The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-04-27
ACTIVITY DIED
OUT OF MARKET
Presidents Address, Calculated
to Boom Stocks, Failed to
Have Desired Effect.
PERIOD OF STAGNATloN
UNION PACIFIC HOLDING UP
WELL.

New York, April s6.-For a good many
days past intimations have been current
in stock market circles that the address
Of President Roosevelt at the opening Of
the jamestown exposition would contain
matter calculated to revive active opera
tons in securities and quiet all apprehen-
sion over the attitude of the adninistra-
lion toward corporations. Immediately
upon the publication OF the address today
al activity died out Of the stock market
and practical stagnation ensued. The ha-
bitudl operators in stocks were so dis
susted with the apathetic reception of this
expected reVlVing influence that they
abandoned operations. A faVorite racing
event also helped to depiete the late at
tendance at the stock exchange
The presidents speech came in for much
discussion, nevertheless. His citation of
Burkes If / cannot reform with equity
/ will not reform at all" as the exact
spirit In which this country should move
10 the reform Of abuses of corporate
wealth and his stress upon the point of
permitting such ample legitimate profits
as will encourage individual initiative
were dwelt on as offering assurance of
immunity for invested wealth from such
dangers as have been ostentatlously
dreaded by capitalists
But the market was not stirred from its
lethargy by this consideration. Crop dam
age reports continued to play q large
part in the speculation. chiefly by re-
pressing activity but finally weakened the
whole market The tone of stocks was
rather firm for most of the day This
was wholly in sympathy with the strength
OF Union Pacific and Reading That
strength was unexplained by any news.
The operations in Union Pacific were re-
garded as of some Importance but no
conclusive opinion could be gathered as
to whether accumulation of distribution
was the design. Money continued easy
IN spite of the prospect for a weak bank
return tomorrow The small gain in cash
which has resulted from the weeks sub
treasury operations has apparently been
more than offset by the movement of cur
rency on balance to the interior, the loss
IN cash by the banks being estimated
In the neighborhOod of a million dollars.
If the process of transfer of loans from
interior to New York banks meanwhile
had been going as for the two preyf-
Gus weeks considerable further loan ex-
pansion must have resulted. There was
some recovery in the London discount
rate today, following the recent continu-
Gus decline. Reports from Parts asserted
that there would be no reduction from
the existing 81 per cent rate of the Bank
OF France until the return to Paris of the
full amount of gold recently advanced to
London by that market. AtchisOn and
Rock Island made strong returns of March
net earnings but this and the rise in
Union Pacific failed TO hold the market
against the growing strength of the
wheat market Union Pacific was affect
ed by the repetition of unconflrmed ru-
mors OF holding company to take over
It's stocks of other companies.
Bonds were steady. Total sales, par
value, si.1e60oo.
L. s. bonds were unchanged on call.