The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-22
CLEANING UP BY
WEARY HOLDERS
Liquidation Proceeding in New
York With Otherwise Un-
changed Conditions.
PROSPECT OF FRENCH GOLD
NEGOTIATIONS SUPPOSED TO BE
IN PROGRESS.

New York. Nov OF the
same painful character as for several
days past was stin in evidence in the
stock market today and acute depres-
sion In the stocks Immediately affected
was Occasioned by this selling. The weak
ness did not embrace the list as a whole
at any time and the market showed some
Ieslnency IN the late dealings, which sug-
sested a responsibility on the part OF
professional bears for part of the day S
neSIlnss- Developments regarding the
pIoPerues whose securities were being
SOLO were not the motives for the SELF
ms SO FAR as was known. A process
u eIeaning up Of credit accounts by the
20 DShh s vas believed TO be in force and
10 involve new relations of strictness
ana lmperViOusness 10 influence and ia
Nof such as prominent capitalists of prac-
tlcdlly unbounded resources have exacted
from the banks.
Inc fact that the banking situation in
re" York is at present in effect under
ne centralized control of the clearing
mouse authorities, through its loan com
iifi[ dIae, IN connection with the issuing
Vi cIea ring house certificates, is advanced
as explanation for the enforcement of
me new rules of procedure Whatever
the cause, the fact is patent that the
forced liquidation of loans nv selling or1t
OF collateral in the stock market is i'm
progress from time to time. The Drn-
cess IS obvious i'm securities in u-hich
syholcate transactions have occurred The
acute weakness Yesterday and fodav ~
the AtchisOn convertible : Dey cent bonJs
cdlls attention to the fact that some
SI9Oo,o0 of this issue unsubscribed nv
stocik.holders, was taken recently by a
syndicate of bankers THE So,tb<T
group of railroads. the Erie Nav, Vol
central Pennsylvania. Baltimore g ohio
ana other stocks were under severe 1res1
sure from time to time. The selling of
some of these stocks was DartIv infI1-
enced, apparently by fears Of conin, HI
ldend reductions U''
A decided impression was caused b,-
me report, denied late in the day. of the
cancellation by the PennsvIvaDia Of n
large order for locomotives American
Locomotive was directly affected nv mis-
rumOr. The declaration of the rsg1,Ia-
IIEIuehds on the National Lead stocks
helped the metal industries To some av
tent, especially American Smelling A
rise IN the price in London of conner
also conduced to this end There wa
1eeing OF announcement perceptible re-
gdrdlng conditions In the iron and steel
trade. which was accounted for nv the
views expressed by large numbers of
leaders in that trade who were present
IN the city and engaged In consultat ton
over means to conserve the stability of
the trade. VI
The maintenance of the premium on
currency and rise to above Yesterdays
ilsure Was an unsatisfactory item of the
CAV s news, and call money was stiff
again with the calling of loans i'm pro-
gress. This was rather vaguely ascribed
10 preparations for subscriptions to the
HeW FanSmd ponds and treasury certifi-
Gates, although no authentic details r-oro
10 be learned as to the progress of thosa
operations. Increasing interest is felt in
the prospect of securing an instalIment
81 gold from the Bank of France by
the use Of treasury certificates as col
lateral; The increased strength of posi-
ton shown by the Bank Of France in
It's weekly statement today. and the ali
sIenuon or the Bank of England from
advancing its discount rates were re-
garded as cOrroborative of the likelihood
or this transaction being Consummated
Bonds were heavy. Total sales. mar
value, s.. 446.O00 pa
United States . declined Il. the Is 4,
and the Is 2 Der cent on call