The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-10-23
l|CES REBOUND
| IN WALL STREET
lrked Tendency Upward Is
Noted at Opening of the
Weeks Trading,
TICIPATED PRESSURE
DID NOT MATERIALIzE
Eminent Stocks Make Good
Recovery From Saturday;
/ Market Closes Strong.

lew YORK. Oct. 22-There was p
saE ent rebound in prices Of stocks to-
which went far 10 wipe out the
. yy decline of Friday and Saturday,
Acl interval after the market closing
10 urday in a state of Generalization
es II this morning S opening saw some
C0lortant developments and gave rise
nasumors of others of still greater inn
Nance The consequence was re-
np sion in sentiment which sent stock
'ert1asors scrsmbling to buy stocks
Iun, had made desperate efforts TO sell
2l4 m at any price on Saturday. Ow
to the fact that much of the
'INcing on Saturday was in the nature
see,sbort contracts there was something
re than sentiment in the eageruess
secure stocks on the rapid rise to-
W.T. In fact. there WAS consider,
lille subsistence in the force Of the de-
m and when the needs of thc uncovered
Fart interests had been supplied.
as there is no loan market al the
{ Geek exchange on Saturday, loans
4. de on Friday carrying over until
ySnday, the rush TO sell on Saturday
= slst have been based upon apprehen-
AN of pressure To come than on any
..tual curtailmeut of credits, Re.
Its OF the Bank OF England s six per
amt discount rate in tbe world s mar.
sst were much less than feared. In
IEHs market call money after lending
Z per cent fen back promptly TO 6
par cent and later in the day TO con
below that point. This
nlld not have been due TO any actual
of supplies over those
sailable on Friday Very confident
les were engendered, however, that
ef would be forthcoming. The ma
Of this relief was left mostly in
n realms OF conjecture. The first Of
yM measures TO receive attention was
rumored agreement of the Bank of
nee to- transfer as loan 100000.
yvr to S40s000,00G 10 the Bank of Eng
The presence in New York Of
- Secretary Of the Treasury was ac.
lied as assurance that treasury meas
USs of relief were to be forthcoming
the New York money market. Fur
deposits of Government funds with
National banks also was regarded
p possible recourse. The assurance
that one or the other alternative
AVtld be adopted was measured by the
2 of the money market and by the
6dence with which stocks sold last
X were rebought.
he time money market held strong
however, and no loans were made
tTSaw 6 per cent, while for so and 90
S the asking rate was advanced to
NJ per cent.
he market was regarded as an am
demonstration of continued control
the financial powers which have
dsrsninated the situation for some time
octt. The failure of stock exchange
us.Diber was without effect or the mar
oor The day 5 extreme advance of
% in Anaconda, for Great Northern
l.. AZ for Reading and Northern
rifc, 3 TO 81 for Union Pacific. st,
ul, Amslgamaied Copper and Smelt-
-. and to 8 points in many other
i've stocks serve 10 indicate the i'm
-rtant extent of the recovery from
IL week s severe losses. The market
nfsed strong with the gains we'll main
U1ned
Bouds were 6rm. Total sales, par
silac, $2.i5i,000
United States bonds were all un-
lHianged on call