The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-04-23
FINAL PRICES
THE HIGHEST
Slight Advance in Stocks in
Wall Street, but the Market
Largely Professional.
VOLUME OF SALES SMALL
SHORTS SEEM TO INVITE At
TACK.

New York. April 22.--While the days
transactions on the stock exchange gen.
orally were inclined TO be largely in pro-
iessional hands. advances in prices were
recognized as a reflection of a real i'm
provement in sentiment towards the end.
The volume of the dealings was not no
ticeable and business was unduly con-
sested in a few speculative favorites in
Inc same way as for some time past. The
manner in which prices rose also failed
70 carry conviction of a response to de-
manc simply to secure additional hold
lngs at the best possible terms. The OBJ
1ect as well Of raising the level of prices
was obvious in some of the most conspic-
uous cases. But the important feature of
the market was that the rise, however
brought about, did not bring out impor-
Iant offerings for sale. 1t is this cOndi-
ton of the market that causes uneasiness
10 the outstanding short interest, which is
admittedly still large.
The bear position is based upon the
usual precedent of a slow sagging ten
dency of prices after the first rebound
from such a violent fall as occurred last
month. The existence of this persistent
Snort interest in the market invites at
tack by an opposing bull party in the
speculation as soon as the market Is freed
from actual LIQUIDATION on advances.
There was little to show absorption to-
Gay beyond the narrow professional i'm
petus which Indicated news of events or
changes of conditions, which were given
meDt. A good effect was caused by the
downward tendency of time money rates,
which was looked upon as a better index
OF the real money situation than the de-
terioraung condition of the banks. The
large loan expansion of the last two
weeks is not regarded as due to demand
for credits in anything like the proper
ton Of the loan increase, as that is due
largely to transfer of loans to the New
York banks which were previously car
l1ed by interior banks and trust cOmpa-
MES. This course of New York bank
loans is thus, in reality, a sign of relaxa-
ton rather than of stiffening money mar
11etS- The same thing is true OF the re-
mittance of funds from London TO Paris.
which represents d repayment of issues
formerly published and prompted by the
present ease of money in London Dis
counts continued to decline there today
ana also in Berlin, where ii is reported
that at this weeks meeting OF the direc-
tors of the imperial bank of Germany. this
will reduce the official discount rate from
the prevailing per cent rate
Account is taken, nevertheless, of con-
tributoTy causes in the expanding tenden-
cy of the New York bank loans. In each
of the two weeks past syndicate opera
lions were traceable sufficiently 10 ac-
count for very large proportion of the
loan increase in each instance. A buoyant
market for copper securities in London
and an advance in the quotation for the
metal there were helpful factors in the
days rise. An incident regarded as of
some significance was the sale of a stock
exchange seat at a price higher than
the preceding sale. the rule being a de-
clining tendency for seats when a pro-
longed period of stagnatiOn in stocks is
believed TO be imminent. International
commission houses assert that more IA
vorable attitude toward American securi-
ties on the part of the foreigners was
discernible with the relaxation in money
markets abroad. Recent crop damage re-
ports apparently were regarded with some
modification of views in the stock market
and the forecasts of rain IN the wheat belt
had some effect on stocks. As rule the
last prices of the dav were the highest
Bonds were firm. Total sales, par value,
81 3s4. 0oe.
call.