The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-04-13
COPPERS START
DOWN THE GRADE
Movement Has More or Less
Sympathetic Effect Upon
the Whole List.
MARKET IS PROFESSIONAL
SOME APPREHENSION OVER
CROP PROSPECTS.
MARKET IS PROFESSIONAL

View York April 12.-Prices moved IT.
.sguIarrv dOWuwards in the stock mar
Eet today on narrowing transactions of a
professional kind. The declines were said
-o have induced some liquidation of long
stock but Importance was assigned to
the activity Of the bears in the market
The news Of the day was not OF great
spparcnt effect outside of few special
stocks Ina the coppers there was weak
ness both here and abroad. This was in
connection with The fall IN the price of
copper warrants in the London market
and the marking down Of copper upon
Tho New York metal exchange. The de-
malls 10y agents of the great producers of
me reliability of these questions as an
index Of The actual market for copper
vas given a good deal Of discussion. but
they do not prevent the stocks OF the
copper companies from being depressed
by the lowering quotations. Copper Sc
.uTities abroad, including Rio Tintos, fell
sharply in price.
The movement of the cOppers had more
or less sympathetic effect upon the whole
market Professions Of apprehension over
the prospects for the crops were a factor
10 tho depression. These we're found in
the reports of crop experts travelling in
the crop regions and their influence was
Increased by the firm tone in the wheat
these reports in depressing prices, they
served as a reminder Of the growing i'm
pOrtance 10 be looked for from this time
forward of the new crops as a market
factor. This makes a season proverbially
u uncertain fluctuations in stocks which
are a deterrent from large speculative
commitments in the market. The grow
ing listlessness of operations in the mar
ket Is a notable feature. The continued
decline IN money rates, both here and
% IN 70
active demand for securities. The failure
OF the market to respond to this develop
ment has much to do with encouraging
the bears TO make the attacks on the
market which have been noticeable for
TWO days past. Preliminary estimates of
the weeks currency movements with the
interior indicate q balance in favor Of
New York of less than million dollars.
he sub-tTeasury operations have con-
trlbuted S,S0S00 to the banks since the
last bank statement. Last weeks cash
gain, although very large, was less than
The preliminary estimates and this gives
some expectation that the preliminary
figures somewhat understate the actual
gam 10 be shown in tOmOrrOws state
ment- The abstract of national bank re-
ports, as of March -. shows the extend
ed position OF the credit situation the
country through and explains the expect
alton i'm banking quarters OF a continued
demand for cash from the interior to keen
up reserves. From Jan. % to March 22s
The loans expanded S72575. 46g, while the
percentage Of legal reserves to deposits
had fallen from 2153 per cent to 2074 per
cent. Agricultural exports for March
showed an increase in value over March
Of last year of 81. 726. fS4 although each
item except cotton showed a decline from
last week of $l.62S. 767 bushels for wheat
and l,44l.235 bushels for corn. The mar
ket was not under immediate pressure at
the closing, but there was no vigorous re-
sOVoTy.
Bonds we're heavy. Total sales, par
value. 81. 900.
United states bonds were unchanged on
ral.