The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-03-13
{DDY AND MORGAN
h STOCK MARKET
ference of Famous Finan-
ier With the President Gives
Hopeful Outlook.
iNCIPAL SELLING is
At THE HIGHER LEVELS
me Extension of the Recovery
Which Was Manifest in
Mondays Trading.

rv YORK, March 12.-The stock
IT,, wns notably free today from the
-,rous and indiscriminate selling
.~n has so demoralized the speculative
.,,uent up 10 the end of last week
"A from pressure Of this damaging
-suion there was some extension OF
vscoyery which was in force yes
|.sv The buying demand which az
.<.d tbis recovery was fltful and ap-
,sntly hesitating, falling at times to
IL meaSer proportions and alternating
|L some renewal of selling. The selling.
|-sver. was at the higher levels, and
|,s moi pursued cn the declines.
|<he Incident OF the days news on
LIZ most stress was laid from the
Lar standpoint was the interview at
[shincfon between President Roosevelt
III 4 p. Morgan. Mr.. Morgan's ap-
|s,snoe in tho avowed role OF medi-
|rr 10 bring about an understanding and
onsra;on between the railroads and
!. NATIONAL government was accorded
|nortnnt significance. The purpose of
"A proposed conference between the
|ouident and railroad executives as TO
Lad stops might be taken TO allay the
|blIc anxiety as 10 the relations be-
|<sn the railroads and the government
|admHtcdly OF far-reaCnlES consequence
the stock market
|rha action OF the market today seemed
Il reflect a feeling OF hopefulness that
|o,e good would result from the move
|uard a common understanding. The
hind of the hopeful feeling seems To
II thar cooperation between the rail-
hds and the national government TO
lure the ends sought by the govern
.nt may serve 10 alay the flood of
lures all over the country for restraint
|on railroad powers, and which are
.red especially for their variety and
rf1lcting requirements. Foreign mar
d seemed 10 be equally impressed with
y own as 20 the Importance Of the pro-
lei conference
Buying OF stocks for London account
Is en- Important element in the strength
the days market. The mixture OF
|altation and skepticism in the tone
the market owed its origin largely 10
d obscurty of the outlook over the
bney question. Growing tightness of
b New York money market became
HE manifest today. and the question
Resources TO meet the heavy April
Elements grows in Importance. Time
kns for short periods were practically
offered today. and premiums began
appear on the interest rate, London
counts. meantime, rose TO the Bank
England rate. and the price of Ameri
b eagles was raised in the London
Nket
The snb-treasury at New York has
Ken from the banks since the last bank
tfement s3.4Sl 600, which is more than
|ough to wipe out the surplus reserves
The banks as II stood on Saturday
fere are large deposits being made at
|e eub-tre6sury for redemption OF bank
pes but customs collections are also
|nnlng very heavy. New York bankers
Z anxious apparently TO avoid forcing
|pds upon foreign money markets for
|d.. owing 10 the bad effect on the de-
fnd Tor American securities which
Puld follow. II is for that reason that
Fclsl Interest Is felt I'm the defining
lne policy of the treasury department
The use Of the sCretionary power
zen IL by the new law 10 deposit CHS
Fls collections as we'll as internal reve-
Il taxes with the national banks. The
pney situation was called responsible
NC light demand which restricted
kSLovement OF prices in spite OF the
Hence Of the selling Today's cX-
|3M advances were not all held, but
II floslng tone was fairly steady.
Honos were Irregular. Total sales, par
|lue, $lee:. 600 '
k,nlted States bonds were unchanged on