The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-04-26

the future security OF the money mar
ket MAS effected al the same time.
The immediate condition of the money
market has come % be so easy as 10
facilitate the operations Tor an add
vance. AS "a matter of fact. the for
nation of various pools by professional
operators and their activity in Efforts
TO advance prices have ma le them
selves manifest in the price movements
of the eek. A factor ln lifting prices
which was real although somewhat
hum0ously regarded by AN observers.
was the half sentimental and half SUI
persLtQus-@~zs of members of the
stock exchange 10 see the first business
do the exchanges new building done on
"a rising scale of prices. But another
party amongst professional traders has
been on The alert FOR opportunities 20
sell stocks at am advantage and SO
commit themselves 20 au opinion in
favor OF a renewed decline. This party
PROCESSES the conviction that the recent
recovery ls due TO purely technical
causes and is the forerunner of another
and longer decline AS the market has
been made up almost entirely after
these professional operations. it is nee
essary 10 dwell upon them al this
length in consideration of the essen
tial condition of the market. IL does
not appear that there has been any
large undlgeSted mass of securities
which 81 the real burden of the mar
keL To is also evident that the easier
condition OF money has relieved the
necessity of liquidation OF stocks. which
pressed upon the market for a time
without regard TO the level Of prices.
There was some evidence of invest
ment buying Of stocks az the recent
low level, but it seems evident that
selling orders overhang the market
which are reached on any considerable
advance. The tide OF travel away from
Wall street on the part of some OF the
powerful persOnages ina finance, serves
as "a discouraglng influence upon those
who look upon such quarters for lead
ershlp- I'm buying movements There
can be uo doubt that AN important fac
tor lu causing hesitation i'm the Interior
possibility OF the application of the
principles of the Northern Securities
decision at large. The greatest interest
is manifested i'm everything going 10
show the plans of the legal department
iu the future prosecution of the pro-
visions of the antitrust law. The open
ing of hearing by the interstate com
merce commission of charges suppress
ms competition by the anthracite coal
roads has been Interpreted by Wall
street as am intimatiOu that the coal
roads would be the next object of pro
cedure by the government. The special
heaTlness shown I'm that department of
the stock list has been due TO that
cause. The present decided relaxation
OF the money market. due To the Gus
tomary rehuX of funds to the reserve
centers between seasons. does not OBJ
scure the issue of the autumn REQUIRE
ments for money and the inevitable ef-
feet of shrinking bank reserves upon
stocks. The returns 20 the controller
OF the currency under the recent call
for condition of national banks as of
april 9. are scanned with eager interest
Tor indications of the banking cOndi-
tons of the country.
Ihese returns show an average ten
uehcy Tor the country throughout to-
ward a lower percentage of reserve to
deposits than was the case either on
Feb. 6, the date of the call than was
the case either I'm February and the
date Of the last call, or on April 30 last
year the nearest corresponding date TO
the present call
The financing of the Panama canal
purchase is still an undetermined prOb-
lem IN It's effect upon the money and
foreign exchange markets. The excel
lent reports of the winter wheat crOp.
good reports Of railroad earnings and
reports from all quarters Of active and
healthy business conditions have NOT
been unconsidered, but have not suf-
need 20 carry prices OF stocks inward
The decision of the interstate COM
merce commission against the reason
ableness Of present rates from Chicago
TO New York touches speculative senti-
ment sharply owing to the Importance
attached TO advanced rates for Off
citing the increased cost Of operating
expenses
Bonds have Jared rather better than
stocks i'm spite Of a dun market. Some
buying of new bond issues and Of 4 Der