The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-09-13
MARKET SHOWS
BETTER TONE
Prices Recovered in Wall Street
and Close Active and
Buoyant.
MONEY SITUATION EASIER
LONDON REVIEWS CONFIDENCE
IN NEW YORK.
MONEY SITUATION EASIEF

New York. Sept. 12-Prices of stocks re-
covered in today's market, the movement
gathering force as IL progressed. During
the early part OF the day there was fur
sher selling Of the kind that carried prices
downward yesterday. This was rather OBJ
viously a reselling Of stocks bought on
Saturday for the purpose of sustaining
the market in face Of the disconcerting
bank statement. and II was not pursued
To-Day TO any considerable decline. There
was a good absorption manifest, in fact,
from the outset. The recovery halted at
about last nights level of prices, and
there was long pause which accounted
mostly for the falling off in the days
average of activity. The recovered level
OF prices did not induce any renewal of
selling. In spite of the dullneSs which in
tcrvened. Operators for the advance took
their cue from this technical indication of
recovered strength in the market and re-
sumed their operations on the long side
OF the market. The easing of the money
SITUATION was more decisive today than
yesterday and confidence was correspond
tGgly re-established The call money mar
ket showed clearly the Influence of the
repleniShment of banking resources by the
import movement of gold and per cent
was the rate for the day. with the eXcep-
ton of a temporary rise 20 61s per cent
Another 100000 in gold was secured in
London for New York That center also
showed itself somewhat less disturbed
over the heavy demands Of New York for
kOlC Wnlcn nave aroused muCn CRITICISM
In London financial circles and have
prompted the advice in the London Times
this morning TO discriminate in interest
charges for loans on American collateral,
London's calmer attitude today did not
preclude the assumption that the Bank Of
England would advance its official rate
tomorrow possibly q full l per cent, as is
sometimes done when the object is to
check a gold movement. 1t is believed i'm
London however that this action by the
bank will have the effect Of diverting New
Horks demand for gold 10 Paris, and
London even had report that the Bank
or Paris authorities determined 10 re-
lease q certain amount of gold to supply
the New York demand. Things developed
here to confirm this report. the time mar
ket also showing a greater effect from the
replenishment OF money supplies. although
leans for the shorter periods still COM
manoed premium over the legal rate 4
deposit of 100000 at the sub-treasury for
transfer TO San Francisco was attributed
70 the further payment of fire insurance
losses, although reports of an unexplained
rur on a savings bank I'm that city were
rate declines In New York there is some
movement toward retirement Of credits
by banks outside Of New York which were
put out 10 take advantage of the high
money rate. But this movement was over
borne by the tide Of foreign gold and did
not hold up the money rate against that
influence. An advance i'm the price of
government refunding per cents was re-
garded as significant of a probable COM
ing need by the banks for government
bonds to serve as security for further re-
lief measures by the use of government
funds. The upward movement originated
I'm the Gould and Hartman Pacifics but
the list was pretty generally involved by
the spread OF the movement. The closing
was fairly buOyant and active.
Bonds were irregular. Total sales. par
value, $i.560.O00 United States IS regis
tered advanced = per cent and the coupon
p 1 per cent on call.