The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-12-29
CONSTANT IN
STOCK MARKET
Advance lnaugurated Friday
Not Pursued With Marked
Degree of Confidence.
GAINS FINALLY WIPED OUT
THOSE WHO BOUGHT DISPOSED
TO TAKE PROFITS.
GAINS FINALLY WIPED OUT

New York, Dec. 2s.-The stock market
was under some constraint today and the
brisk advance which was inaugurated yes
terday was not pursued with confidence.
Gains We're more than wiped out in the
final selling. This was due in part to the
reduction IN the short interest effected
by the covering operations Of yesterday,
which, in turn, were the largest element
In the advance. Traders who bought yes
terdays also. were disposed to take profits
To-Day. The more cheerful sentiment over
the money outlook due to yesterdays de-
Nelopments were not wholly impaired to-
day. but fears were entertained that next
week would see a pinch in the money
market caused by the immediate reutlire-
nents or the annual settlements, which
might pc carried over into the new year
decisive evidence of the easing of the
STRAIN In Berlin was had in the wide re-
cesslon IN the prevailing discount rate and
Inuinatlons were given of probable early
reduction in the official rate of the I'm
perial Bank of Germany. This evidence
OF adequate provision for carrying the
t5erman markets through the annual set
lehlehtS' which have been looked for
ward to with apprehension. relieves the
worlds markets of one of its most seri-
Gus cause of anxiety. The decline in our
currency premium gives solid ground for
satisfaction. Although there is no money
market at the stock exchange on Satur-
sSay, speculative sentiment was inclined to
LdAS dctOunl OF next weeks possibilities.
The weekly review of the mercantile
agencies said the progress Of the shrink
age in commercial activities and gross
earnings of railroads for the third week
ia December showed a larger decrease
from last years figures than has yet been
reported.
A good impression was made by reports
from some centers of resumption of work
by some of the working forces which had
been reduced, but this impression was off
set by the consultations of the authorities
or public charities in New York to devise
means for caring for the large number of
homeless and unemployed in the city. The
bank statement proved more favorable
than the most sanguine expectations. The
$4,000 gain in cash compared with pre-
urinary estimates of from three to four
millions. The loan contraction of ST. 1872 600
IN week of preparation for the meeting
heavy obligations reflects a gratifying
power of recuperatiOn by the banks
The changes in the various items are
probably magnified by the computation
on averages for five days.. instead of the
usual six days of the banks for the weeks
No official admissions having been had
on the subject, the inference is warranted
that some reduction of the outstanding
clearing house certificates figure In the
loan reduction The net result is a re
ductiOn in the deficit to $50, 10 $50. which
compares with s54 los, 600 The maximum
deficit for the week ending Nov. %
Bonds were firm. Total sales, par value. |
81 see, 600
United States 2s have advanced y per
cent on call FOR the week.