The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-05-12
GOING UPWARD
At THE CLOSE
Better Prices in Wall Street
Yesterday, but the Gains
Were Not Marked.
UNION PACIFIC STRONGER
OTHER STOCKS INCLINED Tc
FOLLOW SUIT.

New York May 1.-THE stock market
today showed the effect of the mixed in
1luences at work and also reflected the
diversion of speculative activity to the
grain and cotton markets in the scanti-
ness of the dealings. The soaring of the
price OF wheat was depressing factor in
stocks and checked for time an upward
tendency which had developed in SYM
patty with the strength of Union Pacific.
Opinions on the wheat crop are influenced
not only by the damage shown in the
governments report of May l conditions
published yesterday, but by the fears of
further damage since that time in view
or the unfavorable weather conditions
which prevailed. The continued delay from
the same cause in the seeding of the
spring wheat crop adds to the anxiety
caused by the condition of the winter
wheat crop. The bank statement showed
a greater loss OF cash than indicated by
the preliminary estimates, but the con-
siderable loan reduction was well re-
ceived, in view of the known demand of
speculative requirements during the week.
IL is inferred that the higher interest
rates have attracted renewed offerings OF
funds in this market by interior banks.
with the result that demands on local
banking resources are relieved
The money market has been stronger
since Thursday, owing to the announce
ment of the Union Pacific official plan of
financing, and the suppOsition that other
nent- RumorS persisted of an intended
bond issue by the Reading and the pres
sure on that stock depressed the market.
American Smelling was under some pres
sure The strength of Union Pacific was
attributed to a more favorable view of
the financial plan than the standpoint of
advantage to the company distin-
guished from the immediate value Of sub
scription rights to stockholders. The net
changes in price are small, but gains pre-
dominate and the closing was strong.
Events of the week have been unpro-
pitious TO values of securities and sharp
declines have occurred. There was no
broad participation in the market and
dealings were small most of the time and
attributed to professional origin A few
speculative favorites absorbed an over
whelming proportion of the total dealings
and the reactionary tendency was deci-
sive in its effect upon the whole market.
The downward movement in these few
leaders was in no small part the culni
nation of a previous movement of the adj
vance which had failed to carry convic-
1ion of genuineneSs and substantial char
acterization. There We're special points
of weakness in the list due to individual
causes, but which offered suggestions of
tendencies in general conditions which
were not encouraging to hopes of higher
prices.
The crop situation continues to main
tain its influence on stocks, which has
been to cause doubt and uncertainty in
conformity with the still indefinite pros
pectSS Money conditions have become
slightly firmer with the decline in cOndi-
ton of the New York banks and some
special syndicate requirements in the mon
ey market. Foreign exchange as con-
sequence has weakened and any prospect
there was of immediate exports of gold
has passed.
Bonds have been duh and rather heavy
on account of the anticipated new issues.
United States IS have declined = per
cent on call during the week.