The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-04-25
NO EFFORT To
LIFT PRICES
Dealings in Wall Street Were
Small and Congesied
in a Few Stocks.
MONEY RATES DECLINING
CLOUD HANGS OVER THE Ex-
CHANGE.

New York, April 2i.-The scanty deal
ings in stocks today were heavily con-
gested in two or three Individual secur-
tiles and the Idle drift of prices in the
general list seemed to be nothing incre
than a sympathetic response to the move
inents OF this select few. which were up
ward at first and then downNards- II
was not apparent that conditions FOUND
reflection in the days dealings beyond
the repressve influence on any speculs-
tive venture OF the quite general uncef-
tainty felt in the financial world upon
the future course of affairs. AS an inn
portant factor in determining this lea
ture Is recognized TO be the outcome OF
the years crops, the stock market shows
some constituencies to the shifting crop
reports. Day 10 day notices on this sub
ject are regarded as conclusive in the de-
termination of the final success or failure
of the crop, but the admitted existence
OF unfavorable conditions and the late
season for the wheat crop adds TO the
general feeling of uncertainty over the
whole business future.
The lack of decided response IN the
stock market to the downward tendency
of money rates. which has now become
orld-wlde, deprives the advocates Of
higher prices of one Of their main sources
OF reliance for bringing about a recovery
I'm stocks and n revival of demand for
them and for bonds The easier condi-
tons for money, in fact, are owing in
large part to The liquidation of secur-
tiles which has taken place, and the
question is left open whether effective
ease of money could be maintained 1t
resources were to be replaced in stock
holdings. Upon the side of foreign mar
kets. especially, he question has features
of interest. 1t is quite generally expect
ed that the Bank of England and prob
ably the Bank OF France will follow the
Imperial bank of Germany in reducing
their official discount rates this week
The fall in money rates all over Europe
Is pronounced yet the market for for
eIgn exchange in New York has continued
conspicuously strong and rates here ali
vsnced in a way which gives rise To a
discussion of a probable outward move
rrent of gold. The demand for remit
lance from New York raises the question
whether Europe has attained ease of
money by liquidation of American Sc
curities. for which payment is being
made through the medium of the ex-
change market. How far the railroad
rote issues supposed to have been placed
abroad are affected by this movement
is q subject Of interest and Importance
in determining the situation. A factor IN
the foreign influences upon the stock
Ularket today was the substance OF the
military estimates of the German gov-
eminent and the character Of the re-
marks OF the war minister in presenting
them.
For the most part. however, the days
Influences were confined TO special
movements. Very large tr8nsa ctions In
Union Pacific left opinion divided as to
whether operations intended to further
accumulation or distribution were going
on. The gossip concerning the stock was
of very favorable showing of net earn
ings for March. and of a rumored new
company To take over holdings of stocks
IN subsidiary companies. with o distri-
hutton of stocks in the holding conpa MES
TO be made to Union Pacific stockholders
IN the form OF bonus. The market
closed weak
Bonds were firm but dull. Total sales,
par value. 81 $4,000. United States bonds
were unchanged on call.