The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-12-07
ALL Of TRADING
UNDER PRESSURE
Condition of Money Market Be-
comes Acute; High Rates
for Call Loans.
SPECTATORS DISAPPOINTED
WITH RELIEF MEASURES
Seems Certain That Borrowers
Will Be Distressed Until
Middle of Month.

NEW YORK. Dec. 6.-Such selling Of
stocks as was done in The market today
seemed to he under actual necessity from
the inability TO secure renewals Of loans
that were called by the banks. There
was no sign of speculative selling and
1he undertone OF confidence in the mar
ket was very manifest.
The condition of the money market was
acute and the ruling rate throughout the
day was again higher than yesterday
The forms OF depletion OF reserves of the
bonds continued In operation and treasury
relief measures. being prospective in its
operation. offered no resources for pres
enL needs.
Disappointment was frankly expressed
with the scope OF the assistance offered
for the money market. The amount OF
the interest to he anticipated on Decem-
ber Is is itself much less than the amount
Wall street was counting on yesterday;
The fact that the payment OF interest Will
not be made until December IL leaves
gap between no wand then when distress
OF borrowers seems unavoidable. The an
1icipatlon OF government interest is not
a new device for relief Of the money
market and experience shows that the
working out OF the plan is cumbersome
and slow. and only partly responded to on
the part OF holders OF government bonds.
For these reasons the opinion Is re-
sisted in Wall street that further meas
plation by the treasury department,
Sterling exchange continued to decline
Today. and It was possible 10 figure a
profit on gold bought In London for ship
ment TO New York. II was implied that
the exemption OF the London market from
this rcquisition was due In n degree 10
consideration of the harm TO be done by
forcing up the Bank of England rate
as 1t. IS believed would surely be done in
the event of gold moving TO New York.
in this connection the financial world is
inclined 10 construe the language Of the
annual report OF the Secretary OF the
resources should be used by him TO pro-
tect foreign money markets from undue
pressure which might he reflected back
upon our own market by the release of
government funds to oNr own banks. II
was inferred. therefore: that treasury
relief would be extended TO avert a move
ment OF gold from London 70 New York.
Charges that money rates were under
manipulation were heard az times and
The remarks attributed TO Jacob II
Schih In presenting his resolution 10 the
regulate the call loan rate were inter
preted as giving countenance to the spirit
OF this accusation II was argued that
the equanimlty with which the stock mar
ket accepted the high call loan rates
was 10 be explained by The fact that
holders OF the larger number Of stocks
IN the market were not paying the rates
owing 20 provision in time loans made
some time since. SiNty-day loans were
made at 50 per cent and the SIX months
quotation rose 10 6i per cent.
Consideration was given 10 the money
position TO the exclusion Of all other sub
1ects. The opening rate at 20 per cent
was the lowest OF the day. and the last
at 20 per cent was the highes, OF the
day.
Bonds were irregular. Total sales. par
value. sl.452. 900.
United States 2s coupon advanced /
per cent on call