The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-12-11
SUPPORT GIVEN
STOCK MARKET
Trading Was Dull, But No Ten
dency Toward Lower
Prices Developed.
BROKERS RELIED ON SHAW
STREET HAD A "HUNCH" FROM
WASHINGTON
BROKERS RELIED ON SHAW

New York. Dec 16.-The stock market
was still in -he throes Of the money
stringency today, but support was forth
coming on the recoveries and strength en-
sued. The effect Of the money stringency
there was scarcely apparent except IN
the extreme dullness of the trading, which
approached stagnation at times The
market had TO face the disappointment OF
its confident hopes that the resumption
of trading today would find in force the
plan of treasury relief for the money mar
ket. On Friday and Saturday the belief
was universal that such a measure was
ripe for announcement. The firmnesS 81
the market was more remarkable as such
failure of speculative forecasts is almost
sure to bring certain amount OF selllnS
by room traders, who operate on day 10
uay or hour to hour developments 1of
TURF in the market.
There was no evidence of severe pres
sure for the reduction of loans Cutstand-
ing in stock accounts, although borrowers
were Obliged 10 pay hlgh rates again.
This they seemed willing to do and there
was nothing to show forced liquidation
due to withdrawal of credits, yet 81 Of
the 81 banks i'm the clearing house are De
low the . per cent reserve requirement
according 10 the detailed showing of the
69nk statement. The deficit of S6,IO0,V0
below the legal requirement would call
Tor a scaling down of loans in ordinary
circumstances. Last year the deficit re-
ported on December was followed by a
lean contraction in the Following week
OF SLICE. Cash also flowed to New York
and helped TO restore a surplus in the
following week. Not only was there no
sign OF loan contraction, but the forces
of depletion on the cash reserves con-
tinued in operation. The loss of the sub
treasury since the bank statement of s.,
81 coo, and the government Institution
was accredited 2t the clearing house to-
uay in the sum of S40S, 701 Also $50G.9GC
was deposited for transfer TO San Fran
cisco.
There was a further dip in foreign ex-
change rates and London advlces received
a small sum OF gold bulllop secured III
that market for New York account. Cash
from Canada is also arriving in New York
to some extent. attracted by the nigh
money rates. No important factor of re-
lief from the money situation developed
however. until after the close OF trading
All eyes were turned TO the treasury de-
partment and assertions were repeated Oh
alleged information of the certainty oi
early action TO release government funds
10 the market. A purchase OF government
Is of 1907 was pointed to in the majority
Of these rumors Some OF the large re-
guiTements for the month in the money
market fell within the present Week, m
GLIDING the Standard Oil dividend OF
nearly $10,00 goo. payable on the 18th. Oh
the 18th are payable subscriptions to 80,
OlGO01 of New York Central stock.
\ further break in the price of Nipissins
in the outside market was a feature Q
he day. The announced intention of tn
Interstate commerce commission TO lcoi
into the present relations of the constitu
eRt companies of the dissolved Northern
Securities company was the assigned rea
Scr for the weakness in the Hill group
The market grew in strength when tn
call money rate ran off in the afternoon
and rumors became very positive aSail
that assistance for the money market b.
the United States treasury was imminent
Reading. St Paul and Amalgamated Cop
per were conspicuous in the advance.
Bonds were irregular. Total sales (pa
valUe). 1854 CSC.
Tilted states 2s advanced = per cent
and the old Is = per cent on call