The age-herald., 1901-06-24
TRADING WAS ON
 BANK STATEMENT. Surplus Was Carried Below the
 $7,OOO,OOO Mark SMALL EXPANSION IN LOANS Disbursements on Dividends and Inter est Payments July VIII Be the
 Largest In The History
 of the Country.

New York, June 22.-Todays stock mar ket was an inconsequential affair, and even the professional trading, of which IL was wholly made up, was narrow and restricted. The trading such as it was. turned on the bank statement, an ink ling being obtained soon after the open ing that the most favorable features would not be forthcoming. and traders sold the market on individual opinion. It was a session summed up as small A few upward movements at the close gave the market an irregular tone. The most disappointing feature of the bank state ment was Its failure to show any of the unexpected payment of large corporate dividends. If any of these were paid off during the week. there was sufficient new borrowing to offset this, as the loan item shows a slight expansion. not threatening in itself, but disappointing in view of the expectations The change in cash reserves shows a discrepancy or fully $4000,000 from that foreshadowed by the known movements of money. The con- sequence is a loss of two and one-halt millions instead of the expected gain or one and one-half millions. The surplus J reserves are in consequence carried be- \ call for greater effect upon money rates ttza has been shown, Chicago's banks have been placing large sums on loan Tn the New York market within the last day or tw thus keeping the tone easier. St. Paul and Union Pacific sold down to the lowest in the final dealings at 1ss@11s un- der last night New York Central and the local fractions were half sustained by buying of the same character as that re- cently prevailing Long Island jumped S% points on the reported project to com municate by tunnel with the center or New York International silver preferreo was marked up [ points on light .deai- ings. The market this week nas shoWeo a progressive decrease, tR speculative m terest and activity, the dealings for full day having fallen below the half million ahare mark for the first time since the first week in November last, Prices have been vulnerable to selling pressure ana have yielded when speculative liquida- I tion was attempted and when the pro fessional bears attempted an attack
 With the sailing of Tuesdays steamer for Gcrmauv it was felt that the outward gold movement was terminated, as that was the latest date on which shipments ! could arrive in Berlin to be Tn time TOT the July 1 settlements which was the purpose of the. movement. But tne iiioney market was still confronted by the semi annual requirements here which almost ' fnvarially affects the money market m the last week of June. The disbursements of dividends and interest on the ap- proaching first of July will be the iare- est in the history of the country as the result of the prosperous conditions rui- ing and the large profits to be distributed to holders of all sorts of securities cur rent estimates made the amount or money to be distributed $120,000, 900 to Sl2s,oooUV,. The actual developments looking toward railroad consultation is evident that speculators haze taken advantage or con ditions existing and manipulated the q stocks supposed to be concerned and to circu,ate reports greatly exaggerated or the plans intended. With the suppiy ol loanable funds restricted with wnicn the manipuaters might operate, tnls mas been n significant falling off in the num- her and character of these rumors and a m ore conservative spirit of investigation has ,,-ocailed which has resulted in the discrediting of some of the more extraV- agant rumors lately afloat. 1sctor making towards this more conservative view was the adjournment Of the uirec- tors of the Missouri Pacific last Monday without any action on the Missouri Pa- ciac merger project, which was con1- dentlv predicted by bull speculators and long made 2 potent instrument for ad- yancing prices. The versions or the so- called St Paul deal have been material
 
 from earlier circumstantial reports of an intended exchange of the stock for joint Iy guaranteed four per cent bonds at the rate of 100 par value of stock for 200 par value of bonds The first revised version had it that Union Pacific was acquiring large blocks of St. Paul stock to effect an extension of community of interests but tbnt no further interchange of securities or transfer of control of railroad property was contemplated in the process of ex- trlcating the Northwestern and Pacific Railroad problem from the disputes pre- cipitated, by the Northern Pacific con test.
 The market for railroad bonds has been rather quiet except for some of the. spec ulative issues which have been in de- mand. W
 United States refunding 2s, new As and Ss registered declined A and do coupon 1s per cent below the closing call of last week, =
 New York Stock Market.