Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-06-06
Various Reasons Urged for Change
Of Sentiment on Wall Street,
AsTo RAILROAD SECURITIES
case OF yellow Fever In New orleans
aud Advance In wheat Influenced
MARKET During the Week.


/ HNlNlAl ioTINNINNANAAN
New York. June 3-Liquidatlon has
met with little hlndrnncc since our last
weekly ndyicca. Various reasons can
BE- ndducod Cor the change ln sentiment
which has lately come over the Street;
not the least among these being the
ios1 Of leadership ON tho bull side.
The public yaa. forciblc aud proc
! nounccd leader in whom they have
| confidence. ana lacking this they be-
! como umld and Inert in times uf doubt
| Bear attacks urr thus encouraged aud
] values rnp0dr with "a persistence thht
/ quickly chlilH public interest 10 20
] Happens that ut the present tlmC th1
] mrgc interests in the street seem will'
/ ing Tor slow decline. whether iur thc
| puuoae OF rcpurchnninr stocks az ipW
| figures. ur Co prevent the market De-
| coming too nnc.aldod we cannot say.
| There lr Internationally much moro
/ conservative feeling lu banking circles
| than existed re- month ago. ana uanks
| en-, we ufv glnd Co Hay, now turn Their
backs upon projects that should have
been gladly considered month nsos
/ the enormous transformation uf
INDUSTRIAL ENTEnPHtsE
into big combinations. amounting 10
about ti.Oog. 900 IN the month of
NAAN MNNNNNH NNNNN N|NNNa NNH N'N'NA|NN NAN|ANH
ana thoy wisely called a halt. In the
| futurc these combinations arv likely 90
| go along on much moro conservative
aud safer lines. while tho seductive
schemes uf clever promoters will hc
ncrutlnlzcd moro severely
! A. present the market Dr. undnubtCd.
l iy depressed by the largo amounts uf
/ these now securities witch have been
offered 90 the public. and Il IL quite
/ likely that Insiders VIII not BE- able 90
unload ua successfully na they once nn-
| ucIuatcd a Few uf tho now concerns
/ are worthy OF public confidence. but
many are not. and the situation today
y much the better Tor the refusal N
| the public o. take them. The trusts.
we think. have come Co stay prus-
/ porlty o. upon ua, and Hccms likely 20
/ remain with uH Tor some time CO. come.
DO the combines. good and bad. viii
/ probably continue successful until tho
next period ~ oNufproductiun aud re-
action begins. Then tho test must
/ come
Meanwhile. what o. railroad nccuri.
ties which have hitherto been tho most
/ popular form % invrstmentH7 our
| railroad systems are we'll developed
ana VOL established. The era of iu.
stability, inHopauhlo from
THE CONSTRUCTIVE PERIOD.
has passed away In the future. rnii.
road bonds ana stocks nro destined 10
rank hiEh among the safest invest
meniH In the country. a. the nation
FruwH trnfic must Increase. Many OF
the roads are now capitalized upon a
reasonable basis The floating Hupply
o. their securities o. limited. ana
| while prices often seem hiHh according
o. Old standards ~ value. Htill in Wow
OF present conditions. such un large
earnings. easy money and prospoc-
i've continuance or property. the con-
| cluslnn seems Inevitable that prices
viii rn % Htiii higher level na a1an
nH speculative forces become more
/ favorable. This week these .f1rrrH
have been nrrlycd ou tho bear slide. al.
/ sisted hy exaggerated fears uf ruld "a.
ports, yellow fcycr. the Fond bll etc.
Nohn OF these factors in our opinion Dr.
~ any special Importance. Just now Do
suits the Interests ~ some uf tho big.
frHi holders Co permit % decline. As
! som uH There parties nru satisfied. We
shall ucr a renewal uf the upward move.
mrnt, bur whether that win Do deferred
until further shaking out of weak
holders hi. taken place or not time
! only VIII determine Nhnrp raids arc ann
90 occur 90 any time ln n market Ilkr
TIE pIca.nt one. but. Ho long na the
/ present illH uf prosperity continue. mo-
hl.ft hrutlaut need b. INDUCED in
about The futuro OF the stock market.
There were two adverse factors which
/ Influenced The market In the middle OF
thv week ln "a downward dlrcctlon-ono
Wa the
CASH or YELLOW FEVER
reported IN New Orleans and the other
wan the advance In wheat. The scare
| which the latter produced was nn "a
| false theory. ~ q matter nf fact. tho
advance in wheat was not due 10 al.
dluonal crop damago reports on this
side, but 90 such reports regarding the
European crops therefore. this Hhouid
really have had the rovcrso enrst I'M
the HtnCf market, AZ FOR yellow fever.
the eject uf that was much eNnFrcr.
1tr1 ~ matter NJ fart that disease
o. only attended with the danger %
spreading in tho fan months ana not
90 thr spring season.
The stocks that met with the greatest
disaster were the Traction ana Gas
pr1pertlcH. due ~ exaggerated cHtl.
mates uf tho probable eject of the
Ford uauf hisc bin The induatrlals aisa
came iu Cor % heavy break due IN
tho fact that thrrv has become % very
limited market now Tor their dlatflh-
utiou. consequently even moderate o.
ruldutlon lu them makes lnfo1dH IN
their quoted frices. Railroad stocks
IWinr 90 their better backing and
Chtlu rtolay, maintained thomHelvoH
remarkably we'll thus showing that
N''NNI'NNNINN NNA NNAN 10 NNNNNNN on NI" NNNN
~ investors hos not hosn materially
weakened, The hrnrH doubtless have
had in vlnw recently -cunsldcring thr
close approximation of sterling a.
change 90 tho Elld shipping p1lnt-tho
sending of some gold out on the couu-
Try even though 70 was not attended
with pront thinking thereby ita
moral effect would BE- an
INFLUENCE on THEIR SIDE
OF the market Yesterdays announce.
mont that 100000 of tho precious
metal was 90 be- shipped failed 10 pro.
/ duce the effect expected. uH the market
| went decidedly in contrary direction
thus showing that gold exports nrr not
| regarded nH "a serious matter after I'M
under present conditions. especially nH
that country now stands on the ton 0f
tho liHt Of nations in itN gold hnlllnrs
the amount NJ which h now estimated
nc about 81 900 600 900. This o. tho bsai
fhOwiug that this country has ever
made and no other has ever rduHIIei III
| We can therefore well afford 90 fhIp
few millions 10 Europe without INV
injurious eject, ma they win NOT h.
missed ~ matter or fnct 20 vW
be- beneficial in an Indirect way to tbIs
country, as ID VIII In an probability r1
% London and Increase their gold sun
| ply-whlch o. comparatively small Ia
the present timc-and thereby lnors1r.
tho purchasing power in that uuartar
De-