The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-09-07
SPECTATORS
STILL WAITING
Money Market Too Uncertain
to Permit of Making In
VeStmentS Just Now.
SHAW COMES TO RESCUE
TREASURY DEPARTMENT AIDS
WALL STREET.
SHAW COMES TO RESCUE

New York, Sept. 6-The stock market
today showed some effect from the order
of the treasury department permitting de-
post of government funds with national
banks against engagements OF gold for
import. The effect was moderate partly
owing to the selling to realize profits by
those VINO bought stocks on the conf
dent assumption yesterday that action
was imminent by the secretary of the
treasury for the relief of the money mar
ket ana partly owing to the fact that
the call money market did not show the
expected relaxation as a result of the
news. AS the measure of relief does not
become operative until next Monday, no
actual increase of banking resources was
Immediately supplied, but ii was hoped by
operators in stocks that the assurance Of
new supplies, although delayed, would
cause freer offerings of credits and re-
lieve the stringency at once.
when this was seen to be doubtful the
speculation was inclined to take a waiting
position. Good resistance was shown TO
any selling pressure and prices were sus-
tanned by the conspicuous strength of
some Of the speculative leaders in the list
of stocks. No actual steps We're announced
to take advantage of the facilities prom
ised by the secretary of the treasury to
help the gold movement. No doubt is felt
among bankers. however, that a conSid-
cradle inward movement OF gold Will FOL
low. The use of government deposits may
extend under the order to engagements
of gold made by the banks either before
or after the gong INTO erect Oh the or
der. Gold in transit to New York next
Monday will give the consignees the right
to the use of government funds until its
arrival, as well as the gold engaged on or
after that date. The order makes no re-
striction on the time that may be required
for the receipt of the gold if 1t has been
actually engaged or shipped. This would
make il feasible to buy gold in Australia,
Japan or even in South Africa, and make
the proceeds available for use in New
York from the date of purchase without
~tNfl Nha
bullion is in transit The arrangement is
the same as that lin force last April, with
the exception of restrictions against what
seemed abuses Of the privilege at that
time.
1t was supposed that some Of the recent
accumulation of gold in London by undis-
closed agencies has been for New YORK
account in expectation OF the treasury ac-
ton which has been taken In that case
such sums would be promptly available
on Monday when the treasury order goes
into effect for use in New York. There
was much discussion OF the probable ade-
quacy of this means to ease the money
market The time money market seemed
TO be unaffected by the news and loans
for sixty and ninety days still commanded
at premiums equivalent TO ~ TO per
cent, with six months money lending at 81:
to per cent. The only lenders IN any
amount were foreign bankers. Yesterday S
So 600 900 transfers to the interior through
the sub-treasury were offset in the daily
statement Of operations by extraordinary
of $4,000. 900. leaving the days loss by the
banks only moderate. The government
institution has taken from the banks since
the last bank statement. however. "a
923 900 and 100000 was deposited for trans
fer to San Francisco today The money
stringency here is bringing offerings IN
small amounts from widely separated
points in the interior which make an APP
prec'able aggregate. New York exchange
at Chicago also recovered to cents dis
count COMPARED with AZ cents dlscount on
Tuesday Reading bore the brunt of sls-
tanning the general market up TO the later
afternoon rumors that control of Balt-
more &, Ohio was to be transferred to that
company The Great Northern ore lands
report was revived later with effect or
United States Steel and Great Northern
preferred and a strengthening Influence
on the whole market When the demand
| for call loans had been satisfied offerings
of the unplaced remainder carried the rate
off from % per cent. the high rate of the
morning. to 8 per cent. where ii closed.
Bonds were heavy. Total sales, pal
value SO. $4,000.
United States bonds were unchanged or
/ call.