The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-12-01
WHEEL IN GRIP
OF OLD TIMERS
Practical Hands Guiding Wall
Street in the Direction
of Higher Prices.
SHORT INTEREST PINCHED
GAMBLING ON THE PRESIDENTS
MESSAGE.

New York, Nov. 30-The stock mar
ket today gave abundant evidence of
the resumption of speculative leader
ship by operation of the professional
class The holiness and skill with
which the operations were conducted
pointed TO practiced hands. The move
ment was directed primarily against a
short interest which is assumed to be
large after so heightened period of
drain and disorder in the market. The
OASIS or the movement is, OF course. the
clearing or the financial prospects her
aided by the fading away OF the prem
ium on the currency. the agreement of
advtces from interior bankers OF their
preparation for the resumption of cash
payments as soon as the New York
banks shall take the lead, and the con-
Vlction that such development is now
near at hand.
The animated feelings Of professional
traders during the day were accom-
panied by many rumors. chief of which
preferred to deal with the forthcoming
message of the president TO congress.
Some of the most demonstrative buy
ers of stocks claimed TO have assur-
ances of the contents of the message on
which they based assertions that the
S6ssages dealing with the financial sit
uation, the need of currency reforms,
the intended policy toward corporations
would be found to contain matter for
encourag cement on the part of corpora
tons In respect to the abatement of
hostility.
The days transactions showed ten
dency to converge on stocks which
have always been speculative favorites
I'm the past and the market was given
a rather spOtty appearance in this way
and was at times feverish. The time
money market showed increased relax
alton and additional business was done
i'm that department the easing of the
money situation evidently containing
means for the resumption of the specu-
lative activities. The speculative &C
tivity was melted by reports of some
heavy absorption of bonds for foreign
account in connection with the large
sum of gold which have been shipped
TO this country.
The bank statement. under the new
rule in force, did not appear until af-
ter the stock market had closed. AS
was expected the transactions in con-
nection with the purchase OF treasury
certificates have thrown the statement
out, so that the items do not prove
tne increase III utpOSllS railing Tar SilOfl
of the loan and cash increase. The
cash increase I'm falling short of $1,000,
600 also fails TO reveal the full effect
of the known movements of money and
this is attributed to the effect of pay
ments for the treasury certificates and
delay in re-deposit of three-fourths OF
the proceeds. The reduction of the de-
felt by $1,114175, while small is the
first movement toward renovation
which has occurred since the deficit
was esta blished, Some part of the loan
increase is said 10 be due to purchase
of commercial paper from out of town
mercantile centers. The stock market
closed irregular under the influence OF
powerful realizing
Bonds were active and strong. Total
sales, par value, S3,0S2, 900.
United States bonds were unchanged
on call during the week.