The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-01-06
MARKET
AGAIN BOOMING
Effects Of Jacob II. Schiff''s Address
Passed Away During the
Night.
DANGER NOT IMMEDIATE
MONEY EASY AND PRICES ON UP
GRADE.

New York, Jan. 5-The strength Of the
stock market today showed less restraint
than at any time this week. The relaxa-
ton in the money market was moro pro-
nOunCed than since the turn of the year,
There was a much caImer view Of the
significance OF yesterdays remarks by
Jacob II. Schiff foretelling the greatest
panic In history unless some change was
effected IN the prevailing currency sys-
TEN. This revised view was due not so
much to the qualifying phrases found in
the full report Of the speech against the
intention to imply danger of immedi-
ate disaster as to a ripper consideration
Of the conditions OF the address. 1t was
realized that the sagacity of the eK-
per1enced banker would prohibit the is
suanc6 of a note of alarm at a time of
actual strain and danger which would
therefore that the choosing Of this time
for giving his warning implied Mr..
Schifts convictions that the time OF &C
tuaI danger Of the condition of tension
in the money market was now passed.
The stress laid upon the agitation for
railroad legislation as an undesirable al
tentative to the desired measures for cur
TenCy reform also indicates a strong spe-
cial motive for the mater Of the bank
er's address. As speculative sentiment
received quite shock yesterday in the
first perusal of the bulletins Of this
speech there was a corresponding revul-
sion in sentiment today, There seemed
to be a considerable demand to cover
shorts on the part Of bear operators who
sold the market hastily on yesterday S
break. Something was made of the fact
of Mr.. Schiffs contention that the in
convenienCes in the recent money market
were not 10 be attributed to excessive
speculation.
The active and vigorous support OF
Union Pacific was given special signifi-
canoe as a reflection OF the markets at
titude Of the banking interests from
stocks rebOUnded violently from the
fterce raid made upon them yesterday
and so relieved the market from one of
its principal factors of depression. The
forecasts Of the cash changes Of the
week showed very large movement Of
currency to New York from the interior.
The margin Of the receipts on balance
over the losses on account Of the alb
sOrptiOn by the sUbtreaSury and the
Withdrawals Of gold for export, the lat
ter items amounting to S3,298O00, was es-
tlmated at 100000 and upwards. The
precedent Of former years warrants the
assumption that this refluX Of funds to
New York from interior points will con-
tinue on a large scale for several weeks
to come.
Money was offered for loans on call
much more freely az a consequence of
these conditions and from the early high
rate Of 9 per cent was forced down after
the active demand for the day had been
satisfied to below per cent The easing
advance in foreign exchange. Sterling
exchange at continental powers moved
against London and the transfer Of this
pressure probably had its part also in
carrying up the sterling exchange rate
here. The firmness of British cOnsOls,
however, had the effect Of reassuring
sentiment over the European political
outlook. Pending meetings for the con-
sideration of dividend action were the
grounds for some Of the special move
ments in prices, notably in Union Pa
cific, Amalgamated Copper and Ameri-
can Locomotive. The sharp rise in the
Kansas City Southern stocks was in
connection with rumOrs Of absorption for
control in the interest Of st. Paul Light
selling to take profits during the last
hour was absorbed easily and the final
squirt in Union Pacific carried the mar
ket to a strong and active closing.
Bonds were Irregular. Total sales, par
value s., $4,000.
U. s. bonds were ali unchanged on
call