The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-09-28
DEEPER CAUSES
THAN POLITICS
Violent Fluctuations in Stock
Market Due to Unfav0r-
able Conditions.
PRICES BOOSTED TOO HIGH
MANIPULATION OF MILLIONAIRE
OPERATORS EVIDENT.

New York, Sept 27.-The stock market
last week was called a political market
The violent fluctuations of sentiment in
dicated by the rapid changes in the east
of price fluctuations found no adequate
explanation in the immediate develop
ments affecting actual values of secuIl-
ties. There was some Skepticism, never
theless over the likelihood of such sud
den changes in political views as seemed
to be shown by the tumultuous dealings
in the stock market For this reason
deeper causes We're sought for the action
of prices The hurting back and forth
of accusations and determinations in the
political canvass and the emulation DIS
played by the political parties To disavow
all connection with the great corporations
awakened renewed anxiety in the finan-
cial district of a revival of attacks upon
them. Much use had been made OF the
former expression of confidence by prom
inent capitalists that public hostility 10
corporations was dying out as a stimu-
lating factor in the rise of prices of Sc
curitles.
Prices Too High.
There was general and commonly eX-
pressed conviction among observers OF the
stock market that prices of securities had
| been carried TO excessive heights. This
conviction found utterance in advices OF
many commission houses to their clients.
! 1t was pointed out from these sources
that the rise had been largely artificial
! in the lack of general public buying to
cause it, The operations were ascribed
almost wholly TO parties of wealthy cap
/ italiSts melted by the large supplies of
cheap money available. by the desire TO
! foster returning confidence in the bust
ness prospect and to make a good mar
ket for new flotations of capital. The
belief thus founded in the responsibility
| of combinations of capitalists for the
| high level left prices without any sus-
tanning forces when those capitalists
seemed to be abandoning their position
Prices, therefore, came down with a
| crash on Monday and Tuesday. The vio-
| lent rally came when signs appeared that
| the same influential interests were once
more buying stocks.
Unfavorable Factors.
The belief that the advance had outrun
the rate OF Improvement in business af-
fairs plainly a factor in the reac-
ton also. This was emphasized by the
moderate progress reported in trade and
railroad traffic The state of the copper
market was reported unsatisfactory. Re-
ports that railroad earnings will make I'M
favorable comparisons with last year are
still of slow growth. Some deterioratio
In the crops from the earlier promise is
allowed for, with possible frost damage
to corn and cotton still to be reckOned
with. The shutting down of English cot
ton mills threatens an important curtail-
ment of the market for the great Ameri-
can staple and this prospect has had some
influence in deranging the foreign ex-
lchange market. The strength in this mar
ket was connected with the probable short
supply of cotton bills.
Money in the local market continues
easy and promises to remain so, the rate
of call not going higher than IL pei
cent.