The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-07
PRICES BETTER
ON SMALL TRADE
inquiry for Stocks in Wall
Street Not Met by Mad
Rush to Sell.
CONFIDENCE IS RETURNING
SITUATION I'M NEW YORK NO
LONGER ALARMING.

New York, Nov. 6.-The small volume
of transactions in stocks today was the
index of how far financial conditions still
hamper the conduct of operation in the
market, but the strong upward tendency
of prices was a convincing evidence Of
the returning confidence of values of Sc
curities. Brokers on the floor of the stock
exchange summed up the situation by
saying that stocks were scarce. ms was
shown not only in the diminished pressure
to sell, but continued manifest in the exc
cution of buying orders, when prices were
bid up Commission houses reported Inc
receipt of some buying orders for stocks
accumulated in offices over the holiday,
some OF which were for execution without
specification of price limits, but to buy at
the market. 1t was on this class of or
ders that the marked scarcity OF stocks
was demonstrated
The ruthless closing out of weak &C
counts which has been going on through
the money crisis, leaves very little of that
KIND OF clearing up to be done, even CT
the kind of accounts which are carried
through an ordinary market furry with
conditions attached implying liquidation
at the first favorable opportunity. Of
another class of leftover accounts there
was some influence felt today, namely,
STOCKS taken on by powerful flndnc1erS in
periods of decentralization to check it and
to support values. Reselling of this kind
was discerned at the advance today, ac-
cordfng to the opinion of skilled observ-
erS IN the board room. The impression was
that this selling might have an admoni-
tory intention against too sudden specu-
lattve activity in the market, with the
money situations still short of being en-
tirely corrected.
The response Of the bond market to the
brighter outlook was as decided as that
for stocks. The response there was more
in the nature of price readjustment on
mere nominal dealings. Prices at which
bands have been forced to sale under
pressure of recall of loans by marketing
of collateral, or by sales of bonds to pro-
tect unmarketable collateral. are not &C
cepted as the measure of true value of
the bonds There was a wide readjust-
ment of prices all through the bond list
on these lines. The action OF the securi-
effect of the clearing of the financial
horizon
The money market showed the effect of
the arrival OF the first consignment of
over 100000 OF imported gold, and the
scarcity of currency was reported some
what relieved from the same cause The
premium on currency was not so high as
last week The trust company situation
was quite definitely disposed of as a
threatening factor with the outcome of
the long conferences on the subject ex-
tending over election day and into last
night. The assurance of adequate meas
ures or support to protect the trust COM
panies was accepted and did much to IN
spire belief that confidence would be re-
stored at an early day and relaxation
Followed from the ue-up of resources.
purely due to distrust and not at all to
actual lack of facilities
The passing of control of the Tennessee
Coal & Iron company TO the United States
Steel corporation had a strengthening ef-
feet on the stocks of that corporation. hui
it was considered of even greater import
ance In opening a method of settlement
Tor trust company conditions by substi-
tuition of more readily marketable coIIat-
eral for loans in that field The condi-
ton of the engagement Of gold for import
gave promise of still further relief for
money conditions. The violent relapse in
prices of sterling exchange represented an
adjustment to the declining premium for
currency here and left conditions still onen
70 the inward movement of gold The
prospect OF a z per cent Bank of England
official discount rate, which came into
discussion late in the day. seems not to
impair confidence that the gold import
movement will continue
Anxiety over the New York situation
being allayed, attention is turning to the
outside situation. Suspensions of small in
terror banks made an impression and a