The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-06-23
NEWS OF EASTERN
STOCK MARKETS
Trading on Wall Street of In
consequential Nature.
STATEMENT OF BANKS
FAILS TO SHOW EXPECTED PAY
1IENTs OF CORPORATE LOANS.

New Ork, June Z2.-IO0ayS STOCK
Tket was an inCOnsaquentiaI affair,
and even the professional trading, of
which it WAS wholly made up, was re-
stricted- The trading. such as IL was,
turned on tnU bank statement An
mixing was obtained soon after the
opening that the expected favorable
features would not be forthcoming. the
Graders soil the market, but when their
views were verified by the bank state
ment the market proved toe marrow to
reflect any action by outside holders,
and the covering by professional bears
rallied prices. They went Oft again to
the lowest I'm some cases, while a few
upward movements gave the closing its
IRREGULAR tone.
The most disappointing feature of
the bank sta tement was its failure to
show any of the expected payments of
large corporate loans. If any Of these
were paid of during the week there
was sufficient new borrowing to Offset
T4is, as the loan item shows a slight
expansion, not threatening in itself. but
disappointing I'm view OF expectations
The change in cash reserve shows
discrepancy Of fully &4,O00,0OO from that
fOresbadOwed by the known move
mentS of money. The consequence is q
loss of $500. 900. instead OF the expected
gain of $500 COO. The surplus reserves
are. in consequence. carried below ST.
100000. This would seem to call for
greater effect upon money rates than
mas been shown ChicagO banks, how
ever have placed large sums in loans
i'm the New York market within the last
day or two, thus keeping the tone
easier.
st. Paul and Union Pacific sold down
TO the lowest I'm the final dealings. at
17s and rs under last night. New
York Central and the local fractions
were well sustained by buying Of the
same character as that recently pre-
Vailing. Long Island jumped go
points on the reported project 10 COM
muDiCaJe by tunnel with the center of
New YorI- international Silver pre-
ferred was marked M T-points on light
deGIings.
The stock market this week has
shown progressive decrease in speCU-
Iat!ve interest and activity, the Cf,I-
iugs for a full day having fallen below
the 500,000-share mark for the first
fime since the FIRST week in November
last. Prices have been vulnerable to
selling pressure, and have yielded
when speculative liquidation was at
tempted, ana when professional bears
attempted an attack. What speculative
operations there were were shifted into
rhe less conspicuous stocks of minor
railroad systems and industrials, and
the causes alleged 70 eEIlain these
movements were special to the stocks
affected that their advances had little
sympathetic effect ON the general list.
Some of them were probably due to
manipulation. and were followed by
tiOuaI advances.
The wide ana faverish fluctuations in
this class of stocks rather tended TO
discourage operations and to arouse
U1easinesS, but the deep underlying
factOr in checking active operations
Hvds the conditions Of the local money
market When the bank statement Of
last Saturday was followed ON Monday
h.- the announcement that $AO00000 in
sold had been engaged for shipment to
ere. many. 10 became question of
simple arithmetic to prove any large
demands for loans with which to specU-
late in stocks would develop stTinEenCy
ana as by prcciuirate iiauidatiOn of
stocks. thus defeating its own purpose.
AS 10 was, there was O. hardening OF
money, both on time and on call and
some calling Of loans. Rates did nOL
rise so high as to create any actual dis
tress. but quite high enough to serve
as Il warning against fudisCreet- eXpan-
sion Of CREDITS.
With the sailing of Thursday
steamer for Germany &c was felt that
the outward gold movement was termi-
mated, as that was the latest day on
WHICH ships could arrive IN Berlin to be
I'm time FOR the July settlement, Whicl
was the purpose of the movement. But
the money market was still confronted
by the semi annual requirements here,
which almost invariably make an active
money market in the last week of June.
The disbursements O dividend am
interest on the approaching LIST of July
will be the largest iH the history of the
. country as a result of prosperous con-
diuons ruling and the large profits to
be distributed TO holders of all sorts Of
securities. Current estimates make the
amount of money TO be distributed
$40 000. 600 go $125,Q0 600. Included ~
the amount will be a. sani-annUaI GIvT-
dend Of 2lz per cent on Missouri Pa
CifiC. in accordance with the decision of
the directors Of the company on Mon
day.
This IS the first dividend paid on the
stock since 1891, when 3 per cent was
paid The stock sold at 124ia last week
in anticipation of this action. but has
since shown the effect Of realizing to
some extent. on May g, 1897. the stOCR
sold at los on the New York stock ex-
change. The property's earning pow
or at present. together with these fig
Ures. constitute marvellous exhibition
of the reouperatiou Of the railroad
business Of the country in general and
OF. the southwestern region in partcu-
lar.
A feature OF the Week has. been -th,
mOderatiug OF views regarding future
railroad combinations. Whatever may
be the actual development looking
toward railroad consultations, it is eV-
idenc that spectators have taken ad
vantage of conditions to violently ma
uipulate the stocks supposed to be con
.cerued and to circulate greatly eXag
Eerated reports OF the plans intended
with the restricted supply of lOanabit
funds with which the mauipulatOr'
might operate. there has been a siSnin-
cant falling off i'm the. number ant
character OF these rumors and q more
conservative spirit Of investigation ha'
prevailed, which has resulted in tn
dieCrediting of some of the more eX
travagaut rumors lately afoat
factor making toward this mOr'
conservative view was the adjournment
OF the directors OF the Missouri Pa
cifc last Monday without any action os
The greater Missouri Pacific merge
project which was confidently predict
ed by bull spectators and long made
potent instrument for advancing prices
The versions o. tHe sO-CalIed st. Pau
deal have materially modified in tn
gossip in the street from earlier cir
cumstantial reports of an iutcEdei
exchange of the stock for Jointly guar
anteed 4 per cent bonds at the rate @
100 par value Of stock FOR 200 par VaiU
OF bonds
The first revised version had 1t tina
Union Pacific was acquiring larg
blocks OF st. Paul stock TO effect al
extension OF community of interest, bU
that no further interchange Of seCuri
tfes or transfer of control of raiirOa
property was contemplated in the pro
cess Of extracting the northwestern an
the Pacific railway problem from tn
disputes precipitated by the Ncrther
Pacific contest. When speculation wa
al the low ebb &c was allowed 90 ID