The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-12-09
New York's Shortage in Finan-
ciaI Circles Greatest Since
Summer of 1898.
CONFIDENCE IN MARKET
IS STILL MANIFESTED
Hartman Stocks Show Some
Special Effect of Company In
dictmentS i'm Utah.

NEW YORK, Dec S,-Thc bank
statement not only reflected fully the
loss OF cash indicated by the week s
known movements of money, but more
than made up the discrepancy in the
loss reported last week, which WAS
smaller than the estimates. Cash
holdings have fallen off S12,265,60
and the accompanying scaling down OF
credits has amounted to only S3,S03,-
600, The net result is a deficit below
the legal reserve required by $6,7O2,-
SIS, which is the largest deficit in the
New York reserve since the summer or
1898. when the endless chain drain on
United States Treasury gold holdings
was in operation to supply the eNigent
demand for gold to ship outwards,
This compares with r deficit in CORES
ponding week last year of Sl,246,525.
Last year an animated speculation
broke out at the stock exchange In the
week following the deficit. 1t is this
precedent which places an important
part in keeping mp speculative conf
dence in the present market. Prices
wavered and yielded slightly today
after the bank statement appeared, but
recovered nearly all the declines be-
fore the trading ended and the closing
was only slightly irregul lar, The Hill
stocks were conspicuously weak, and
the Hartman stocks showed some
special effect of the judicial proceed
ings against the company i'll Utah.
There is no money market at the
stock exchange on Saturday and loans
day The effect of the bank state
ment was restricted to sentiment.
therefore Sentiment on the subject
was modified by the firm confidence
that some action would be taken by the
Treasury Department for the relief OF
the money situation IN the interval be-
fore operations are resumed In the
stock market Monday. Movements were
reported to be IN progress in mercan.
tile quarters to urge the Secretary of
the Treasury to release Government
funds TO the money market for the re-
lief of restrictions said TO be out on
commercial operations by reason OF
money scarcity.
Total sales Of bonds (par value),
1886. 900,
Acute stringencv has ruled in the
money market all through the week and
the money position has occupied atten-
tion almost to the exclusion OF all other
topics, although there have been sew
eral developments of Importance. Call
loans have risen above 20 per cent
every day of the week. The feature of
the stock market has been its stubborn
resistance TO the conditions IN the
money market prices yielding slowly
and irregularly, and from the vantage
ground OF early advances and occa-
sional rallies. The undertone of firm
ness in the market has been due 10 the
sustained confidence in the underlying
conditions of prosperity throughout the
country, 49,,
The President s message was with
out active influence in the market. All
matters in fact were submerged In the
consideration OF the eXigcnt money sit
uetion. a. ;,
The bond market has been very dull,
but prices were but little affected by
the money situation.
United States IS advanced Is per
cent or call during the week,