The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-03-13
AORGAN'S VISIT
GIVES new HOPE
Wall Street Hopeful That the
President Has Seen the Err
ror of His Ways.
STOCK MARKET IMPROVED
SCARCITY OF MONEY PREVENTS
HEAVY TRADING.
STOCK MARKET IMPROVED

New York. March 1s.-The stock market
vas notably free today from the volum-
nous and indiscriminate selling which
lad so demoralized the speculative sentf-
ment up 20 the end OF last week. Freed
from pressure OF this damaging condition
there was some extension of the recovery
which was in force yesterday. The buvinx
demand which effected this recovery was
ftfHl and apparently hesitating, falling
al times TO very meager proportions and
alternating with some renewal of selling
levels and was not pursued on the de-
clfnes The incident of the DAYS news
on which most stress was laid from the
market standpoint was the interview AZ
Washington between President ROose-
welt and j. p Morgan. Mr.. Morgan's an
pear8nce In the avowed role of a nedj-
stor to bring about an understanding and
cooperation between the railroads and
che national government was accorded i'm
pOrtant significance. The purpose of the
proposed conference between the presi-
dent and railroad executives as to what
stems might be taken to aliav the puI,iic
railroads and the government is admitted
" Of far-reaehing consequence to the
stock market
The action of the market TODAY seemed
to reflect feeling OF hopefuIness thai
some good would result from the move
toward common understanding. The
ground Of the hopeful feeling seems 10
BE- that cooperation between the railroads
and the national government to secure the
ends sought by the government may serve
10 all3y the flood Of measures now notr-
Ing into state legislatures all over the
country for restraint upon railroad DOW
eTs. and which are feared especially for
their variety and conflicting require
mentS. Foreign markets seemed to be
equally impressed with our own as to
he Importance Of the proposed confer
Of -ro
count was an important element in the
strength OF the days market The mix
tuTe OF hesitation and SkeDtiCiSm in the
tone Of the market owed its origin largely
10 the ooseurity Of the outlook over the
money question.
Growing tightness of the New York
money market became quite manifest to-
day. and the question of resources to
meet the heavy April settlements grows
in Importance Time loans for short pc
RODS were practically unoffered today.
and premiums began to appear en- the in
terest rate London discounts meantime
rose TO the Bank OF England rate and
the price Of American eagles was raised
in the London market The sub-treasury
at New York has taken from the banks
since the last bank statement Sc. 4S1. 900.
which is more than enough to wipe out
the surplus reserves OF the banks as il
stood on Saturday There are large de-
posits being made at the sub-treasury for
redemption OF bank notes. but customs
collections are also running very heavy
New York bankers are anxious appa--
entity to avoid forcing bonds upon foreign
money markets for gold, owing to the bad
effect on the demand for American Sc
curitieS which would follow. II is for tina [
reason that special interest is felt in the
defining of the policy of the treasury de-
partment in the use of the discretionary
power given IL by the new law TO deposit
customs collections as well as internal
revenue taxes with the national banks.
The money situation was called response
bic for the light demand which restrict
ed the movement of prices in spite of the
subsistence of the selling. Today's ex-
IRENE advances were not all held. but
the closing tone was fairly steady.
Bonds were irregular. Total sales par
value. si.e9l.a00 United States bonds were
unchanged on call