The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-06-18
New York Exchange Was Almost
Deserted Yesterday.
WAS NO BUYING DEMAND
SIGNIFICANT OFFERINGS CARRY
PRICE LEVEL DOWNWARD.
General Public Maintained An In
different Mood Toward Wall Street
During the Past Week-Crisis
In the Wage Question In Colorado
Affected Railroads.

New York, June 1.-THE board room of
the stock exchange was almost deserted
today and there seemed to be an absolute
lack OF buying demand, so that even sig
niticant offerings carried the level of
prices downward. The few professional
traders present Were disposed to sell
stocks in anticipation of the favorable
bank statement and on the general prin-
ciple that prices will yield in a dull mar
ket. An idea of the narrowness of the
market is given by the fact that during
the first hour there were just two trans
I actions recorded in ST. Paul which was
/ the more noticeable because of it's good
statement OF gross earnings for the Sec
ond week in June. The buying of the
! Flower group, which has been persisted
IN Tor the last few days in face of the
guinness in the rest of the market, was
abandoned and these stocks were allowed
/ to drift down with the rest of the mar
ket. American Steel az Wire fell away
! rather sharply with the reports of a dis
pute amongst the directors as TO the paw
ment of dividend on the common stock
There We're rather sharp losses by other
new industrials. which afterwards recov-
/ cred. The bad bank statement brought
| little selling and the traders covered short
contracts. causing rally. Net changes
are unimportant on nearly all cases, as
the evening up of contracts by traders
brought prices back to about the start
ing point Bonds showed a declining ten
Il.
small volume of business.
The general public maintained an indif-
ferent mood towards happenings in Wall
street during the week. Professional
traders have Shown increasing indiffer-
ence to the market as their efforts to in
Vite outside participation failed. The last
week rise continued and eliminated o.,
tuesday when a number of heavy oDer-
ators closed out their long accounts at a
profit. After this movement the trading
was mainly a contest between the profess
sionalS as to which way the current of
prices should turn.
There was an obvious bull party in the
group of specialties with which the name
OF the late Mr.. Flower is. still identified.
Both Brooklyn Transit en- Federal Steel
have received a large degree of attention
from this party. The recovery in Sugar
and strength in coalers and in some iso-
lated instances in the railroad list gave
some announcement to the bull move
ment. But 1t had to contend with the list
lessnesS of the general public and with
the Vaccinations of the powerful bear
party in the street one of the largest in
dividual operators maintaining his con-
viction that prices are too high. Some of
the steel stocks hung heavily back on
reports OF directors and in the dissensions
over dividend questions thus impeding
the movement in Federal Steel.
The crisis on the wage question in Col
orado, which closes the ore smelters and
a number of mines and thus takes from
the railroads an important item of their
revenue. weighed on the stocks of all the
effects on the stocks of neigaboring rail
roads the southwesterns as a whole being
COnSpicuOuSly weak The heavy rain
storms of the week aroused some fears of
damage to the crops and there were some
current non-official estimates of the COM
ing crop. placing il below 500, 0l0, GOO bush
els. The heavy tone to the grangers was
due to this cause The bears also counted
upon sentimental effect from an I'M
favorable bank statement which was
confidently anticipated. a slight harden
ing tendency In the money market to-
wards the end of the week attracted at
tention to the condition of the banking
reserves.
There has been a distinct reactionarv
tendency in portions of the railroad bond
market. showing a diminution of a de-
mand which had seemed for some time /
past quite Unsuitable. This aroused some /
question of the available supply of Idle /
capital still seeking investment. The May /
foreign trade statement. issued by the /
bureau of statistics of the treasury de- |
partment also received an unfavorable !
in the bear element. in that |
IL showed the diminutiOD of exports COM
pared with last year. still in progress. /
has been made also of. the
broadening proportions of the problem
offered for solution in the Philippines and |
the possibility Of large additional forces
being required TO Subdue the insurgents
and establish order The prevailing high /
prices Of our high-grade securities have
prompted very heavy selling
by foreign holders and the fact that we
thorities to conclude that the trade bal
ance in our favor has thus been liquid
ated. but special Inducements may have
been offered by foreign government insti-
tutions 10 make good the apparent margin
Of loss in the exporting of gold. United