The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-04-03
PACE TOO FAST
TO LAST LONG
Rising Prices in Wall Street
Met With a Determination
TO Take Profits.
MOVEMENT SOON HALTED
MARKET FINALLY RElAPStO
INTO DULLNESs.
MOVEMENT SOON HALTED

Sow York, April THE stock market
was affected today by the PACE at which
rrg recovery has been going from the
extreme depression of the first part OF
last week. 4 disposition TO take profits
an the considerable recovery has occur
rod roinrideut with a lessened inclination
ro buy stocks. The sustaining measures
which have been apparents for several
DAVIS past were not entirely withdrawn,
however. and the consequence was d halt
ing and irregular movement Of prices,
which testified 10 the conflict OF forces
I'm the market The conflict relapsed more
and more into professional hands, and the
quotations increased in dizziness
The measures of support III the mar
kct were particularly effective against the
rnfay0rarle influence of the fall of prices
of Americans I'm London before trading
began here The prices made in Lon
don early today after a triple holiday,
were much higher than where they left
off on Thursday, and the tone there was
firm. These carly prices IN London were
regarded as largely nominal and the sup
port fu the local market here had no
difficulty in bringing quotations well over
last nights level. The aggressive strength
of Il few stocks had a large sympathetic
influence ou this result. 1t was from this
restored leve- of the market that the
movement became WaVeTing and unceT-
tain again There was no immediate de-
Relopmcut IN affairs to account for this
action. and il was attributed largely to
technical causes
The large covering operations by the
bear party for several days past have
served 10 reduce greatly the outstanding
snort interest IN the market, which de
uriv0s the market of a potential demand
for strength Buyers during the depres-
sion appeared as sellers to take profits
some attention was paid to the course Of
Jh" news from Washington and some
part of the heaVlneSs in the Hartman
stocks was attributed to the sentimental
effect of The position of antagOnism be
tween the president and the head of that
system revealed by publications during
The day The professed confidence Of Il
PARTY in the speculation yesterday that
the presidents utteTdnCe on government
policy toward railroads would abate all
alarm ON the subject in financial markets
was not 50 active factor in the situa-
lion.
The NEST notable developments Of the
DAY were in the money markets. The
relaxation there was marked and practic-
ally universal both here and abroad. In
London the private discount rate yielded
To below the bank rate for the first time
ln many weeks, New York bankers Sc
cured S2.5o,000 in gold i'm London without
bidding higher than the prevailing rate
ne effect was pronounced, however. on
the sterling exchange market here. which
rtbouHded violently Sales of securities
here for foreign account added to the de-
mand for foreign exchange. The funds
Offering in time loans were notably in
creased ana OBJ per cent rate was quoted
FOR all periods. borrowers We're little in
cined 10 employ time loans with call
loans fast yieii ling to almost nominal fig
ureS. These conditions helped to the later
recovery m stocks. Very confident pre-
diouon that the Atchison dividend rate
Would be raised TO s per cent tomorrow
put up the price of that stock The DAYS
net changes showed declines predominant
ing. and the closing of the market was
rather heavy.
LIS |ere more benefited by the rising
money market than stocks and there was
an appearance of a considerable absorb
i've demand at rising prices
total sales, par value, S2.912000.
mted States bonds were unchanged on
call