The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-06-29
HALT HAPPENS
IN SUMMER TINE
Lack of Speculative Activity
Certain at This Time
of the Year.
FUTURE LOOKS VERY GOOD
WALL STREET SHARES IN oPTI-
MiSM OF MORGAN.

New York, June 2S-Events bearing
on financial conditions were of mixed
complexion last week and served so
far to counterfeit each other that the
securities market moved in a restrict
ed circle. returning often to the same
situation. The halt in speculative ac-
tivity is characteristic of the season of
the year, while the making of the cOun-
try's crops is in question. The nation
al political campaign helps to aggra-
vate the seasonable tendency. The de-
mise of former President Cleveland and
the critical illness of the Republican
candidate for vice president proved eff
fective influences in further restrain
ing speculative operations so far as
they might be based on reliance on sup
posed certainties of human activities.
The comforting of the degree of LID.
on j. z. Morgan by Yale university,
as a recognition of services in helping
to allay the panic of last October was
read in the financial district as a prom
ising symptom of appreciation for pure
~ financial services of an Individual,
typical of corporation and capital pow
er; a kind of appreciation which the
moving powers in corporations are dis
posed to feel themselves a little assured
IN the puDllc temper.
Morgan's Optimism.
Mr.. Morgan's statement for publica-
ton before returning TO Europe also
had a favorable effect on sentiment
with its profession of a perception that
financial conditions in the United States
had improved greatly since he went
abroad some time ago. and of conf
dence that they will continue to i'm
prove.
This public announcement of Mr..
Morgan had an important effect on a
prevailing speculative assumption that
the banking house of which he is the
head held more conservative views on
the prospect than those thus formulat-
ed by the head of the firm. This as
sumption was based on the attitude of
that house toward the Erie financing
in April, when the purchase of notes
of that corporation by +. II. Harri-
man was supposed TO have been all
that saved a receiVeTship for that road.
A divergence of views on financial
prospects between these influential fl
nancial authorities has been inferred
ever since, and this inference was dis
credited by the hopeful views expressed
by Mr.. Morgan.
Fears About Rock Island.
A cOunteracting factor to this favor
able Influence was the evidence of
heavy liquidation from the Rock Island
securities and the wide decline in prices
in that group. Fears We're thus aroused
that some unTevealed embarrassment
confronted the company or some undis-
closed plan of readjustment of the ad-
cumbersome financial Organi-
cation of the system
The southwestern railroads, made in
Vulnerable by sympathy with the Rock
Island movement, were sensitive also
TO the suggestion OF crop damage, Doth
to winter wheat yield and to corn in
that region. Some impairment of the
promised wheat yield has come to be
admitted, but general confidence is un-
prejudiced chances for a prosperous
crop, although the feverish price fluc-
tuations in that staple from technical
market causes somewhat obscure opin-
ion on the subject.
Money Plentiful.
Money supplies are superintendent.
and cash reserves at the great banking
centers of the world are at an IN
precedented level. This is a natural re-
suit of the great contraction of cir
culation from industrial depression. The
gold OutgO from New York has ceased
with the satisfaction of the Berlin re.
quirement for the July settlements.
Paris, however, continues to draw gold
from London. Extra July / require
ments in prospect at New York had not
the slightest disturbing effect on the