The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-06-20

New York, June 19.-The action taken
by the New York City banks, this after
noon. in deciding to furnish gold for ex-
port as it may be needed without re-
course to the United States treasury, will
undoubtedly have beneficial effect upon
the stock exchange markets.
1t will, however, be largely a senti-
mental influence, for the fact is the gold
export business has about reached an
end, and any further drain upon the
treasury, had the banks continued hoard
ing specie, would necessarily have been
light.
1t is probable today's action was based
upon the conclusion that the banks would
not be called upon for gold to any large
amount. But perhaps the most potent
reason for the reversal of this policy by
the city banks, was a fear that the coun-
try at large would look with disfavor
upon the spectacle of the heaping up of
metropolitan banks, while the United
States treasury surplus was being de-
pIeted and had reached an unusually low
point.
But whatever the motive, the decision
of the banks to supply gold needed for
the immediate future will undoubtedly
have the effect of inspiring confidence in
speculative values, and is likely to be re-
flected in an increase of activity on the
stock exchange.
There is need of something to put life
in the share market. Yesterday was dull,
but the trading heavier. The market
opened quiet and fairly steady, but
Union Pacific was q and sugar II lower.
Sugar selling up Is, Chicago Gas u, and
some other shares a smaller traction
The improvement was not, however, last
ing, and under slight pressure to sell.
prices took a downward turn.
Northern Pacific preferred declined y,
An attack was made on Union Pacific
by the bear traders in the hope Of bring
ing out the long stock, and they were
partly successful, for the shares broke
with only a rally of 3s at the close max
ing a loss of 22s on the day. Rumors
Were put in circulation there. would be
heavy stock assessment under the re-
organization plan and that the United
States government would force the pay
ment of the United States debt.
Very little was done in the general Inst
between II and 1890 o'clock, and values
changed slightly during that period, but
as the afternoon advanced, the specula-
ton became depressed Dlstilling, reced-
ing u.s.. Erie IA, Pullman /, and the rest
of the list fraction.
About 2 o'clock, a still further decline
Cordage and from q down in other
shares.
A Slight rally followed on the covering
of short contracts and the market closed
steady.
The bond market was steady in the
morning. but became heavy in the after
noon ana closed weak.
Money on call easy, at 80; last loan, 10;
Prime mercantile paper, e2A@rsge:
Sterling exchange, firm but Hull, with
actual business in bankers bills, at 4.SSA
for demand, and at 4S734 for sixty days.
Posted rates, 4.SSIsI490 Commercial bills,
4.SCst. Silver certificates, 64G165.
The total sales of stocks today We're
1907 shares, including Atchison, 1850;
200; Distilling $500; Erie, 1900; Northern
Pacific preferred, $780, Reading, 11.50O; st.
Paul, $500; Union Pacific, 1880; U. s.
Cordage, 5000
Government bonds. firm; state bonds,
dull.
Petroleum, steady. Pennsylvania oil
sales, none; July option sales, none; closed
SsA bid Lima oil sales, none.