The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1908-10-20
MARKET RECEIVERS
FROM LATE DROP
Monday Opening Gives An
other Demonstration of the
Strong UndertOne.
PRICE LEVEL RESTORED,
STAGNATI0N IS RESULT
Plenty of Confidence, but No De-
sire to Speculate Until
After Election.

NEW YORK. Oct. 1s.-There was an
other demonstration today OF the resil-
ency OF stock prices from the depressing
Influence OF tho European political cut
look OPENING prices were , de nn the he
decline OF the last OF the week caused
by the new threat of hostilities in the
Balkans. The level OF prices being re-
stored the market became virtually stag
nant Foreign markets fell into similar
condition Of neglect. after the recovery IN
prices there. as here The apathy OF tne
Speculation might be viewed as an eX =
preston OF regainlng apprehension OF
failure or efforts for peaceful settle
ment in the near east. AZ all events. M
came obvious that the great financial
powers We're resting on their oars.
This passive attitude did not involve
any wide drift from position. as the cur
10 the point OF stagnation.
Incoming advices continue 10 snow
progress in business and undiminished i1, s5tsl
the election, That the market specula- =
ton has awaited on the event TO the
ssme extent as business operations are
sumption. Taking stock OF the situation,
there arc many indications OF the long
steps already taken in the speculation
90 anticipate the business restorative,
The prolonged advance in prices of Sc
curIties is generally known from the rec
ords OF the stock market made from week
40 week.
Some attention had been paid. but
more is being paid. TO the prodigious eX-
panslon OF the loan item OF the New York
clearing house banks. The Sl.33$, i33, 300
shown as the weekly average for the
item In the Saturday bank statement
brings It 10 a new high record. Compared
With this time last year, New York bank
August %. 1907, 10 September 10, 1908,
which are the nearest to the dates COW
cred by the comptroller's abstract. New
York bank loans have increased $3.50 .000,-
900. so that the apparent increase Tor the
whole country of $4,000. 900 is seen TO
outside of New York. Deposits IN New
York for the same period have swelled
1854, Ia, 900, and the extent of the influ-
ence of this change OF interior banks is
suggested In the increase OF $131. 2o5. 900
shown by the comptroller's abstract IN
the amount due from national and state
banks. The inference IS written large
In these figures that an enormous extern
sion OF credits has been centered In the
financial and speculative center In New
York. At the same time, the restoration
OF confidence on the part or the interior
banks has resulted in an influx TO New
York on far larger scale than before
The run on deposits of the banks which
precipitated the crisis last fall. The
strength OF the present banking position
does not preclude the paying OF serious
attention to the swift loan expansion Of
the last few wSeks. with contraction OF
reserves and prospect of further decline
reaction from the opening level. although
there was nothing Ike activity at any
time during tho day.
Bonds were irregular, Total sales. par
value s2.366. 900,
United States bonds were unchanged