The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-02-17
LESS FORCE TO
BEAR MOVEMENT
Protective Measure in Stock Market
Effective in Preventing Fur
Their Decline.
CALL MONEY VERY QUIET
POOR BANK STATEMENT is Ex-
PECTED.
CALL MONEY VERY QUIET

New York, Feb. 16.-Protective meas
ures for the stock market were centered
upon few points and proved effective
In arrestinS the decline, which gained
some force during the first hour and
which was actively renewed in the final
dealings With the falling tendency
checked, there was sufficient demand
from an uncovered short interest to eff
Iect gradual recovery. There was a
very notable shrinkage of activity on this
rally, probably more than half of the
days total business being completed du-
ring the first hour. The demand was
Ianguid and dropped to nothing at the
higher levels upon the recovery. The
market for call money was Unexpectedly
quiet and this had most to do with the
Improvement in sentiment, which brought
aoout the midday recovery in prices.
Rates for call loans did not rise to yes
terdays maximum and in the latter part
OF the day fell below 8 per cent.
The outlook for another poor bank
statement tomorrow was of less effect
upon the market than this showing of
easier conditions The evidence furnished
by the bankers Of the weeks current
movement gave no ground for supposing
that the loss by cash by the Sub-treaS-
ury absorption and the weeks shipment
of gold to South Amrica had been off
set by any large receipt upon the ex-
port movement from the interior in sDite
of a rate for New York exchange at
Chicago, which rose at one time to 50
cents premium The sUb-treasUry's with
draWalS from the market up to Thurs
day night amounted to $4,000, and ST.
10000 Of the gold shipped to South Amer
lea is not included in the sub-treasury
ngureS- A decline in the cash item of
considerably over s5,O00.00O is therefore in
dictated, while its surplus reserve stood
at less than s6,00OO00.
The activity Of the subscriptions for
new bond issues during the week gives
promise Of a further loan expansion by
the banks The preservation Of the sur
plus at anything more than a nominal
figure, If at all, therefore seems prob
lematical. The source Of relief for the
days money market undoubtedly was by
resort to foreign money markets. Rates
under the offerings of bankers bills and
the proceeds were placed in local loans.
Both PARTS and Berlin were reported to
be supplying large sums, which were en-
plOyed for use in the bond sensations
making here. 1t was asserted also that
there would be large foreign participa-
tons by direct subscription to some Of
the issues, but specific information on
this point was not forthcoming.
The extent Of the decline in foreign
exchange gave rise to discussion upon
the market Of the stock market opera
tors Of possible import movement of
gold Bankers, however, gave no coun-
tenance to this subscription so far as the
immediate outlook is concerned. As a
matter Of fact, discounts in London and
Berlin were quoted at an advance to-
day. Time loans for all periods were put
firmly on basis of 51z per cent or high
er. and the market for commercial paper
also reflected the depletion of supplies
in the money market OF the sustain
ing forces in the market today the causes
were a repetition Of those recently pre-
Vailin2. The firmneSS in Reading reflect
ed a hopeful feeling over the passage of
a settlement of the wages dispute with
the coal miners The Hill stocks went
higher again on the expectation of an
early announcement Of the ''melOn cut
ting" Lead and Smelling responded to
revived merger talk. Common stock and
subscription privileges were limited at to
account for the rise in New York Cen
trail but without official authority. The
indifference of the demand for stocks
upon the rally awakened distrust and
holdings were thrown over freely again
at the last causing a weak and unsteady
closing.
Bonds were weak. Total sales, par
value. 8. $4,000
call