Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-05-30
Has Been an Absence Of Sound
Bull Elements In the Situation.
WORK OF FOREIGN FACTORS
Railroad stocks uniavorsbiy Anscted
BY tho Wheat Prospect. winter
wheas IL wormy.

Special Correspondence.
New York. May 2i.-Thc past weeks
stock market has been distinctly one
OF yielding-not only In prices. but also
IN spirit. tone and attitude Of holders
ana the volume OF transactions For
some time past. II has not been dinlcuit
to detect evidences or an undcrcurrent
IN that direction. Not 10 much that
/ thtfc mas been an absence OF sound
buli elements In the situation. nor that
the market has lacked EoOd packs -
a. because the upward inuych At
seems 10 have run ~ a state OF tea
sion too high 10 BE- maintained indeiin-
ltely, and especially Ia the face ~ wUr-
iyins uncertaintica. Plainly. prices
ihd Dccn carried o. a climax which
could not apparently develop further
~ the direction OF advance. and. usual
W when the market reaches that pual-
Ton. although thcfc may be a good deal
OF struggling 10 keep up appearance
ana encourage confidence. yet IN the
long run u II found that the only pos
niIiu movement " towards reaction.
me great movement IA securities that
act IA at the opening of the year has
since been charged with burdens which
were not anticipated In ita earlier
STAGES. No aonsr had an unprecedented
lnvcating and speculative demand
CARRY VI PRICES
to the highest level ever known. than
thcrc Unexpectedly appeared move
incnt In the rccOnatruutlou of corporate
capital which has Transformed very
LARGE part % our industrial system.
THIS financial whlriwind has thrown
speculative movements into confusion
and has ovcrtaScd the financial re-
sources that are ordinarily available Tor
stock exchange opcratinona. Not only
II the market overloaded with such Sc
curitlca awaiting distribution, but the
new supply includes a lafEu element %
iasucn whose quality D. nut partially
understood and which must paHa
through a stage VI trial before they can
reach their fnnl ruailng place. The
more this situation comes 10 be Rpprv-
cihtoi. the mprv disposition their IL to
watch ana hvhitnto, aud such a Condl-
ton Of things always sooner OF later
develops disposition 10 realize In nu-
incrous Instances.
The foregoing factor appears 20 have
good deal ~ do with the rcactionnry
movement now apparent In the stock
market. At the same time. thc drift
towards departure from our late oN.
trnordinary creditor foreign balances
begins a. attract more attention. Therr
i no expectation % anything like re-
Nernal OF the late excess % exports
pears likely that we may maintain per-
inancnuy better balance between our
Inward and outward trade than In for.
mer normal times. but there can be no
doubt that the
EXTRAORDINARY TRADE BALANCE
or the last two ycarl has been very
influential cause " the unprecedented
rise In securities sincc the opening Of
this pear. and, H. Proportion a. that
causca loses Its innucnce-ail other
things being cluai-some yielding IN
prices might BE- expected 90 cnHue.
a comparison ~ prices VIII show the
extent 10 which this process Of decline
has already gone. The following list
~ thlrty-threc active railroad and In
duntriai stocks. showing the hiEhcat
quotations since January lat and on the
,ath OF May, n presented FOR iliuatrn-
uoni TO which n added q list ~ tho
highest prices In 1895 a. shown how
nreroni figures compare with those
made In the height " tho bull cam-
paign VI last year,