The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-09
MORE ACTIVITY
IN WALL Street
Large Speculative Operations
Resumed in Spite of 0ppo-
Sition of the Banks.
PRICES ADVANCED SLOWLY
DOWNWARD TENDENCY TO-
WARD THE CLOSE.
PRICES ADVANCED SLOWLY

New York, Nov. s.-There was a more
pronounced stirring of speculative activ-
ity in the stock market today than at
any period since the recent period Of dis
turbance set in The fact was asserted IN
the current conjectures over the origin OF
these operations in the neighborhood OF
the stock exchange with the recent return
from vacation trips abroad OF some OF the
large market operators, who dropped OUT
in the dealings completely several months
ago. The manifest pressure to convert
into ready resources some very large
holdings of the United States steel SINK
ing fund bonds and the fact that the
transfer of control or the Tennessee Coai
q Iron company to the United states
Steel CORPORATION had made large hold
ings of these bonds available 10 the most
prominent of the former speculative Oper-
atOTs gave plausibilty to the supposltloh
TO the identity of the principal buying.
The market was found responsive 70
these dealings and reflected the same con-
dition of scarcity of offerings which has
been the negative evidence OF returning
confidence for several days past me
banks continue their attitude of disfayor
towards large speculative operations, but
the manifest signs of a resumption OF op-
eel ations on margin on actual sales indl-
Gated that this obstacle had been over
come in some manner. The principal buy
ing was concentrated in a limited number
of stocks, but the upward movement was
fairly comprehensive although uneven.
The great trunk line railroad stocks, both
east and west were the favorites, espe-
cially Union Pacific. Pennsylvania and
Reading and United States Steel stocks.
Amalgamated Copper and American
Smelling. The call money market was, IN
TACT appreciably easier ard there were
conspicuous additions to the list of large
lenders on call at the stock exchange,
including bankers and trust companies
which have been distinguished for their
abstention from this form of lending for
many days past.
Estimates of the weeks cash changes,
as usually made up preliminary TO the
bank statement were exceedingly con-
fused and necessarily so in view of the
TACT that some of the banks withheld the
usual information on what these estimates
are based, The movement to the interior
has continued heavy. as was to be eX
pected. but the amount shipped by ex-
press and through the sub-treasury on
balance appears to be somewha. less than
last week. Allowances must be made,
however, for the short week caused by the
election holiday, in judging of the bearing
OF this fact on the probable subsistence of
the rush of funds to the interior
Todays gold arrivals of over $4,000 600
does not figure in the estimates, which
include only Thursdays operations, but
they viii figure for one DAYS aVeIage in
the bank statement and will that lar af-
fect the apparent decrease in bank cash
of about Sl2.O00000. Arrivals of gold have
operated 10 reduce loans which were con-
tracted TO engage the gold. and should
operate to reduce that item in the bank
statement The prospect, IL will thus be
seen, does not hold out "a promise of a
very substantial reduction of the last
week 100000 bank deficit 1t was this
consideration which caused the material
reaction in prices during the late period of
the stock market. The downward ten
dehcy of prices was practically uninter-
rupted up to the closing but still left
many substantial net gains on the dav
The advance in the official discount rate
or the Imperial Bank of Germany was
practically ignored II had been clearly
foreseen, and the continued large engage
ments of gold for import detracted from
us erect Bonds were irregular. Total
sales, par value, 81. Cos. 600
call. - '