The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-05-14
STOCK MARKET
STARTED WELL
Boom in the Price of Wheat,
However, Quickly Put a DAM
per on Proceedings.
BUSINESS DWINDLED AWAY
UNDERGONE OF STRENGTH is
NOTICEABLE.
BUSINESS DwlNDLED AWAY

New York. May 13.--The runaway wheat
market caused a momentary setback 10
stocks today, prices yielding most of the
opening gains in the course Of the first
hour The market gathered force again
after that to mount to a higher level OF
prices, but the volume of business fell
away to almost nothing. Speculative in
terest seems to be wholly diverted from
the stock market for the time being. The
strong undertone in spite of this total
neglect, was very notable. Some special
effect was pronounced on AtchisOn by the
excited rise in wheat and Canadian Pa
cities IL point decline seems to reflect
uneasiness over the backward seeding sea-
son in the Canadian northwest. Elsewhere
the influence of the wheat price move
nnent was confined mostly to d wiping out
of the early advances.
The top level of prices was touched AFTER
the sensational opening quotations Tor
wheat were received. The sentiment OF
the securities market seemed to be TO at
tach considerable weight to the contri-
butins causes to the strength in wheat IN
addition to the present condition of the
western wheat crop. Damage 10 foreign
crops is given its part in the strength
Of wheat and in making better prices for
OUT own CROP
The largest reserves in farmers hands
according to the government statistics,
gives promise OF handsome prcf:ts 20 o.
set deficiencies of this years crop Inc
collar wheat which swept the market
today will stimulate 10 every effort &c
increase the acreage of spring Theat.
There is some skepticism felt over the re-
ports of crop damage as to the extent
of the harm done.
The undertone of strength in the stock
market. however, was due TO an import
ant extent to sympathy with the strength
in Union Pacific. That stocks rising ten
dency is variously attributed to the bet
ter opinion of the financial plan an
nOunced last week. or to inside support
TO hold up the price of the stock and 50
add to the attractiyeness of the offered
convertible bonds. Reading was a sec
onding influence to the sustaining effect
of Union Pacific. Covering operations by
an outstanding short interest were given
credit for the rise in that stock Ameri-
can Smelling showed some depression,
owing to rumors denying former reports
that the dividend rate on the stock was
10 be advanced. United states Steel also
was heavy. The controversy over defec-
tive steel rails started by the Southern
Pacific authorities was a decided advan-
tage 10 the United States Steel stocks.
Money markets were quOtabiy flrmer
abroad and the firm tone was maintained
here also. Paris was again buying gold
in the London market and took 81, go, 600
OF the s. 90011 in spite of the advance IN
the Rank of Engiands bid Tor the supply.
4 withdra =al of over Sl00o.Ooo from the
Rank of ENGLAND also went to France.
All money markets are rejecting to some
extent the expectation of further large
borrowing operations, especially Dy
American railroads. The increasing
premium on New York exchange at Chi
tances from that center to New York.
Union Pacific and Reading were the
principal factors in the strong close.
Ponds We're irregular. Total sales, par
United States bonds were unchanged
on call.