The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-06-29
DULL WEEK IN
WALL STREET
Kings Illness Practically Para
Yves Bonds and Stocks.
LONDON MARKETS CLOSED
INCREASING WAGES MADE U. S.
STEEL MORE FIRM.

n stock market today was practical
~ Iy inert There were some specu-
raHro operations i'm few special
stocks but they had no appreciable
effect 9U the general list. The bank
statement did not reflect any notable
r..unaration but the condition Of the
BANKS is well maintained, despite the
weeks syndicate operations and prep
g-.H0us which have presumably been
mad. FOR the July settlement. The
statement was considered negativably
favorable therefor. There is an ex-
recitation. however, that there may be
some shifting of loans on Monday.
TrEay's money and exchange markets
var. nominal, but sterling exchange at
Paris fell half a Centime, thus narrow
n- -ar margin between the point of
prof. on gold shipments. Foreign bank
sr- believe gold may go ont next week.
Ur .HJays special movements the rise
fn f.. e. T.. l.. was due to a suggestion
that Inc treasury stocks of the road
may De distributed 20 shareholders.
Illinois Central was moved up a frac-
ton above the price touched on the
day The new stock issue was an
u0unced and closed at the top.
The general market ran off slightly
ar the close.
The report Of a voluntary increase of
81 per cent i'm wages by, the United
States Steel corporation seemed to
make those stocks firm The closing
was rather heavy.
Prices of stocks have been lower this
week. with some recovery. The con-
suicu0us feature Of the market has
been it's dUlIness. The event Of the
week however. was the announcement
of the dangerous illness Of the king of
England. The elaborate ceremonies in
preparation FOR the coronation and the
sum total of disappointment involved
DOB thc nustp0nement gave the event q
sensational character that magnified it's
effect out of proportion to its real DOW
on t0 influence political or financial az
fairs.
There Is a serious element Of loss in
VOWED 90 the business world of Lon
don. and there was in addition. a large
speculative commitment on the hope of
trade revival as a result of the end Of
the war m South Africa. which might
ba forced into liquidation should the
depressing effect Of the kings illness
check the expected trade revival There
was therefore. considerable pressure Of
American securities for London ac-
count on the New York market. The
London market is heavily Indebted 10
Paris and Berlin. and the rate Of ex-
change ran up to within a shade Of the
gold export point. Had it not been for
renewed selling by New York of loan
bills in the exchange market it is prob
able that gold would have been export
cd this week. The course of the ex-
change market was a factor in check
ing stock market activity. The i'm
Trovemcut IN the condition of King
Edward and the London holidays has
relieved the New York market. Last
weeks loan expansion and syndicate
requirements left our money market I'm
no condition TO support an active spec
UIation i'm any event.
The end of the haif-year and the
preparations TO be made for dividend
and interest disbursements in excess of
any precedent emphasized the need of
q cautious policy The market gave
evidence of the guardianship of DOW
ertul protectors. nevertheless. I'm the
occasional advance Of special stocks.
notably the Gould group, St. Paul and
Reading.
The drawing out Of the coal strike
and The possibility of it's early expan-
sion among the soft coal miners has
been ignored. The May reports of the
anthracite carrying roads offer the first
opportunity To- estimate the losses in
VOWED i'm the paralysis Of the coal
trade, but the large declines in earn
lngs were without apparent effect upon
The stocks of the railroads.
Some effect has been produced upon
sentiment by signs Of discomfort in
other departments of the labor world.
p9t this has found little active result
h the stock market. The conviction
prevails i'm the financial district that
the prosperity Of the country is. on the
whole, stiII Wen maintained The Sus-
'ained high level of railroad earnings
az average increases over last year.
i1e volume of bank ClearinEs. espe-
t.dI.y outside the speculative Centers.
ana the extraordinary activity of iron
trade. ar etaken as cOrroborative evil
denre Of this.
Confidence is general that the years
crops viii be large. Notwithstanding
i1e reports of unreasonable weather
Tor corn and for wheat reports. There
remains some misgivinEs regarding the
course Of the money market during the
la. when the demand for currency
and maturing Of foreign loans may
converge upon New York. There is
notable neglect Of the industrial
stocks as a class. with United States
Ni.H. a leader The heavy and neg
''i0d tone Of these stocks is attrib-
a.'a to uncertainty regarding their
financial organization and the issue Of
bonds ahead Of the stocks % provide
Working capital or for improvements
or other purposes.
.rs--- a.E l.
rad" Fuel and on American Ice pre-
..E.a1 this week has tended to in
crease the uueasiness of holders Of
mis- class OF securities. SO the con-
custom has been reached by the Jour
Ha. Of Commerce that the amount of
new capital embarked in such COrpO-
H'Hs competing with the great coz
..aguonS has greatly exceeded the &C
.aal new capital placed in the COM
'.Ha tons themselves. The disposition
a.. '.l heads Of constituent companies
forced ont by the combinations 20 en-
...'E iU new competing enterprises is
Characteristic of the new order of
things
The dun bond market has moved
'sty I'm sympathy with stocks The
..W United States IS declined Il. the
". q and the new As Z per cent. as
compared with the closing call of last
Week.
Bond Quotations.
L S. ref. Zs reg. 1077tfL x N u. Is 1855
Du. coupon ...IOSl MEX. Cent. As. Sps
z. $. SIS rcc.....f07 list inc -. 32is
DO. coupon ..l07 IN a 81 I. - 1O5i-
L. s. D. Is reg. .1sis. ri. *. a n. as 9S7s
Do. coupon .f2f2. NJ *. n. n. 81 ~
u r. O. IS reg .107sIN. y. Cent Is 1875
-.. coupon lies. General Sias ..109
q. =. IS rec. los n L 4 cen 81 10