The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-01-13
STOCKS Strong
IN WALL STREET
Speculative Favorites of the
Past Again Receiving Ex-
ceIIent Support.
DEPRESSION OF THE WEEK
SEVERAL EVENTS COMBINE TO
SKATER CONFIDENCE.

New York. Jan. 12.-There was n con-
tinusnce today or the recovery in stocks
from the weakness caused by the Penn
sylvania plan for now capital issues,
which was already in evidence before the
market closed yesterday. Pennsylvania
was not fully abreast Of the front rank
IN the recovery in spite of its severe
decline yesterday There was calmer
feeling. however. in regard to the con-
templated capital issues by the Penn
sylvania railroad The Indefinite future
for which the g. q is left had something
70 do with tSBs feeling Another con-
sideTau0u was the large portion OF the
proposed issuse which viii be required
Tor practical funding capital eXpendi-
lures already made Included in the es-
Inmates Of these are yJ0000.0O0 OF notes
maturing later IN the year. SiS,@0cc0 to
cover new cars already ordered, and
probably S40OO0.O00 for carrying on the
terminal Improvement work In New York.
The principal strength today. however.
REQUIRED IN previous speculative fayOrites,
especially the Hartman Pacifics. St
Paul. Northwestern and Reading. There
wa Sa residue OF uncovered shorts as a
consequence OF the fan I'M prices oc-
CURED yesterday. and the necessities Of
these IN rising market accumulated the
recovery There were unconfirmed ru-
nlors I'm connection with the strength of
Hartman Paclfics OF extended testimony
10 be offered by the interstate commerce
commission by the principal witnesses to
he called, which might cause more
favorable impression on the public mind
toward the corporations The bank state
ment showed the expected gain i'm cash.
which practically all accrued to the adj
vantage OF the surplus. as the loan ac-
count was decreased. although by n small
amount. The days report of sub-treas-
ury operations also showed a gain by
tho banks OF s9,72lO00. which did not fig
urc in the bank statement. Discounts
rose again in London. There was some
profit taking in the late dealings. but
the gains were very well maintained. To-
tai sales of bonds. par value $994.000
Speculative confidence has been Jared
by a number OF events this week and
sharp depression i'm the stock market has
been the consequence. The elimination
was reached in the unexpected announce
ment by the Pennsylvania railroad Off
Gals OF their intention to offer S1O0 100.-
GO OF additional stock and 500 100000 of
additional bonds. Coming upon top of
the huge issues already authorized by
the northwestern railroads. the effect
was caused by fears of an aRgravation
OF the gltft in the securities market and
continued scramble for available capt.
tai. This discouraged the hopes that be-
reaction Of the strain i'm the money mar
ket a large proportion OF the banks
IN the clearing house association were
below the legal reserve requirement. last
week and calling Of loans was a consc-
Cucnce. This induced n furry in the call
loan market and a II per cent rate on
Tuesday. Later i'm the week there was
an easier tone I'm the money market and
some evidence OF a growing willingness
% leaders TO place funds
The bond market showed some slight
revival OF demand. but nothing like the
usual January investment demand.
United States % have advanced "a per
cent on call during the week