The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1908-10-16
E|RM UNDERT0NE,
LITTLE ACTIVITY
Market Conditions During the
} Last Week Have Been Some
what Peculiar.
ABSORBING. READJUSTING
POWER DEMONSTRATION
SmaIlress of Working Cash
Balance in Treasury Is
Cause of Concern.

~ NEW YORK. Oct. 1S.-An undertone
!. ~.,lfest last week in the financial market,
.,,1but its active expression was restrained
tsby waiting the fullfilment of some of
,or1the factors which were prospective
aricauses for the hopeful sentiment. In
brs,the stock market itself, sentiment of
reserve toward any great extension Of
rhcommitments was distinguishable after
Salfthe almost instantaneous restoration Of
ciustho price level on Monday, with the ces-
thesation of the foreign liquidation. I'm
he }doubtedly this reserve was induced by
lfhe contemplation of the enormous
oIcredit expansion of the New York banks
eqwhich had accompanied the acceptance
z iiof the foreign sales of American Sc
lbsIcurities while the war scare was IN
~ force abroad. 1t was an impressive
- demonstration of absorptive power IN
a1e| the New York stock market that 1T
30 lshould have taken over S2O,000,00O to
ssI Is25.000,000 of foreign holdings of
81 american securities and then on Mon.
ia't dav have restored the impairment of
Aprices which had resulted, but there
nyIstood the S25.0o0.00o loan increase. OF
~ banking institutions for the same period
IN Made Money Dearer.
II This and other factors at work gave
Ffatimation that the extreme redundancy
=, (which has prevailed in the New York
M market was to be modified, although no
fears are felt of any danger of string.
9nl ency. a rise in rates for the use OF
= y money. both on call and on time duringt
4 the week, testified to the reality of thos!
he factors. Even without n recurrence q
the strain of political crisis in soui,-
.; eastern Europe. the expanding requfe-
en- Iments. for banking resources are eX'
fr,anf fcd 70 alrcf Co.. md
r sltions. The reopening of the labor con-
rnd dtroversy in the English cotton nils was
Irresponsible for some scarcity ofcottou
Ibills in the foreign exchange market.
wiwherc the firmness Of rates lcpt DIS
y lcHssion open of possible GOLD exports.
ks The heavy grain movement kecps the
flow OF currency away from New York.
dlhls flow was restrained by the firmer
New York money market last week,
? ?, The New York exchange a Chicago be
- png lifted TO a small prcUtum. Finally,
ia due consideration must te given to the
eel pcculiarities Of the STATE of the govern
Iment fluaces for this fall, 1t IS many
~. years since the Unitcd States treasury
~ has not made effectivs additions during
az the autumn months 70 the money supply
y fby one device or another
y Uncle Sa1! Cramped
az Resources are manifestly lacking for
sytany such relief Jhis year. The posi-
neIb biAiL' VI CAL on lHt DhnkS TOT sur
s'Jrender OF a proportion of the govern
iment deposits ktld by them, 10 the coun.
ila try, is canvassed by bankers. The run
- ming deficit IN the government revenues
! Keeps pulling down the treasury depart
aa1ment s working cash balance. On No
pq vember 20. the one-ycar notes put ont
lid by the treasury to help relieve the panic
N will mature. An issue of Panama.canal
/ n bonds also is in contemplation Pros
poets of any relief for the autumn mar.
4 kets from the United States treasury is
thi left our Of the reckoning of the bankers,
id Or the actual progress of the i'm
u provement In business there arc many
lI indications. The prosperity of the
q farming community is much dwelt upon.
q plentiful crops and good prices conduc.
y ing 70 this showing. Future expansion
is demanded for commodities and
y growth Of mercantile business is looked
n Tor as result. Diminishing surplus of
lde freight cars testified TO the tend
eney OF railroad traffic. and returns of
Z yailroad earnings are beginning to show
n more satisfactory results Consumers Of
u ccoppsr are reported TO be more active
Il BUYERS. and prices are better held nv
Il producers. The coming report of the
RCnitcd States Steel CORPORATION. for The
third quarter of the year. is the subject
81 OF favorable iniimations. but iron trade
authorities agree in reporting a luIl in
That trade for October