The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-04-17
STAGNAhT AND
TERRIBLY DULL
Really Nothing Doing in Wall
Street Worthy the Name
of Stock Exchange,
PRICES A TRlFLE BETTER
COVERING BY SHORTS THE
CAUSE.
PRICES A TRlFLE BETTER

New York April 16.-The conspicuous
feature of the stock market today was
the extreme dullness into which il fell
The downward tendency of the last few
days was checked and some recovery en-
sued. The consequence, however, was a
condition bordering on stagnatou. The
demand which put up prices was attrIh-
uted largely to account Of the bear ep-
orators who have been attacking the
market recently. That their buying re-
ceived very small accession from OUTSIDE
sources is sufficiently attested 10 by the
small aggregate sales of the day. \
large proportion of the meager total was
done in the last hour of thc session, when
the rush TO cover by shorts gained cohSto-
cradle animation, making buoyant clos
ing. There was slight reflection of any
outside event in the movements OF
prices. The copper stocks held the ad-
vantage of sharp rebound from recent
depression by the copper metal in the
London market and these shares. II
American Smelling be included, were con
spicuOus in the days upward movement
OF prices. The coppeTs kept the same
stocks in their company that have been
conspicuous in all the late speculation.
The Harrimans, the Hills and Reading
made up the prepOnderance Of the deal
iugs United States Steel also was dealt
in in the customary proportion to its huge
share bulk The reaction late in the day
gave the usual indication of highly pro
fessiOnal market
Money on call continued easy in spite
of some further large syndicate tTansac-
tions. including S300e0.00o payment ou
American Telephone convertible bonds
and a 100000 payment on General Elec-
trio new stock today The effect upon
the loan account of the banks. on top OF
last weeks record increase in loans, is a
subject of interest and conjecture Sun
treasury operations continue TO yield lib
eral amounts to the banks the gains on
that account having reached over 5000
600 since the last bank statement, with
another large debit by the government
institution at the clearing house today.
Special interest attached to the announce
ment from London of the withdrawal Of
100000 in gold from the Bank of Eng
land for shipment to Paris Sterling eN-
change at Paris also continued to de
cline. London financial opinion has held
strongly that substantial further addi-
tiCns to the Bank of England's bullion
holdings were essential in SDite OF the
marked relaxation in the London mar
ket. Any mtimatiOn Of a possible demand
for gold has been met by protests in
London for a long time past. What the
response may be to the present local de-
velopment is a question of interest here
The weekly crop bulletin of the weather
bureau confirmed some of the reports OF
unfaVOrable conditions which were a fac
tor in depressing stocks yesterday. but IL
was without effect upon the firmer tOle
Of the DAYS market Much of the day
gains were made in the volatile upshOOt
of prices with which the market closed
Bonds were irregular. Total sales OF
bonds, par value, SL0l2,00G United States
bonds were unchanged on cali