The age-herald., 1901-06-23
TRADING WAS QN
 BANK STATEMENT Surplus Was Carried Below the
 $7,0OO,O0O Mark SMALL EXPANSION IN LOANS Disbursements on Dividends and inter- est Payments July Will Be the
 Largest In The History
 of the Country.

New York, June 22.--Today's stock mar oven the professional trading, of which t was wholly made up, was narrow and restricted. The trading, such as 1t 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 fIle anarket 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 aeslght expansion, not threatening in itself, but disappointing in view Of the expectations. The change in cash reserves shows a discrepancy of fully 4000 900 from that foreshadowed by the known movements Nof money. The con sequence is q loss of two and oae-na1 millions instead of the expected gain Of one and one-half millions. The surplus
 
 low seven millions. This would seem to -cail for greater effect upon money rates t.san has been shown. Chicagos banks have beea placing largs sums on loan Tn the H.w York market within the last day or two, thus keeping the tone easier. St. Paul and Unioc Pacific sold down to the lowest in the final dealings at 15s41S un- der last night. New York Central and the local fractions were half sustained by buying of the same character as that re- gently prevailing Long Island Jumped Ssl points on the reported project 10 com. municate by tunnel with the center ol New York. International silver preferred was ma rlzed up points or llght aeai
 i.g5. The market this week has shoWea a pyogressive decrease tS speculative in terest and activity, the dealings for 1uii day having fallen below the half million share mark for the first time since the fi1.st week in November last. Prices nave been vulnerable to selling pressure anu have yielded when speculative nquiua- t.oa was attempted and when the pio- fes7i,naI bears attempted an attack'
 with the sailing of Tuesdays steamer for Gorm5ry it was felt that the outward gold movement was terminated, as thae was the latest date on which shipmen.s could arrive in Berlin to be m tiiie loi the July 1 settlements which was the nurpose of the movement. But the money rnar,yer Nas still confronted by the semi ano,,al reouirements here which almost Invariably affects the money market III the last week of June. The disbursements of dividends and interest on the ap- proach:ng first of July will be the lars- est in the history of the country as the ,osult of the prosperous conditions rul- inc and the large profits to be dlstrlputeo to holders of all sorts of securities. Cur rent estimates made the amount or money to he distributed S120,000,00O to Sl2oooo'oU Tine actual developments lookmg toWaru railroad consolidation is evident that esn...,ilators have taken advantage or COT ditioos existing and manipulated the stacls supposed to be concerned ano to circuIate a reports greatly exaggerated or the plans intended With the supply or loa1,able funds restricted with whicn the manipulaters might operate, thls mas been a significant falling or III the nun, her and character of these rumors anu a more conservative spirit of investigation hss prevailed which has resulted III the tliscrediting of some of the more extras- agant rumors lately afioat. A factor making towards this more conservative view was the adjournment or the oirec- tors of the Missouri Pacific last Monday ngitbou+ any action on the Missouri Pa cfc merger project, which was conn- dentIy predicted by bull speculators and long made a poteE. instrument TOT ao- yancing prices Tho versions or the so- called St Paul deal nave been hhdlei ioi ly modified in the gossip of the streec from earlier circumstantial reports of an irtcnd d exchange of the stock for joint l guaranteed four per cent bonds at the rate of 10e par value of stock for 2o0 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 put That no further interchange of securities n,. transfer of control of railroad property was contemplated in the process of ex- tricating the Northwestern and Pacinc 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 uIatiye issues which have been in de- mand. ,aY :, United States refunding 2s, new As and gs registered declined A and do coupon h per cent below the closing call of last week