The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-12-21
BEAR INTEREST
ON THE RETREAT
Buying to Cover Shorts
Brought Decided Improve
ment in Conditions.
BANK SITUATION BETTER
CALL MONEY, HOWEVER. AT TOP
FIGURES.
BANK SITUATION BETTER

New York Dec. 20.-The dull trad
ing on the stock exchange today was
accompanied by considerable strength,
which was displayed in a spotty and
irregular manner. professional trad
ers did much of the business, and BUY
ing to cover shorts by a retreating
bear interest was an important factor
in the activity. There was an as
sumption on the part of buyers Of
stocks that tomorrOW's bank state
ment was to show a material recupe-
ration in the position of the clearing
house institutions. The usual prelim-
mary forecast of the weeks currency
movement indicated some improve
ment of position. but ii was on intima-
ton of the concealed changes that the
assumption of radical betterment was
based. 1t was reported that there had
been returns made during the week of
some of the advances to trust cOmpa-
MES that were beleaguered during the
panic period. which was likely to have
notable effect not only on the cash
item. but on the foens of the banks,
as both kinds OF assistance are known
TO have been extended to the trust
companies by the banks III their period
Of need. The known movements of
money indicate that the tide of the
cash movement to the interior has lost
some OF its force, while gold has con-
tinued to arrive from abroad. The To-
cal banks have benefited also from
increased deposits of government
funds during the week. The promised
net result is a substantial gain in
cash byIthe banks. intimated to be i'll
the nefghbOrhOod of 81 600 600.
Liquidation in the stock market dur
ing the week is assumed to have eff
fected some reduction of the loan item.
which wdtld also operate to bring the
proportion of reserves uD toward the
level OF the legal requirement The IS
suance during the day of the call of
the New York state banking depart
ment for reports Of condition of state
banks and trust companies as of Dec.
- is expected to be followed by great
sr4reedOm on the part of those insti-
iutions in extending credits The eX-
pectation of this call is supposed TO
have had some restraining influence
on the policy of the trust companies in
this respect. The money market itself
did rot show any greater ease. the coal
loan rate, in fact. touching the highest
level of the week. The stock market
ignored this and the continued dearth
of funds in the time money market
Additional gold was engaged abroad.
and discounts advanced in London. An
advance in the price of copper both in
London and here was a feature of the
day and made the copper industrials
strong. There was a violent advance
in Consolidated Gas and its affiliated
company, the Brooklyn Union Gas,
based on the judicial decision in favor
Of the company's contentious against
the S0-cent gas law. Brooklyn Transit
owed something to sympathy with the
price in gas stocks Southern Pacific
was freely bought in connection with
the pamphlet report of the opera tions
for the year ending June 90 which re-
ported earnings for November MAIN
tanned at a high level. Points of spe-
cial strength of this kind spread an in
fiuence through the rest of the list and
gave general strength TO the market
Gains were maintained to a firm clos
ing.
Bonds were firm. Total sales. par
value. So. O20. O0O
l. 5. bonds We're unchanged on call