The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-06-25
Large Sums of Gold Are Shipped to
Europe.
HEAVY LOANS BEING MADE
BANKING AUTHORITIES HAVE
FAITH IN THE OUTLOOK.
Bears Have Been Energetic and Ag-
gressive During the Week, Driv-
ing Prices to Low Level-Gen-
eral Business Prosperity In the
United States Is Admitted.

New York, June 24.-The bear operators
among the professional traders became
somewhat discouraged over the events of
today,s short session, and engaged in
something like a scramble to cover out
standing short contracts in the closing
dealings. One bank statement while it
cannot be called a favorable one, was
not as weak as had been foretold. and
when the bears started to cover shorts
after its publication found it had brought
shgnt offerings TO sell Prices We're
marked up quite suddenly, in some cases
TO the highest point of the day, making
the closing quite buoyant in tone. Tho
further liberal expansion of more than
100000 in loans Indicated the faith of
look. Who are the borrowers of this
large amount of money is as much a mys-
terry as was the increase last week. 1t
has certainly not gone into the stock
market during the week. One SUPPOSE
ton is that the gold that has been going
abroad goes in the form of actual loans
to foreign institutions. This would helS
to explain the mysterious action of the
exchange market in face of the gold ship
ments which have failed to reflect anv
yielding under offerings of bills against
the shipments.
The strength in today's stock market
centered in the Vanderbilt group, New
York Central, Northwestern and st. Paul
& Omaha rising from 2ls to points. The
arrival in this country of Cornelius VAN
derbilt and the strong statement of the
New York Central for the fiscal year We're
lllG SIOuIluS IOE ID6
IN this group. The grangers, the trunk
lines and the railroad list generally were
strong throughout. There was weakness
at one time in Steel e. Wire. Sugar and
Tennessee Coal. Steel & Wire did not
rally strong, but other stocks were prac-
tically without exception higher at the
close and at notable net gains. The bond
market was quiet and yielded at some
points.
The bears have been energetic and ag-
gressive during the week and have had
M re- in drixr ,a~i.a 70
lower level. But their success has been
almost entirely confined to the Individual
stocks which they singled out for special
attack The general market has shown
itself coldly unresponsive, and there has
been nothing like a general break in
prices at any time. Holders of the STAN
stubborn tenacity, and the most marked
result Of the slump of few individual
stocks has been the lethargy engendered
in the general list. The buying demand
for stocks. to be sure. showed signs at
times of coming to a complete standstill.
bat there was such a small supply offer
ing for sale at the same time that prices
of many stocks offered a firm resistance
to any decline. The moneye6 class per-
sisted in its waiting attitude IT is COM
mentary upon the public feeling towards
new Industrial flotations that the most
vulnerable point of attack has been in
the steel stocks in spite of the fact that
enormous profits are being realized in
the production and manufacture of all
The uneasness in the London and Paris
stock markets on the Transvaal situation
and the cabinet crisis in France, and the
money stringency in Berlin, Vienna,
Frankfort and Amsterdam, on account of
large speculative commitments in the
Berlin market have been more or less
reflected here and have added to the
fear of a drain of gold which might ulti-
mately affect our money markets. On
the other hand the improved crop out
look the good earnings by railroads. the
continued ease of money, the general
business prosperity and the return from
Europe of several financierS of influence
and authority have served as sustaining
factors and even to advance prices in
number of railroads.
The volume of business in bonds has
decreased somewhat. but prices in the
main were pretty well maintained. United
States new As declined Il point, the new
SIS Is the 5s and the old As registered Y
and the old As coupon u in the bid price.
The total sales of stocks today amount
ed to 1S9791 shares, including: American
Steel, 1890; American Sugar, 12,7OO:
Atchison preferred, 5000; Brooklyn Tran
sit 500; Burlington, $500. Continental
Tobacco, 1880; Federal Steel, $500; Man
haitian $500; Metropolitan, 800; New
York Central. Il, 800: Northwestern. 800;
Northern Pacific. $500; Peoples Gas. 2,5O0;
Rock Island, 300: st. Paul, 5000; Union
Pacific 400; Union Pacific preferred,
400; Tennessee Coal & Iron. 1890.