The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-10-27
TONE OF MARKET
MUCH IMPROVED
Wall Street, in a Measure, Free
From the Stress of the
Past Few Days.
DEALINGS ON SMALL SCALE
IRREGULAR BUT STRONG AT THE
CLOSE.

New York, Oct 26.-Quiet conditions
reigned throughout the two hours ses-
sion at the stock exchange today. Ow-
ing TO the rule of procedure whereby
the loans made on Friday carry over I'M
til Monday of the following week. the
immediate borrowing of money was not
a necessity and the direct influence or
the money position was TO that extent
in allowance The market was not actlVe
and the influence towards repression OF
speculative activity or dealings on hlAI-
gins was asserted with undiminished force.
The tone OF the market was regarded,
nevertheless, as reliable index OF the
prevailing sentiment over the flnahcldi
situation. The expression of Increased
confidence through this medium was IN
mistakable. There were occasional reac-
lions, and some individual stocks, eS-
pecially the inactive list, were severely
depressed. The action of the market was
clearly towards resistance 10 any ele-
ments OF depression and the closing tone
was still riregularly strong Inc pahk
statement caused a mOmentary WdYerlnS,
q report of a deficit below the legal re-
serve exercising an inevitable sentiment
tai influence. Consideration of the state
ment detracted from its depressing influ-
ence. In view Of the extraordinary events
OF the week and the complicated CROSS
currents in the situation the decrease OF
Saess than Sl3OO0.000 in the reserve held
was considered not immoderate.
The necessities OF the situation and the
courageous measures of relief adopted
were explanatory OF the NO,S54, 200 loan
expansion. II was fortunate under the
circumstances that the clearing house
banks had started the week with so con-
siderable q surplus reserve as the SILL
1S2,630, so that the weeks heavy demands
have carried the reserves only s., 2S3, 300
below the legal requirements, a showing
OF greater strength than has been made
in any former periods of only compare
tive stress. It is notable also that the
United States deposits included in the
statement are only Sl3 6l3, 800 greater than
IN last weeks statement, whereas the
actual addition of government deposits
during the week is known TO have been
much greater. There is a ruling in force
at the treasury department, never awaited
OF by the clearing house banks, permit
ting government deposits to be segregated
from those against which cash reserve
Is required, owing to the high grade of
the securities required as collateral
against such deposits.
The principle involved in the mainte-
nance OF a fixed proportion OF cash re-
serves by the banks is that Of readiness
Tor sudden emergency, against which
there Is no prohibition OF the use Of the
reserve even down TO the point of ex-
haustion- The bank statement was re-
garded, therefore,. as showing reassur-
Ing degree OF strength in the banking
position. For the conservation of this
position the clearing house decided to is
cue clearing house certificates, which
ccCIAS 10 OIIcT security. by acCeD-
lance between the banks of these GER
uficates for settlement Of debit balances
the preservation Of the cash deposits from
depletion is assured The determination
OF the New York savings banks to avail
themselves of the permitted requirement
or sixty days notice of Withdrawals for
another safeguard against a march of the
unreasonable in the boarding of the coun-
uy's credit basis away from use In the
times OF greatest necessity; finally, the
inauguration OF gold imports opens a
channel OF replenishment of the basis OF
banking credits which promises effective
relief. The joint effort of these factors
was the feeling OF announcement with
winch the week closed In Wall street
Bonds were irregular. Total sales, par
value, s, &c., 900.
United States As registered have declined
=. the coupons q, the. As registered 81
ana the coupons per cent in the bid
price on call during the week