The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-04-28
HEAVY FALLING
OFF IN EXPORTS
Balance in Our Favor This
Year Shows Decline of
Many Millions.
CROP SITUATION CRUCIAL
STOCK MARKET EXTREMELY
SENSITIVE.

New York, April 29.-There were no
discernibe operations of Importance in
the stock market today, although the
tone was somewhat improved. The
scantv dealings were largely concentrated
as usual lately in half a dozen stocks.
The bank statement proved more favora-
bic than had been Anticipated and this
had some helpful effect on stocks, al
though the Prevailing ease of the money
market deSracted from the importance
attached to the showing of the banks.
ISans were reduced TO a small extent,
marking the subsistence apparently OF the
heayy transfer Of loans from interior 10
New York banks, which has been forcing
an expansion of New York bank loans
FOR several weeks past. The cash item
showed a small gain in place Of the ex-
pected decrease. Abroad the London mar
ket was reported to be affected by the
prospect OF q further heavy withdrawal
Of gold for shipment to Paris on Mon
day Cons derable speculative activity is
being diverted to the wheat market and
strength continued today I'm that cereal.
Some significance was attached to the
signs of strong demand for New York
real estate, indicated by the course of
sales IN progress, and differences were
suggested of a large available supply OF
capital seeking investment in that field.
The bond market. however. has been
appreciably firmer in the past two days.
Total sales. par value, $500, Oeos
: Operations In thu stock market this
week We're narrow and professional, in
dicatve or an indecisive condition OF
speculative sentiment A conspicuous
feature of the week has been the further
material relaxation in money markets at
all money centers. The imperial bank
OF Germany. the hank of The Neither
lands and the hank of England have re-
duced their official discount rates sue
cessfvely. and these institutions, with the
bank of France, all made returns show
ing the substantial strengthening of the
banking situation in their respective ter
ritories. In the United States money
The countrys trade. for the nine
months OF the fiscal year shows
material reduction of the balance In our
favor compared with the previous year.
exports declined $4,000. 900. and Of silver
exports s., sci 500 but the excess of gold
imports for the same period has increased
Sc. 957 900. OF our own banking position,
the detailed analysis OF the reports of all
the national banks of March q has given
much food for discussion. Outside of
New York loans are heavily expanded
and reserves are at a low stage and the
centers at which these conditions are
most pronounced give occasion for suS-.
picion of a large speculative element in
the employment of credits in real estate
and other forms of promotion. The out
come OF the coming crops is regarded as
Of crucial Importance to the satisfactorv
working cut of the financial situation of
the country. There is common agreement
that the present condition of the winter
wheat crop is unsatisfactory and depend
ent on future Improvement for q far0ra-
likelihood Of delay for other crops. This
makes a material burden upon the stoct
market. ------s So
The bond market itself has been very
dull and heavy in tone
United States bonds were unchanged on
call for the week.