The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-08
SHORTAGE STILL
s SEVERELY FELT
Another Slump in Wall Street
With but Feeble At
temptS at Support.
GOLD GOING UP STEADILY
ADVERSE EFFECT OF SANTA FE
FINE.

New York, Nov. 7.-Several important
events today served as an admonition that
conditions are not yet ripe to move def
mite influences of the financial disturb
ances from which the country has suf-
fered The action of the stock market in
dicated some disposition to contest the ef-
feet of these events, but the heavy tone
prevailed ultimately. The rise in the ON
cial discount of the Bank of England 10
7 per cent. while clearly foreseen yester-
day, was too imposing an evidence OF the
strain now extending through the woTld ;
money markets not 10 make formdable
impression. 1t had been expected that
the Imperial Bank of Germany would be
forced to further raise its rate, but the
increase in the Bank of France rate 10
per cent had not been so much consld-
cred, and emphasized the influence OF the
English banks action
The per cent rate of the Bank or Eng
land has no parallel since the crisis OF
1873. although the rate in that year went
as high as per cent. In the case or the
4 per cent of the Bank of France it seems
not to have been touched since the
Franco-Prussian war period. The decline
of el5.000.000 in the bullion holdings OF the
Bank of England during the week ana
I'm the Bank of France of $4,000. show
the reason for the sOlicitude which has
prompted the discount rate, although the
Bank of Frances position is reinforced by
"a heavy loan regulation and large con-
tTdCtlDn OF OUTSTANDING uOlc isSuCo. <1tiuA-
tional gold was engaged for New York to-
day In spite of those measures which may,
i'm fact, serve to attract gold TO London
and Paris from other sources, but some
influences seem to obstruct the withdraw
ais for New York.
Foreign money markets have held so
suspicious an attitude towards New York
requests for credits all through the pres
ent year that advances were inconsequen-
tial. even such as are made in anticipa-
ton of the marketing abroad of our COM
modites in force and payments falling
due The foreign banking corporations
have no effect on the form of maturing
loans of American borrowers. Our choice
OF payment in gold for our exports there
fore leaves foreigners no alternative.
Another installment of some 81. 500, 900 of
gold arrived in New York today with a
100000 installmsnt close at hand and
others to arrive before the week end. The
effect of this was most marked I'm the fall
OF the premiums which are teing paid for
currency by some users The extent to
which the money market was affected
was disappointment to those who had
looked for prompt relaxation with the
first arrivals of gold. The explanation is
found in necessary repair of the deficit
below the legal reserve of the banks and
also OF the urgent requirement of the in
terror for currency to complete the move
1nent OF the crops; a process of vital i'm
portanee in righting the situation and in
setting free means for facilitating the IL
quotation.
The immediate results of the compile
ton of the Tennessee Coal transaction
I'm the stock market proves rather discon-
certing. With the admission to the stock
exchange list of the 100000 of United
States Steel sinking fund bonds, presum-
ably employed in that transaction there
was evident liquidation and a decline OF 3
points in the bonds. Tennessee Coal also
fell. precipitately from the artificial level
at which Ii has been arbitrarily held The
fine levied on the Atchison for rebating
and the reports from various sources of
such selling down of industrial operations
bore heavily on the market and forced it
to a weak close.
Bonds were irregular; total sales (par
valued s., 2S4.0G0
United States Is and SIS registered adj
vanced Z and the As IL per cent on call.