The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-11-14
MONEY OPENED
At TAPER CENT
Rate Was Too High for the
Amount in Sight and FIur-
ny Soon SubSided.
STOCK MARKET IMPROVED
DEMAND RESTRICTED TO FEW
STOCKS.

New York, Nov. 1.-THE movement
toward recovery in prices of stocks which
was distinctly initiated in the later deal
ings of yesterday made further substan-
tial progress today. The demand was not
large and conspicuous movements were
restricted to few stocks which have
been favorites in the speculation. A de-
mand from uncovered shorts was an OBJ
viouS factor in the recovery The light
demand was made effective through the
railing off in the pressure to sell which
was in evidence yesterday by reason of
the withdrawal of credits from specula-
tive holders on margin. There was much
less calling of loans today and less diff
ficulty in securing fresh accommodations.
IL was assumed that this was due partly
10 the return to the money market of the
amount paid in yesterday on subscriptions
to new ST. Paul stock, which called for
some 100000
The stock market settlement in London
made favorable progress and without fur
Their urgent pressure on New York for
retirement of stock held in that market.
This afforded d sense of relief although
the actual payday for the settlement is
fixed for tomorrow. Money and discounts
were firmly held in London. but develop
ments pointed Enthusiastically to effective
relef OF the tension in that market. The
violent jump in the rate for sterling eX-
change in Paris of 80 confines served
notice that extensive remittanceS of cap
the English capital in furtherance of the
Willingness of the Bank of France to as
SlSt the London money market. expressed
in the important statement made by the
bank authorities to the Associated Press
yesterday.
The loosening of the purse strings of
the Paris market for the benefit of the
London market opens up the most irnpor-
tant reserve supply of money at present
available to the worlds needs, and marks
a distinct departure from the recent pol
icy of the guardians Of that supply. For
eign financial opinion has been freely ex-
pressed that relief measures were called
for by the United States treasury in view
of the part played by New YOrk's re-
quirements in the present tightness of
money.
The reiterated refusals Of the secretary
of the treasury to adopt any immediate
measures. which were repeated today
were calculated to sdisdppOint eXpecta-
tons OF relief by this means which thus
were expected to ease foreign money mar
kets as well as our own. The appearance
OF the secretary in Wall street today
intention to adopt relief measures. These
rumors had their part in the early
strength of the market BY the time they
were denied the market had the more sub
stantial basis OF an easier tone in the
money market without the help of treas
ury measures. There was some DISPOSE
ton 70 infer that efforts had been made
TO eXaggerate the money stringency yes
terdaY in order to impress the treasury
officials with the desirability of relief
and that todays relaxation might be due
to the abandonment of these efforts
The course of the money market seems
sufficiently explained by the lack of
pressure on account of the London set
Element. the temperance of st. Paul
stock subscriptions in the money mar
ket. lending of money for out-of- town
banks attracted by the high money rates
and a subsistence of the movement of
currency TO the interior. Reports of set
Element of the wage disputes on some of
the railroads was q help to the market
Some sentimental effect was produced by
the reports of agreement at Washington
on plan amongst the advocates of a
law permitting emergency bank note is
sues. The special strength of st. Paul
found no explanation in any news behind
dividend rumors of rights of subscrip-
tiOn TO further stock issues The OMEN
ing money rate at IA per cent proved to
be the highest of the day. With the de-
cline in the rate. stocks advanced grad
uaIly. but quite steadily. Profit taking
caused some reaction and while the clos
ing was generally below best prices the
tone was firm.
Bonds were steady. Total sales. par
value :1.S30000.
United States bonds were unchanged
on call.