The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-06-05
30 in - cd stoekg.

The drop I'm low grade stocks was re-
gdrQeQ as an adjustment or long stand
ing discrepancies brought about by for
meT m2nipulatiVe tactics by pools in those
stocks and maintained with comparative
ease owing TO the small outstanding sup
ply or Inese issues Inc abandonment OF
support of these stocks or the fear of its
abandonment led TO some selling by sus-
plciOus followers of the former movement
on them and their prompt Welding to the
lower price level. The vulnera biity of
the high grade investment stocks TO light
Z liquidation is evidence Of the deaTth OF
investment demand ia the market to take
up such offerings. Anything like forced
hquloatlon makes 9olcK lur9aos on Eql-
ues IN any part OF the list Owing % the
extreme ease OF the money market. how
ever, there is very little OF such HQulda-
JQE me result IS the inert market
EeiOpments such as are usually effective
/ IN prompting speculative operations are
ignored. and it is evident that the out
come Of more general condition is what is
awaited before ventuFing on commitments
~ tlie9- ne DiedH III IHe CoLttOi-
market Is regarded hopefully IS helping
Z 60 relieve the deadlock ia the cotton
goods trade on account of the speculative
/ level at which the price OF the staple has
been held Some revival of trade was re-
ported from the west early i'm the week.
owing to the progress reported bv the
during the week and the tone of some of
the unofficial crop estimates have inn
paired the better feeling over the grain
crop outlook. GROSS earnings OF railroads
I reported have made rather better com
z PARSONS with last year than i'm the pre-
Ce0ing weeks, the declines shown making
I q smaller percentage. Net earnings Tor
April, however. have been discouraEiug
and have failed TO reflect any benefit from
Z measures of retrenchmeHt.
Better Prospects.
Better hopes are held i'm this respect
/ for the May showing. as large economies
and reductions of working forces have
/ been accomplished during that time
] These reductions are attributed, however,
} TO the aVoWed decrease in offered traffic.
s and 80 nave double slguilica4ce 70 tie
security holder. Reported plans for the
I CurLdilment of iron and steel production
are Interpreted as an index Of poor pros
( poets in that important trade and a oil
/ mlnished demand for copper and lead are
given the same significance. This course
/ or things Is not contrary 10 expectation.
/ so that ITS principal ettect on secufiLles
/ is TO hold them In deadlock While
/ awaiting the next phase In the business
+ situation. Gold has continued to go out
( receipts of japanese gold at San Fran
/ cisco have also continued
/ Money remains extremely easy in New
I YORK with reserves pillng qp Luflner %
; the banks. and no obstacle IS offered
/ TO the gold Outso by an advance ln m
! terest rates. Attention Is attracted TO
/ the large bank note expansion FOR May
/ in face of the contraction of the clrcula-
I ton by accumulation in reserves Ine
{ release Of government bonds which We're
i held as security Tor the government oe-
/ pOsits Withdrawn for the Panama pay
! ment is the stimulating cause for the
] bank note expansion and some fears are
] expressed that the gold OutgO IS forced
/ to some extent by this injection into
the currency already apparently Tedund-
ant.
The bond market has been narrow and
/ u. S. SIS registered have advanced -.
/ the IS coupon and the old As. -. the
/ coupon. g. while the 2s have declined "a
/ per cent on cali during the week.