The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-04-16
PROFIT TAKING
IN WALL STREET
Prices Took a Tumble From Friday
Nights Level.
MONEY MARKET NOMINAL
REVIEW OF CONDITIONS FOR THE
PAST WEEK.

New York April 15.-After yesterday
furious speculation in stocks a movement
to take profits was indicated for today
and il developed accordingly. Prices
ended generally lower than last night ana
the transcontinental group and STOCKS
which have moved in sympathy with that
group are not the least sufferers not
withstandinar the buoyant upshoot in the
first hour. St. Paul alone OF the group
reserving a rneagre gain on the day after
having been at one time more thah Z
points up. Union Pacific. New Aorh
Central and Illinois Central were also
lifted point in the early market oul
closed at net losses of over point Tor
the two first named and ~ Tor the last
In the curb market Northern Securities
itself was rushed ND to 1855. but fell back
at the last to 1879 The whole market
conferred around these movements ana
was not in any degree responsible TO any
of the news development A denial by
the head Of the Great Northern and or
the Northern Securities companies of yes
terday's rumors of stock dividend by
the former company had no influence N
lettering the continuance of the r'ssh 10
buy the stocks concerned at first nor
did the news faTOVahle TO values serve to
hold the later market. The trading rep
resented purely an episode in the pro-
gress of an unrestraired speculation.
The natural disposition to diminish out
standing contracts at the close of the
week probably was emphasized by the
east over the Sunday interval The money
market was nominal as il usual on a
Saturday but foreign exchange moved up
several points.
The total sales of bonds, par value. were
$4,000
Review of the Week.
Speculative sentiment in stocks has
shown some disduietude at times during
the week but the power Of resistance
demonstrated by prices to the disturbing
influence has effectually neutraIized the
hoo rHnf
prompting the renewed advance Buying
back Of stocks by operators who sold
short early in the week during the pre-
Vailing doubts over the market has been
a factor i'm the recovery The prosperous
condition of business and industry in all
lines has been the potent underlying sup
port of the market. But a revival OF
force i'm the rumOrs and mysterious init
nations of important developments to
come. has characterized the restored de-
mand for stocks we'll Belief in merg-
ers and wholesale readjUstment Of the
railroad map of the country has awdk-
ened again as prices mounted upward.
The displacement from the directorate Of
the Northern Securities company of the
mead OF inc Union BdClflc system. was a
shock to the speculative confidence en-
EendCred by the constant rumOrs Of the
harmonious plans for new projects Jointly
contemplated by the two parties to the
Old dispute in the Northern Securities
At the same time the suspicion got
abroad that the Union Pacific'S SlO0. 600.
preferred stock issue was intended for
helligcrcnt purposes. One Of the few
official intimatious which could be So
cured as to the intended uses of this new
capital was that il was considered wise
in time of peace to prepare for war. -
There was striking reversal Of opinion
on TINS subject as well as others, with
change i'm the form of the stock mar
ket. The suppOsitiOn that the issuance
on Monday Of the supreme courts man
date for the redistribution Of the North
ern Securities case will be the signal for
announcement of great readiUstments OF
railroad RELATIONS Sprang into fun force,
and showed all its old power upon tht
speculative imagination.
The open market for bonds has been
quiet. but large new issues have been
readily placed both here and abroad
United States bonds were all unchanged
on call on the week.