The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-04-26
PUBLIC STILL
OUT OF MARKET
Professional Traders Have Wall
Street to Themselves.
CONDITIONS OF THE WEEK
VARIOUS CAUSES BROUGHT
SLIGHT BETTERMENT.
CONDITIONS OF THE WEEK

New York, April 25-Today's stock
market gave abundant evidence that
the professional traders had it entirely
TO themselves. The outside public con-
t.nued Indifferent 20 the market. The
disposition OF tine professional traders
plainly was to get QUE of their holdings
OF long stock. some stress was laid jim
inc gossip of the street upon a fear that
lhe situation created by Russia's new
demands in ManchGria might develop
"a crisis. But the government securi-
tts of tile nations much Interested
save no lut.matiOu that such a crisis
might become acute over sunday OF
more immediate effect was the renewed
weakness caused i'm Metropolitan Street
railway by the yelled iutimIti0n of
matter for Investigation for the district
attorneys Office in the affairs of the
corporation metropolitan Street Rail-
way itself dropped 3 points, MeUopol-
lJan Securities and the other local trac-
Tons point or more in sympathy. The
market was mostly a waiting one until
The appearance of the bank statement.
which was regarded as favorable, all
though Che cash increase did not equal
the maximum estimated of yesterday
The loan decrease of S4.5S2 200 contrib
uled 90 raise the percentage Of reserves
To deposits. the surplus rising S4.9Il. S25.
90 Sl09S5415.
As there has been considerable liqui-
dalton during the week of local obIiga-
l'hs 90 foreign lenders which probably
involved rtbOTOWing from the local
banks, the loan decrease gains addi-
ional significance. The strong weekly
statement of the Imperial Bank of Ger
many today completed the record for
the great foreign banks of effective re-
'upelation. Prices of stocks rose ON
the bank statement but q further
eager desire 90 sell at the advance car
red prices backward To- the lowest and
lhe closing was active and weak. with
net losses OF a point or more for the
principal active stocks.
Prices have moved I'M halting and
ineonclusive manner i'm the stock mar
het this week. although the level was
On one time considerably above that Of
last Saturday. The granting of a stav
hy the circuit court at ST. Paul of that
portion Of the judgment against the
N1ilhern Securities company. which
tNJolned the payment 90 10 of dividends
10y the constituent companies was a
surprise 90 the speculative element in
Wall street. The result was TO proIone
tne upward movement which was begun
ON the day after the demOralized trad
Ing induced by the original Judgment.
Ihls upward movement has been clear
~ recognized as "a technical recovery
from the excessive depression on the
decline The real test of such a mar
set IS looked for after the covering on
srauous by bear traders are completed
A violent slump I'm prices invariably in
'lLes large sales for the short account
and also considerable unloading for the
long account with the purpose of re>
covering the stocks at lower level Of
prices. There has been a speculative
party in the market which has en-
oarked in operations for the long ac-
,ount since the decline ON the assumD-
non tHat the unfavorable factors in
To-Fed in the Northern Securities de-
eision were adequately discounted bv
-he spasmoaIc decline Immediately after
its announcement This party has ar
sued also that requisite liquidation for