from New York on
the express movement of si301,000, but
the operations of the Sub-treaSury have
yielded TO the banks a gain of SIG 103, O00
Last weeks bank statement did not re
fleet fully the government deposits made
with the banks even for last week, and
these have been increased this week. No
estimates are attempted of the loan
changes. Additional engagements of gold
for import were made today, but their
influence was modified by the violent up
turn in foreign exchange rates which Oc-
CURED. However this was result of the
demand for remittance against the en-
gagement and was not clear. The search
ty of currency sharpens the demand for
exchange.
The easing of the local call money mar
4let was given part responsibility for the
movement Details of three large appli-
,ations which are being made to take out
additional bank note calculations under
he controllers offer increasing facilities
we're read with interest. The observance
Of the holiday abroad left the market
without one of its usual sources of bust
ness and influence. The conditions became
torpid at times and the market seemed
to be settling into an attitude of eau
tious waiting to study developments in
the general situation. The easy closing
was attributed to some late selling out of
collateral loans.
Bonds were irregular. Total sales. par
value. s25lO.O0O. United States IS advanced
Y and the IS 4 per cent on calls.