The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-05-12
LETHARG|C MARKET
IS NOT EXPLAINED
Relief From Selling Pressure
Brings Upward Move Only
Near the Close.
LACK OF ACTIVITY Is
THE PRINCIPAL FEATURE
High Grain Market Has General
Oppressive Effect on Stock
Speculation.

NEW YORK, May 1.-The lctharsic
condition into which tho speculation for
stocks fell today was difficult TO account
for. Tho apparent change OF selling from
quarters that were regarded as important
gave some relief to some apprehension
that informed interests were liquidatins
their holdings OF stocks. Orders from
London also wero on the buying Side In
excess of selling orders from that source
Foreigners often are well informed on the
views of interests controlling the great
corporations here and the persistent sell
ing OF late has been considered rather
onlinous. The result of that condition
today, with the closing up OF accounts
movement in London, was accepted as
cause for encouragement.
The market was freed from the selling
pressure in evidence yesterday but prices
moved dccisively upward only In the
final hslf-hour. Dealings fell 10 lower
rate of activity during the midday period
Tor over TWO months. Effcctual support
was afforded by the sympathetic inhu-
once of strength I'm a few stocks. notably
Reading. That stock met somc very
heavy selling orders in the course OF the
advance. bur offered good resistance, Erie
was strong and estimates or the increase
circulation; The stirring of the market
for tho Eries vas believed TO foreshadow
The offerings Of additional securities in
cldent TO fiuancing the roads further
cling TO meet approaching requirements
had its reflection In the heavy tone OF
Chicago Great Western issues and To-
ledo. railways. Part of the effect OF
depression on activity was due TO the
renewed rise IN prices of wheat The
results 10 the export demand OF me
high prices OF wheat were seen In the
report of the bureau of statistics of the
agricultural exports for April. Only 509.-
?2a bushels of wheat were exported IN
that month, compared with 3,30o: 15a
bushels a year ago. Flour exports de-
clined from I.052,S52 barrels TO eS9; All bar
rels tails year. Accompanied by the enor-
nous proportions OF the country's i'm
portatious in the last few months the
change market is explained by these
figures. 49,
The turn to the buying side In the
stock market on the part of the LONDON
operators increased the supply of foreign
exchange today and took away from yes
terday's show of firmness in that mar
ket The stock market sentiment is not
disposed to ignore the significance OF the
hardening of the money market In view
OF the free use which has been made OF
banking credits In carrying prices OF Sc
curltics up to the present price levels
Readings rise to 1861 placed II nearly
points above the price touched In the
advance after the supreme court de-
cision on the commodities clause and the
highest since January OF 1906 The buoy
ant upshoot In Reading AT the last awak-
ened the general market to only mod
crate degree of animation, but the clos
ing tone was strong
Bonds were steady. Total sales, par
value, $i,4S6,Oo0
United States bonds were unchanged
on call.