The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-12-14
REVIEW Of THE
STOCK MARKET
Upward Tendency Observable
TO the Eyes of Wall
Street Spectators.
RATES FOR MONEY HIGHER
BETTER FEELING AMONG PRO-
DUcERs OF COPPER.
RATES FOR MONEY HIGHER

New York, Dec. ban upward ten
dency of prices of securities was plain
Il, diseernible in the stock movement
last week, although the uneven and at
times irregular action threw some con-
fusion about the tone. The week was
notable for the large number ard Var1-
CIV of low priced stocks which ad-
yanced suddenly and without clear ex-
planation. This feature was the ground
for some expressed suspicion of the
speculative position, the more so as
many of the high grade stocks which
nave absorbed much attention for a
long time and which are better repre-
sentatives cf conditions were almost i'm
movable The representative stocks
quite naturally responded first 10 a
widespread influence or a change II the
course of general business.
Lower Grades Coming Up.
A more belated response in the lower
grade stocks in business of more spe-
,ial character is equally natural The
normal course of a prolonged specu-
lative campaign under skillful conduct
is a shifting from the high grade stocks
after attractive profits have accrued IN
them into low priced issues, the new
advance in the latter serving to sus-
tain the tone of the market against the
selling to take profits on previous pur-
'chaSes i'm other stocks. The pursuit or
this process reaches in time 10 the
dregs of the market movement III
s,Icb securities is accepted as warning
nv practical operators of the approach
of a elimination of a speculative move
ment. For this reason opinion over the
future. course of prices has remained
divided with the suppOsition held by
considerable party that the movement
was broadening into general and
widespread participation of kind
which overturns all ordinary rules and
swells into such excited speculative
movements as have proved historical.
Money Rates Hardening.
The past week saw a seasonable hard
cning of money rates. Accommodations
of reserves have commenced to pre-
vide for the great annual disburse-
ments and to meet the demands CT the
holiday trade. A decline in condition
cf the Bank of England until the end
Of the year is looked forward tn as
consequence. with a possible advance
Immediately in its official discount tate
and the corresponding response in all
the great money centers which that ac-
ton always involves. The Bank of
Franco continues it's unprecedented ac-
emulation of gold from New York to
that center. The recent bond issues in
New York have helped to absorb avail
able credits and 10 swell the loan and
deposit items of the banks to record, fig
ures. The government fiscal operations,
including bank note redemptions and
subscriptions to the Panama canal
bonds are drawing large sums from the
New York banks into the treasury
With the decrease of the bank surplus
from rs former unwieldy proportions.
there arises the question Of the sniff
cheney of money market supplies to
carry over the end of the year with
out exhausting the surplus and a pinch
i'm the money market. In Paris the long
looked for Russian loan for $225.000, GOO
is scheduled for soon after the middle
Of January.