The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-26
LOWER PRICES
IN WALL STREET
Urgent Liquidation in Special
Stocks Continues to Have
Depressing Effect.
MISSOURI PAClFIC'S DROP
CAUSE ATTRIBUTED TO DIVI-
DEND POSSIBILITIES.
MISSOURI PACIFIC'S DROP

New York, Nov. 25.-The stock mar
ket showed no disposition at any time
today to follow up the advance of Sat
urday. The movement seemed to be
considered i'll advised, on second
thought, on the ground that resump-
ton of an active advance in stocks
would be premature before the banking
operations of the country have been
restored TO normal. An early resump
ton of cash payments by the banks all
over the country is now looked for.
with growing confidence, but the con-
ditions which this resumption may dis
close will be awaited before seeking
to enter on speculative commitments.
There was a renewal also of some of
the urgent liquidation in special
stocks. which was an unsettling fac
tor in the whole market last week. The
selling out of loans was the accepted
explanation of the weakness, which
was especially pronounced in Missouri
Pacific. It was thought that the weak
ness of this stock might owe something
also to the change in personal relation
ships involved in the working out of
contests for control of related railroad
properties. Dividend possibilities also
came inevitably into discussion by rea-
son of the wide decline in that stock.
The whole list of railroad stocks was
more or less affected by this consid-
Grafton which was given fresh force
by the contents of the regular weekly
reports from railroad traffic officials
These were quite uniform in the admis-
sion that arrears of railroad traffic
were worked off or were being rapidly
cleared up and that idle freight cars
were accommodating.
Published estimates of the extent to
which working forces had been cut
down In industrial enterprises made a
formidable showing and, coupled with
the heavy onward tide of returning
foreigners pointing TO the same con-
clusiOn. had rather depressing eff
feet on sentiment. On the other side
of the account was a strong advance
in copper both in London and New
York. Attention was attracted also by
reports Of the large numbers of revo-
cations of orders i'm various lines of
wholesale trade. This was regarded as
significant of the extent to which the
first force of the reaction might be
considered as Overrunning itself with
the promise of subsequent rebound
There was a further easing of the pre-
MUM on currency today, and this was
the most important development of the
day.
Saturdays large gold arrivals were
added to by subsequent arrivals All
of the days arrivals Of gold in the
London market were taken for New
York accounts. but with so little dis
turbance in that market that the gold
was allowed TO go at a sharp recession
In the price. The acCretion of gold to
the Bank of England reserve from 9TH
er sources went on and that institution
released $1,000, 900 of gold to the open
market that had been "ear-marked.' -
or held apart for the account of the
India council. international exchange
houses in New York reported that ad-
ditiOnal supplies of gold were Offered
to their agents in France today. but
that the decline i'm the premium on the
currency here wiped out the margin of
profit on closing the transaction They
are all highly significant occurrences
and mark Enthusiastically the l0Osening
of the tension of the currency famine.
The call money market was also appre-
ciably easier today.
Funds are still lacking, however. in