The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-01-03
CAUTION IS NOW
THE WATCHW0RD
Wall Street Spectators In
CIined to Await Developments
of the Near Future.
STOCK PRICES WAVERED
NOTHING IN SIGHT TO CAUSE
ALARM.

New York. Jan. 2.-Prices Of stocks
wavered uncertainty today and showed a
tendency 10 settle back TO Mondays clos
ing level. Tho volume Of business on an
insurgcnt scale. The constraint of the
speculation was not explainable by any
immediate Developments. these being
nearly favorable. But the longer outlook
was the subject of much consideration
md Of greatly mixed Interpretation. There
was wealth OF authority in evidence in
tne annual reviews on the great show
ing OIL the year Just past. but there was
M ali OF these rather surprising unison
m Inc note of caution mingled with even
Inc most hopeful presages and from that
ranging DOWNWARD in tine scare OF Optim-
ism 10 on admission of probable early
sOlnmerciai reaction ana depression. rms
nad us effect on stock market sentiment.
Tho future IF the money market also
seemed far from clear, IN spite of the
prompt relaxation which was manifest to-
day IN this market and in foreign mar
keIS as well Berlin discount rates eased
lh way 40 give gratifying evidence of
successful passing of the year and crisis
IN that market which was especially
dreaded. London discount ran off in pro-
bounced way. The early ~ per cent rate
Tor call loans here was not held long
The huge volume Of clearing house ex-
changes was witness to the important
progress already made on Monday in dis
losing .. the annual requirements.
Conditions seemed tending quickly
therefore. towards the money relaxation
which has been relied on to revive stock
MARKET activity. The modifying factor
which must be rockoned with Is the course
lt the treasury operations in the future
ma which were specially dwelt in the
January circular of the National CITY
bank. The provision is already implied
Tor the return of the $4,000. 900 government
deposits held by the banks. half on Janu-
try ~ and half on February l. and the
latter date was also mentioned as the
period for beginning the return of the
k-IVN,VO or deposits made at the banks
IA September last. The circular estimates
Chat excess of government revenues over
payments between now and Jan 90 will
amount TO S36.000OO0 additional The opin-
ION Is expressed that money rates will be
sustained by these causes no 10 the time
~ the maturity Of the Sll5.0O0G00 of per
cent bonds while the outcome will be af-
iccted by The alternative of the redemp-
ton OF the whole issue or of partial re-
funding.
II was inferred that obligations which
were deferred during the stringency in
money here were being covered on a large
scale. The price OF demand sterling @ose
fully cents in the pound over that OF
last week. The high interest rates charg-
ga on stock market accounts for Deem
bor had discOuraging effect on holders
of stocks on margin. The average rate
FOR the month charged by stock ex-
change houses was l. per cent. The Hill
stocks were supported and there was a
subsistence OF the rumOrS OF money trou-
bles growing out of the severe declines
in these stocks. There were other pOints
II occasional strength. but they yielded
IN the course Of the trading. The market
closed irregular and near the low prices Of
the day.
Bonds. were irregular. Total sales. par
United States bonds were unchanged on
call.