The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-06-22
BUSY WEEK IN
WALL STREET
InjunctiOns Had Depressing Ef-
feet on U. S. Steel Securities.
GOULD STOCKS LED CHANGERS
BRIGHT CROP PROSPECTS CAUSE
ADVANCE IN RAILROADS.
GOULD STOCKS LED CHANGERS

new AOkhs 81 uIE AA.-- l0Qdg QQA and
professional stock market calls for little
comment An advance Of over a point
in United States Steel was a sustaining
force I'm the opening.
The demonstrative buying Of the
brokers usually employed by the syn
dicates helped this movement. The
southwestern railroads made some
show Of strength. st. LOuis-SOuthwest-
ern preferred rising IL. The effect OF
these movements extended far. The
whole list turned heavy upon the an
pearance Of the bank statement and
the closing was easy, with prices slight
~ below last night, for the most part.
The bank statement showed a gain in
cash Of less than 81 ,00O. 600. while the
estimates had been for nearly s.. 0OO, 900.
The deposit liabilities were increased
by loan expansion Of nearly $1,000. -
600. The net result was an encroach-
ment upon the surplus reserve of ST.
ia, 100. On the eve Of preparations for
the July settlements the showing was
considered disquieting. especially in
view Of the continued frmness Of for
eign exchange.
The market for bonds has been quite
active. but rather spotty and irregular.
u. s. 2s advanced Is; the SIS and old
IS, registered, q, and the olds As. cou-
pom, 3 per cent. The new As declined
4 per ceni, as compared with last
weeks closing.
The organized campaign to advance
prices Of stocks, which has been in
evidence for some time past. gathered
volume and force this week. and car
ried prices UP with a general sweep on
Wednesday, with the largest dealings
Tor one day since the early part of
May. On Thursday there was a move
ment 70 take profits by the bulls, and
an aggressive attack by the bears.
which caused a sharp reaction and a
pause. The unexpected increase in
the stock OF the Illinois Central and
the granting Of rights TO stockholders
TO subscribe at par gave the whole
market its I'll UP on Wednesday. and
helped the bulls TO take their profits
with the f1rst appearance of general
outside market that has been aroused.
The manner I'm which unfavorable news
was ignored on the rise is shown by
the prominent position taken by the
Reading stocks in advance, in spite of
the miners strike, and the continued
paralysis Of the anthracite trade
Professions Of confidence in the sue
cess OF crops and suggestions of prob
able increases of dividends on railroad
stocks were the ostensible motives of
the buying of the grangers, which were
prominent in the upward movement.
The Gould stocks, as a group. led by
Missouri Pacific, were also conspicu-
ously strong, because of an apprecia-
ton Of the improved strategic position
Of these properties in the railroad
world by reason Of recent acquisitions
and extensions and the belief that a
financial plan for the consolidation of
e
were rumOrs Of a contest for control of
Reading on the part Of the Pennsyl-
vania and its subsidiary company. Bal
umore & Ohio. The making perpetual
or an injunction against the conversion
or 500 ,O0O, 900 Of United States Steel
preferred stock into bonds has had
depressing effect on the securities of
that corporation and upon the general
financial sentiment. With the North
ern Securities project already contested
in the courts. the shadow Of judicial
disapproYal is thus thrown over the
two moss important financial projects
OF the recent era of expansion.
In the money market call loans have
been easily negotiated. but the outlook
Tor the future is not felt TO be clear.
The demand for time loans has been a
feature, as II was the week before. The
advancing tendency of sterling ex-
change here and its decline in Paris
has called renewed attention to the
large obligations of this market to for
eign lenders, and the coming effect
upon our money market of the matur-
ing of these obligations. The discount
rate has advanced at Paris. and that
center had withdrawn funds from Lon
don, which. in turn, has sold securities
here, creating a demand for exchange
to pay for them
The foreign trade statement for MAY.
issued this week by the bureau Of sta
ustics. shows the smallest trade ball
ance in our favor FOR any May since
1894. owing principally to the heavy
falling Off in the volume of exports Of
all classes of agricultural exports. The
exhibit is disquieting on account Of the
expanded condition Of our foreign
credits. OF domestic requirements the
week has seen the announcement of
various new bond and ca Dital issues.
including the opening of subscriptions
TO the ship company and the Metropol-
tan street railway bonds and various
other projects. The July settlement
requirements are yet to be met The
July disbursements and the repeal Of
the war taxes are looked 70 for relief.
both here and abroad.