The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-04-07
PROFIT TAKING
IN WALL Street
Operations Conducted With
Great Skill by Spectators
of Long Experience.
RECOVERY GOING TOO FAST
so THE NECESSARY BRAKE WAS
APPLIED,

New York. April 6.-Week-end profit
taking was the obvious influence at work
I'm the days stock market. II was con-
Quoted with the same skill that was man
Tested ia yesterdays operations, and
(which gave confirmation to the eonvic-
ton that they were in the hands OF eX
rarionced and resouTceful spectators.
The prominence in the market Of Union
Pacific. Southern Pacific. St. Paul. Anal
ramated Copper and American Smelling
gave rise to the usual assumptions of
uarrfrfuatiou by the Standard Oil party
I'm the market owing to the supposed IA
vor felt toward most of those stocks by
that group of capitalists. But these
stocks were almost alone amongst the
active stocks in showing any notable
strength and their advancement looked
Ike a device to hold the general market
20 help realizing sales in other stocks
Those stocks yielded with the rest of the
market i'm the late reaction, which made
a weak closing at the lowest prices of the
day.
The profit-taSing sales became gener-
ally effective in weakening the market
only after the appearance of the bank
statement. although the showing of the
hanks was very strong The cash IN
crease of SO 500. eco fell short of eXpecta-
lions however. and the IS. 600 loan ex-
u3nsion helped to swell the deposit item
and the reserve requirement. II is not
expected that the deposit of customs col
Iections i'm New York banks will go much
further in the immediate future. and this
has been the principal source of the re-
cent heavy cash gains of the banks. The
strong onward movement of foreign ex-
change also. which continued today. gives
point 10 some of the reports from abroad
that conditions in Berlin still leave some
thing 10 he desired.
The suggestion found a place in the
DAYS discussion that eastern railroad
systems would have 10 meet at an early
date demands from employees for increase
Of wages similar to those which have
been adjusted this week among western
railroads. The principal factor in the
DAYS reaction. however. was the desire
10 realize profits on the considerable ad-
vance of the week which was heightened
by an opinion expressed in some quarters
that the recovery was going too fast and
too far.
A feature of the day was the continued
strength and activity in the bond mar
ket. Total sales of bonds, par value, 81.
3f0 OO0
Tho trend Of prices Of securities turned
doriSivojv inward this week The dom
i0aUr influence has been the relaxation in
money market. which has become pro
rounCed and has applied to all the great
money centeTs of the world. The COM
hined causes which have brought about
this result have worked with cumulative
effect. leading to something Ike a col
lapse in interest rates in New York. This
turn in affairs has given rise to cheerful
sentiment over the future marking as e
does a correction of the most threaten
ing feature of the financial outlook and
promising relief from a restraint on en-
terpTise that was feared as an obstacle
to the whole course Of the present pros
porous conditions of trade and industry.
How far the Improvement in the money
markets shall operate TO avert the evils
which were believed to be Overhanging
the financial and industrial outlook con-
Stitutes a subject of the closest atten-
ton and study Of the financial world at
the present time.