The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-12-17
STOCK MARKET
REMAINS WEAK
Call Money Rates Higher,
Which Fact Had a Very De-
pressing Influence.
BANKS FEELING THEIR WAY
ALL EYES TURNED TOWARD THE
NEW YEAR.
BANKS FEELING THEIR WA

New York, Dec. 16.-The repressive
influence of the money situation was
diseernible again today in the action
of the stock market The call money
market was stiff and rates in that de-
partment were higher than on Friday
The slow improvement in the banking
position goes on, but last weeks more
conservative view of the time required
for carrying out the remedy continued
in force and little more is heard of
the probability of restored ease in the
money market intervening before the
end of the year. Notwithstanding the
substantial recuperation effected i'm the
New York banking position as exhibit
ed in the weekly bank statement on
Saturday. the banking authorities were
evidently proceeding today with the
work of building up their reserve
strength.
The deficit still existing of over $40
0OO00G below the legal requirement is
warning of the behoof of correction.
As there is no indication of the imme-
date return TO the central reserve
banks Of the great sums withdrawn by
depositing banks, New York banks are
= driven back upon the necessity of
scaling down the credit deposits in the
loan item. IT was that process that
enforced by the New York banks, and
MARKS the passing in some degree of
the acute stage of the money crisis
The New York bank loans expanded
freely during the crisis as a part of the
general policy of supplying freely all
requirements, even by wide encroach-
ments upon reserves, while the emer-
gency called for such treatment The
secondary retrenchment now in prog
h. . u
ed as typical to some extent of a kind
of liquidation which may have TO fol-
low the first extension of emergency
credits in commercial affairs at large.
1t is dread of possible prOlongation
or process OF commercial liquidation
which weighs on the stock market A
more direct object sought by the New
York banks is to offer an attraction
for the return of interior banking de-
posits to this market by keeping the
money rate attractive here. The re-
turn Of these deposits is belated TO an
unexpected degree, and it is evident
that the sentiment which prompted
their withdrawal was something more
than transitory
Attention was given today to the an
nual report of the conptroiler of The
currency. The distinctive part DIaved
by the bankers themselves in preciDi-
Saihs tHe Crisis is dWelt upon. The
conclusion reached i'm effect BY this
government official seems to be that
the present banking reserve system
was broken down and practically dis
credited by the events of October and
November. The spirit of distrust which
prompted the withdrawal of deposits
from central reserve and reserve CEN
ters by the smaller banks Of the coun-
try seems, in fact, TO be slow in pass
ing. The currency premium persists
In New York and bids for New York
account were effective in securing all
the arrivals of gold in the London
market at an advance in the price.
discounts hardened in London in re-
Spouse.
The sustained demand of the New
YORK bankers for gold is arousing IN
eeslness in London and Paris oyer the
aoillty OF these centers to take care of
the government position at the end of
tne year. Reports from railroad traf-
TIC OFFICIALS were less decisive of the
contracting tendency OF their traffic
out no effective improvement was
shown. The principal weakness in the
days stock market was among stock
associated with the metal industries.
AS price, started higher and then made
some final recovery, the extreme de-
cilnes. were partially neutralized.
Bodds We're irregular Total sales.
par value, S1,716,0OO
United States bonds we're Unchanged
or call