The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-05-01
LIVELY TRADING
IN FIRST HOUR
Diversion to Market Union Pa
CifiC Railway Hold
ingS.
u. S. STEEL Is A DRAG
STOCK EXCHANGE SEAT SELLS
AT GAIN.

New York. April S0.--MoTe business was
done during the first hour Of trading in
the stock market today than in the same
time for many days past. Some OF the
features of the movement had COM
meneed to arouse distrust by that time
and there was relapse into dizziness and
uncertain fluctuations.
Many stocks were active during the
lirst hour that have been unresponsive to
the recent attempts to revive speculative
interest and the whole market took on an
appearance of breadth and volume that
has been lacking recently. This served
Is an answer to criticisms of yesterday $
dealings that they were practically con-
fined to Union Pacific. But the fact be-
came evident in a short time that this
diversion of speculative activity was be
ing taken advantage of to market hold
lngS or Union Pacific This II was that
checked ths upward movement which in
duCed the subsequent reaction, thus serV-
ing to re3ffirm the dominance of Union
Pacific in the present market. The heavy
tone Of United States Steel was a drag
upon the market also. There was no ex-
pectaJiOn OF an increase in the dividend
III the meeting 10 be held later in the day,
Dut all interest centertd upon the show
ing of untitled orders on hand on March
81. That these should exceed the record
figures reported on Dec. 81 was scarcely
hoped, owing To the seasOnable draw
backs Of the spring quarter in the TRACE,
tut spectators feared that the showing
Of a decrease, however explained, might
be depended upon TO point an argument
that trade reaction was indicated. The
London market was dull on The eve Of
tomorrow May day holiday and con-
tributCd nothing TO the activity of this
market. Stocks were but little responsive
10 the good showing of the weather bu-
1eaus weekly bulletin upon the crops
ana to the moderate damage indicated by
he Kansas state agricultural report for
April.
A plentiful rain for present needs in the
upper Mississippi and lower Missouri
valleys was the report by the govern
ment bureau. Coupled with news of ad-
dttiOnal rains since ana promise of more
and the decided heaviness in the wheat
market Itself, the factors in the crop out
look were generally towards reassurances.
The leader ship of western railroad stocks
IN such strength as the market showed
was reflection of the crop news An
incident OF til day was the sale Of
Stock exchange seat at an advance over
the price of the preceding sale. A sus-
taiLeG demand Ter the seats in periods of
dizziness in stocks Is looked upon as
sign Of confidence in early future revival
OF business. Much attention was paid,
however. to reports in circulation of the
INTENDED dissolution Of certain stock mar
,<et connections as an evidence of decline
in speculative interest in quarters hither-
10 most absorbed in that pursuit Wheth-
er prompted by unpleasant experiences Of
the recent past or by Judgment OF future
prOba bilitieS, he effect of the example
vas not stimulating to the market The
rates for money for short periods con-
jinued TO relax, but money brokers re-
ported some stiffening of rates for longer
PERIODS. Some effect on future railroad
earnings is looked for from advances in
freight rates which went into effect in
various quarters today
Bonds were irregular. Total sales, par
value sl4i6,coa. United States IS declined
= per cent on call