The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-06-20

New York. June 19.-Today's stock
market again reflected the constari
watchfulness of the large professional
traders for a reaction, the days profit
taking being on a very large scale
The net changes are very small. owing
to the early buying movement, which
carried prices Of most stocks quite
sharply above last nights close.
The closing was affirmed and closing
prices as a rule were above the lowest.
but net losses were general through
out the list.
The feature of the week has been
the firm resistance of the market 10
the efforts at reaction of professional
operators.
The number of stocks showing lesser
gains increases, but with few ex-
ceptions all prices are higher. Rail-
road earnings show improvements in
that line and the finances of the COM
panies Immediately concerned are in
better condition, but their prices quoted
do not by any means represent the
immediate return in money hoped for
from shareholders in the companies.
They must be accepted rather as the
barometer of expected and hoped-for
improvement in the business of the
country at large. 1t is certain that
the business of the country al large
has not increased in the last month
IN the same ratio as the prices of
stocks, but the firm resistance Of
prices Of stocks to reaction and the
readiness of brokers to take them at
the existing level is a measure of con-
fdence felt that business is about to
improve in proportion.
Probably the unimpeded progress of
the tariff bill on the final stage of its
disposal has been the most encourag-
ing TO Wall street of any one factor.
The Hawaiian annexation treaty
caused a momentary tremOr to pass
along the pocket nerve through the
street, but the complacent attitude as
sumed towards the matter by the pow
ers of the world has quieted appre-
hension as TO Japan's protest.
The latter part of the week shows
some growth of apprehension over the
new impetus given to the gold move
ment and the hardening of exchange,
said to be due to the drawing of eX-
change for tourists and account for
July settlements of dividend and in
terest payment on securities held
abroad
The bond macket reflected fully the
growing confidence in the general sit
uation. Values OF the leading issues
moved up partially on extensive pur-
chases. The trading for foreign ac-
count was in considera BILE volume, but
was more generally centered in the
loW-priced lines, which were taken
for speculative and investment ac-
count.
The variations in the gilt-edged is
sues were especially marked, with the
ST. Paul mortgages scoring the ex-
IRENE vibrations. The aggregate sales
were SO. 445, 900.
Dealings in government securities
were marked by general f1rmness with
the new tours conspicuous for a rise
of 125A-the highest price yet attained
for this issue. The Improvements in
other grades were less noteworthy,
with the trading rather light.
The loans of the banks for the week
just ended are $4,S22, 100 heavier than
reported June Il. and the total, S51S,-
$50, 500, is the largest in the history of
the clearing house with the exception
of Sept. !, 1895. when loans reached
1922 900, 900. In the last month the in
crease has been about $14OoO,OOO. At
no time. however, with the loans ap-
proximating this figure, has the re-
serve been anything like that now re-
ported. The total deposits of the banks |
are now in excess of 1892. 900, 000-a sum
that has not been equalled since No |
vember 1894 The deposits of the |
banks are $4,000, 900 in excess of the |
loans, which. while a very high figure, |
does not equal the record made in the |
fall of 1894. when deposits exceeded !
loans by nearly 500 0G0. 900. The large /
in loans reported this week |
is TO be attributed. OF course. to the /
speculation in the stock market but /
the demand for commercial paper is /
heavier and re-discounting has set in /
from the south and southwest. There
is no sign Of cessation of the interior
toward this center and
bankers do not look for anything like
a former market for some time to
come. The crop <Sovement will re-
lUire some of the surplus money now
wing in the New York banks How
much It is difficult TO estimate. but
taking the 1895 movement as normal.
Il is interesting to note between June
10 and Sept. Il that year the expansion
n loans was no less than SIS, 600, OO0
similar increase this year. il is I'M
necessary 10 say, would make the
oan Of the New York banks by far
he largest ever known. AS the pros
poets are much better than at that
lime, it would not be surprising if this
proved to be the case