The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-05-18
STRONG FAITH
IN THE FUTURE
Buying of Securities Indicates
That the Present Is Not
Considered.
PRICES CONTINUE TO RISE
GENERAL PUBLIC, HOWEVER, A
TRfFLE SUSPICIOUS.
PRICES CONTINUE TO RISE

New York. May 7.-Prices of securities
advanced last week with growing impetus
and Increasing volume of transactions, the
total sales on Thursday rising TO the lar
gest OF any day since last summer before
the financial crisis developed. The per-
sistence of the advance and its freedom
from influence or check by events seem
ingiy unfaYOrable to values, gave II I'M
pressiveness and had effect of converting
a growing number of skeptics IN the pro-
fessiOnal operating class. who had con-
tested the advance by short sales at Narl-
GUS stages and had been forced repeatedly
10 cover at loss.
All on the Bull Side.
The abandonment of opposition by this
class and their turn TO the long side had
not a little TO do with the increased ami
nation and buoyancy of the market The
success with which all obstacles were
overcome and prices aggresslVely ad-
vanced from the inception of the pres
ent movement has been convincing PROOF
of the wide resources commanded by the
leaders of the movement who me COM
monty believed to include great banking
houses and individual capitalists whose
influence commands the resources Of the
most powerful group of capitalists in the
country.
Public Still Suspicious.
The suspicion OF d manipulative origin
OF the rise in the prices. for the purpose
of creating a semblance of Improvement
where the reality did not exist, served
:, 20 hold aloof from the market most of the
FEeneral public which generally joins N
an important market movement. The con-
fidence and cOnstancy with which the
movement is pursued had growing ntlu-
enee on sentiment last week and had the
increasing effect of causing a belief IN
the satisfaction thus expressed on the part
of a great capitalist with the degree of
Improvement in affairs.
Money Market Easy.
In the department of the money mar
ket this development was clearly percep-
tible For the easy money market TO
further the success of the plans of cor
poratiOns. however. there was necessary
the additional demand of confidence IN
security values. The rise in the stock
market has operated as such a demon
stration. The skepticism with which il
was accepted at first was due to the con-
fiicting evidence of news affairs IN gen
eral. This discrepancy continued last
week in spite OF growing force of the rls-
, ing stock market tide. That prices OF
!, securities continued 10 rise in spite of UNI
favorable industrial and commercial ad-
vices was assumed 10 mean that prom
Using signs could be discerned beyond this
immediate situation that prompted the
large commitments 10 holdings of stocks
which We're being made from day 10 day
in the stock market
Open Market for Iron.
For instance the declared purpose IF
the principal allied interests in the iron
industry TO hold prices on that great basic
commodity was evidently quietly aban-
dOned and practically an open market for
iron established. While conditions there
are still greatly unsettled and no change
j. reported in the demand for finished
products, it is conceivable that the way
10 Improvement may be opened by the
new demand for iron brought out BY the
. concessions. The same holds true of the
barsa
tions in price have been of discOuraginS
effect. while necessarily representing pro-
gress toward the stage Of stability where
demand will oVeTIake supply and revival
of. the industry set in. Great influence
in reviVing effective demand for cOmmodl-
ties is relied on from the success of new
Sond issues by the railroads and the con-
eequent supply of resources fer resump-
tiOn of buying and construction
Faith In the Future.
As veritable speculative medium,
which the stock market undoubtedly Is.
future and not present conditions are eN-
pected to be outlined in its action. The
comprehensive and aggressive upltft of
prices must be read in this light and as
representing views that pierce beyond a
present that includes the largest surplus
OF idle freight cars in the history of the
country, an iron market with but sheht
STRINGS from condition or SJagnatlOn.
a shrinkage in bank clearingS that IS an
unmistakable index of commercial quiet,
railroad earnings that reflect a struggle
10 conserve margin over expenses for
distribution TO stockholders, and COM
plants of managers that conditions from
week to week are without improvement.
Even on the side of the crops. the as
sumed success of which is q necessary
condition 10 the revival which the stock
market movement seems TO predict the
immediate events of the week were not
\ inspiring. the unfaVOTable weather pOr-
tending some decline in condition. which
Is not. however. considered TO be serious.
The great abundance of money market
resources has not al all been affected BY
the Withdrawals of government deposits.
bV ths resumption of gold exports and
by various financial measures through
syndicates iReident to the new issues of
securities.
Fl. Douglas band tonight. Wanda
mere.