The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-05-10
APPREHENSION
ON WALL STREET
Situation as Regards Manchuria
Retards Speculation.
TONE WAS HEAVY YESTERDAY
CLOSING WAS EASY AT ABOUT
THE LOWEST POINT.
TONE WAS HEAVY YESTERDAY

New York. May 9.-DesuItory profess
sional trading was all that was in evil
dsnce in tOday's stock market The tone
was heavy throughout and traders pro-
1essed considerable apprehension over
the outcome OF the situation in Man
churia- The bank statement was also a
uisappoinumeut, as Inc gain in the cash
reserves was only about half the amount
expected from the reports Of the known
movements OF money Another loan in
crease OF over 100000 was ascribed to the
continued transfer OF debts from foreign
10 domestic lenders. which has kept UD
me rate OF exchange during the week TO
tlie Aoiu export point The question or
an outgo OF gold next week is left open.
IS money and discounts were firm to-
nay IN London and the exchange mstr1.
kept firm tone in spite OF the dullnesS
INCIDENT to the Saturday market.
me special heaviness shown by such
speculative leaders as St. Paul, Southern
t-aclfic, AtchisOH. Missouri Pacific, New
YORK Central and Anal gamated Copper
was attributed to operations by bear
IdCuOn which was designed to influence
sentiment in the general market The
selling Of Rock Island was accompanied
by surmlses as to the effect on the mar
ket of the additional issues of stock in
Volved in the St Louis q San Francisco
acquisition 4-point break in Metro
PIolitssn securities tended to aggraayate
the depression to some extent There
was no perceptible power in the market
ana the closing was easy at about the
lowest. There was some selling of bonds,
which made that department easy
Resume of the Week.
The immediate influences upon the
narrow movement Of prices in the stock
market have been of minor Importance.
Considera tions which really dominate
the market for securities are Of wider
range and extended so far into the future
as to prompt d waiting attitude rather
than active operations. Speculation is
oppressed and at times almost stagnant.
win the uncertainty OF the problem 70
be worked out in the financial world dur
Ing the coming summer and fall. The
condition of the money market is SO easy
now as to afford relief from any pres
sure Of liquidation. The scarcity OF the
tauOn 10 the professional operators TO
work for an advance. But they fail to
attract any interest in the market and
Ineir occasional attempts to take profits
demonstrate that they are practically
alone on the buying side. Speculation is
IN consequence little more than a game
between traders, in which the most sub
lie wins at the expense of its fellows
The bulls made a demOnstTa ton for an
advance early in the week with the high
priced coalers leading The railroad earn
have shown some striking gains both in
gross and net earnings over the CORE
spending period of last year. These
SnOWlngS have been effective in some in
oividual stocks i'm lifting prices In other
cases they were totally ignored. The
fluctuations in the copper and silver mar
kets have been the occasion of some
speculation in the Mexican railroad
stocks and in ANA lgamated Copper
Anxiety over the possible harm to the
wheat crop has become somewhat aIlayed
BY the weather bureaus We ekiN bulle-
lin and by the liquidation evident in the
wheat market. The admitted damage to
fruit and to cotton has had some depres-
sing effect. The government monthly re-
port is awaited for more compre hensivc
knowledge of the condition of the winter
wheat crop.