The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-05-06

New York, May 5.-Whatever deduc-
tons are drawn from the stock mar
ket must be almost wholly negative
for the market continues near the level
Of stagnation A slight fillip was given
TO the opening by the higher level of
prices in London. But the room traders
closed their contracts before the days
end and brought the level of prices
back to near last nights close. Sugar
moved quite easily at a higher range
than yesterday, and exactly recovered
yesterdays loss IS a net result. Long
Island was quite active and moved up
to SO, but closed unchanged. The bonds
of the company continued in active
demand.
The statement that the Pennsylvania
has acquired control found considerable
credence, but the working agreement
with the New York Central is believed
to be involved in the deal. The story
of a steamship service to run from
the Long Island coast was revived in
connection with the movement in the
stock. The reports of the mercantile
agencies served to confirm the impress
sion of the reactionary course of prices
of commodities and of trade activity.
The current stagnatiOn in Wall street
is the logical outcome of these condi-
But holders of securities are not yet
sure thai the current reaction is not
making for the ultimate health Of
business. 1t is perceived that the re-
cent high level Of prices was such as
not only to unduly ctimulate prOduc-
ton, but also to decrease the consump-
tive demand. Securities are obviously
being firmly held until the problem Of
the level Of prices and the volume of
consumption shall adjust itself. to
afford a basis for estimating future
returns.
The stock market has given evidence
during the week Of having reached an
adjustment to the new conditions pre-
scented by the unexpected developments
in the iron and steel trade of three
weeks ago. The liquidation induced by
that development Overran itself as the
invariable rule with speculative move
ments, and the bears last week had TO
bid up prices to get back stocks which
had been sold short. This week the
market has been without the sustain
ing force Of the demand for the over
sold bears, and the vibration of prices
has been diminished. The professional
traders in stocks in whose hands Op
eTatiOns have been largely left have
met with little success in moving
prices The declines from their short
selling have brought out very little
stock, and the prices attracted no fol-
lowing to take stocks off their hands.
Buyers want more light on the fu-
ture course of business, before taking
on stocks. A large cause of peTplexity
over the outlook is the present rehux
of currency to New York bank re-
serves from the interior. The gold
export movement, now fairly inaugu-
rated, is d result of this. Ordinarily
the expectation of gold has an unfavOr-
able effect on the stock on account of
the apprehension aroused that tight
ness of money may result. In the pres
ent that effect is due to the feeling
that the plethorie condition Of the
money market is a register of declin-
ing interior trade and reduced needs
for money, owing To the decreased
business
The recent developments in the steel
trade give special point to this appre-
hensiOn. That the cOUntry's business
is not finding full employment for all
the money in the country is evident
from the action Of the money markets,
but the increase in, the money supply
seems to be taken insufficiently into &C
count According to the monthly
statement Of the United States treas
uTy of the total amount of money in
circulation in the country. inclusive of
cash in the treasury, the amount on
May 1, 1900, showed an increase for
the month of April Of $39, 270, 957, and
for the twelve months previous, of
$126, 057 BILE
The bond market has beeen dull and
has moved in sympathy with stocks.
United States old As advanced 1 per
cent; refunding IS, when issued, q
new IS and 51as and Is, Il in the bid
price.