The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-23
Financial and Commercial
REMEDY APPLIED,
TROUBLE ENDED
Arrangements Made to Stop
Forced Liquidation Which
Has Disturbed Market.

New York, Nov. 22-The most impor-
tant feature in today's stock market was
the discontinuance of the kind of liquida-
ton which has kept sentiment nervous
and upset for several days past. 1t was
obvious that the circumstances which
could force so painful a process must be
sufficiently serious and the reports re-
gafding the seat of difficulty had reached
a stage OF great particularly The action
or the market today gave plausibiity to
tne reports current that arrangements
had been made TO take care of the threat
ened interests and thus put a stop to the
heavy sacrifices which were being made
III the forcing Of liquidation. The market
CWed such recovery as il had TO the be-
lief in this report
Some demand there was from uncovered
shorts, but very little from any other
source. The estimates of the weeks cur
rency movement showed still so COnslO-
cradle a tide away from New York as to
give warning of a possible further post
ponement of the turn towards improve
ment in the position of the banks. From
another point of view, however, The re-
sources thus supplied by the New York
banks go to stfengthen the interior banks
and to prepare them for the resumption
OF normal operations now looked for at
an early date Reports of condition Of
Canadian banks in response to the off
cial call to confirm the showing of the
Illinois state banks as to the accUmula-
ton of cash withdrawn from New Iork
banks in those outside of the city. There
is some comment over the delay in the
issuance of the autumn call of the comp
troller of the currency for reports from
national banks the usual period for which
rs now past There is a growing con-
viction that responses to this call Will
disclose a heavy accession Of cash hold
lngs by banks outside the central reserve
usually held in New York and with
drawn from here for that purpose
Meantime from the Tnfpriop in
innate that the banks are awaiting the
restoration of normal conditions in New
York before relaxing their hold on their
precautionary accommodations; a condition
of cross purposes being implied by this
situation
1t is believed that the relation of me
actual condition by the comptroller's call
will operate to restore confidence and
by the mutual misunderstanding among
the banks themselves. When bank Off
Gals perceive that their own strengthened
position IS not an isolated one, much will
he done toward doing away with suspi-
cion and distrust.
Importance was attached to the opening
up of French sources of supply 10 the
demand for gold. an important proper
ton Of the days engagements coming
from the Bank of France Itself. The day $
engagements amounted to one OF the
largest totals thus far reached during the
movement and brought the engagements
the transactions with the Bank of France
were concluded was not definitely dis
closed. but was believed to be independ-
ent of the project to secure advances
from the French bank with an implied
guarantee of the United States govern
ment. The purchases of commodities for
French account has increased the sup
ply of commercial bills here and there.
together with a premium made feasible
by the currency premium here, are be
lieved to offer the facilities which have
been taken advantage Of.
Rates for call loans were maintained
today and the currency premium. while
showing some relaxation. indicated per-
sisting obstacles to securing cash for
bank checks. a rise in the price of cop
per at the metal exchange was an Incl
dent TO which some Importance was at
tached. The days dealings were the
smallest of the week.
Bonds were weak. Total sales, par
value, 2.102, 600
United States bonds were unchanged
on call