The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-02-12
SECRETARY SHAW
COMES TO RESCUE
Offers to Turn Loose $25. 000,.
600 for Nearly Matured
Four Per Cents.
STARTS BUYING MOVEMENT
WALL STREET PLAYS NEWS
FROM WASHINGTON.

New York. Feb 1.-THE notable fact
IN the activity of the stock market was
the readiness with which prices advanced
on volume of buying which was mod
crate. The buying orders came into the
market at irregular intervals and there
were long halts on the rising tendency
and in the execution of buying orders.
Inc hardness of the market in the dull
intervals was remarkable and highly sig
niticant throughout the subsistence of the
selling During the first hour there was
some selling which seemed to be based
on the prospect Of higher money rates
oIIcred by the complexion of the bank
statement on Saturday The annie de-
mand to absorb this selling put an end
To it and the professional element showed
no aggressive opposition TO the upward
tendency after that The receipt of the
news from Washington that the treasury
department would buy $25, 100000 of the
nearly matured 4 per cents OF 1907 at
lOI12 was the signal for most animated
buying of the session.
The first impression given by the news
or relief from the anxiety over the COM
ing withdrawal Friday of this week Of
the remaining half OF the deposits of
government funds made with the banks
in December which would call for So
100000. The heavy loss of cash reported
In saturdays bank statement is attrib-
uted largely to the withdrawal of the
margin of the bank surplus makes the
threatened Withdrawals of S6OOO.OO0 more
formidable. The treasury's offer is one
half per cent higher than was made in
December for $lOOOO,OO0 At that time
only about $0O0.00O of the bonds were
turned in. The price offered is pract-
cally all there is in the market. The
response to the offer is not expected from
holders of the bonds who have them on
deposit to secure circulation. From in
Yestment holders il is now expected that
large offerings will be made. More stress
was laid on the expectation that the de-
cision of the treasury would be modified
regarding the withdrawal of deposits on
Friday. There were rumOrs in constant
circulation in the market also of a feel
ing of greater confidence on the part
of the capitalists over the attitude Of
the administration towards corporations.
There was some vagueness in the current
surmises on the subject, varying from
supposed modification of the plans of the
government to the belief that the feel
ing Of increased confidence simply rep
resents modified views of capitalists as
to the probable effects of the government
program.
New York secured none of the gold ar
irving in London. although an advance
in the price indicated some degree of
competition for the supply. The impress
sion is conveyed in banking circles that
this result was due to compliance upon
the part of New York bankers with the
sensitive conditions in the London mar
ket rather than to inability to have Sc
cured the gold. Good effect on foreign
sentiment towards the American finan-
cial situation is expected to result from
this compliant mood of the New York
market toward foreigners necessities.
Call money was higher than last week
and the time money market was firm
in sympathy. but the stock market re-
Elected no dneasiness on that score The
dullness OF the market was partly ac-
counted for by the interruption of to-
morrow's holiday. The strength of cop
per was the effective sustaining influ-
ence i'm the later market. Rumors of in
tended increase in the Anaconda dividend
were used with effect.
Bonds were heavy. Total sales. par
value. 81. 420 600.
United States IS registered advanced Is.
the coupons. the SIS and old is. Il, and
the new As coupon. y per cent ON call.