The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-06-28
PROFESSIONALS
PUT UP PRICES
But There Was Little Doing on
the Stock Exchange.
DULL AND APATHETIC WEEK
sPECULAToRs PLAYING A WATT
ING GAME.
Dull AND APATHETIc WEEP

s1,r-,Ius of the banks which is Dracti-
calIv satisfactory in view Of the ap-
proach Of the July settlements. Penn
svlvania stock subscription seems to
have figured both in the loan and cash
items of the bank statement. The in
crease in cash of S4,309, 400 IS between
four and five millions larger than was
estimated. Some large receipts from
Philadelphia in connection with the
subscriptions held to this result and
the weeks averages probably had the
advantage also of some of last week
receipts, which came too late to figure
in last weeks statement The large
loan increase of IS, 925, 500 is attributed
10 the Pennsylvania operation. but II Is
believed that the contamination OF the
Hooking Valley control also hgureS IN
the statement
Authoritative news of the Hooking
Valley settlement is not forthcoming,
but the common assumption IS that
the Lake Shore figures in the deal pos
sibly with Pennsylvania. Pennsylvania
officials express confidence that an IN
significant amount. if any, Of the new
stock viii be left for the underwriting
syndicate to take over, and a large
proportion of the subscriptions seems
to be paid in full instead of the 50 per
cent instailment which was required
The rise of the quotation of the stock
to 1245k and the narrowing Of the gap
between the old stock and the certif-
Gates of the new stock were due to the
success Of the subscription. The gen
eral market followed Pennsylvania, but
with a narrow movement
Review of the Week.
The stock market this week has been
apathetic to an extreme degree The
expectation that with the Tightening OF
the pressure Of liquidation, which
caused the long decline, there would
be a rush to buy stock on the part Of
the awaiting investment public was
proved unfounded by the action Of last
week On the other hand, the profess
sional bears met with little success IN
efforts to dislOdge fresh stock by offer
ing down prices Their diScOuraglng
experiences have led to progressive
abandonment of attempts TO move the
market in either direction, and the av-
erage daily transactions have sunk 10
an average of about a quarter of a
million shares. The hardening OF the
market in the face Of some of the
weeks news, which might be regarded
as unfavorable, caused q good impress
sion and was the motive for eXpecta-
ton that prices would move upward
when the awakening comes. But the
market has been eRtirely waiting one
for more light on the future course Of
business and some earnings The vol
ume of transactions has not sunk as
low as during the midsummer period
Of dullness in years before the recent
great speculative movement, but ac-
count must be taken of the large mum
Der of new securities added to the list
of the stock exchange during that Pc
riOd. Many of these form an inert
mass which are not quoted on the tape
for weeks in succession, in strong con-
trast to their activity and rapid price
movements at the time they were in
troduced and under manipulation In
the interest of their flOtation. An oc-
casiOna1 sale Of a small block Of secur-
tiles of this class when ii IS effected IS
made at so wide a decline from the last
sale. some months preceding. as to give
anxious concern TO the holders of the
stock in particular and to the security
holding public in general as we'll on &C
count of the differences to be drawn
from the financial condition upon which
the organization Of the corporation was
originally based The appearance in
the courts of suits Of dissatisfied par
Elephants in some of these organizations
and ugly charges Of misrepresentation ton
and unfounded claims of conditions on
which the sale of securities was effect
ed serves TO keep alive a feeling Of dis
trust and suspension towards the whole
class Of securities. based on industrial
promotions which have been so freely
set -afioat in the last few years.
Steel Strike a Factor.
1t was hoped that the fixing by the
United States Steel corporation of its
schedule OF prices Tor the coming year
and the placing with the corporation OF
some large orders for steel rails Cor 1904
delivery would clear up the feeling of
doubt over the future stability of trade.
bur the Stock market has failed to re-
feet any such condolences. The iron
and steel stocks on The contrary have
shown more evidence Of depression
than the list in general, and iron trade
reports Indicate a persistence in a wait
ing attitude by consumers in that
trade. The renewed spread of the
strikes in the New York building trades
has been a factor in this tendency. So
has been the notable liquidation of
United States Steel second convertible
bonds, carrying them to the lowest price
since they were issued. The general
supposition that this selling was due to
a special cause involving the payment
Of large maturing loans did not seem
TO relieve the depression caused there
by. The OutgO of geld 10 Paris and
Berlin was more Of an influential fea-
ture upon speculative sentiment in
view Of the low state of the banks
surplus IN New York and the near ap-
prOach OF the July requirements The
important operation OF the payment of
subscriptions Of the new Pennsylvania
stock has also overhung the stock mar
ket. The 90 per cent installment of
subscriptions due today called for S45.-
100000 but subscribers had the privi-
lege of paying in FUN and it is reported
that many have done so. thus adding TO
the money market requirements for tn
operation. The payment of subscrip-
tons by foreign stockholders of Penn
sylvania has created a supply Of eX-
change sufficient to affect. the exchange
market and 10 cause a decline in rates
from the gold export rate tate in the
week The money market, however, has
been undisturbed and rates for time
loans and for commercial paper have
been shaded. The stock market has
laid practically no demands upon the
money market and the demands from
other sources seem to be very light.
The news of the crops has not been a
sustaining force for prices OF stocks
and the rather feYerish fluctuations in
the cotton and cereal markets with the
active speculation there have been per-
ceptibly, but family, reflected in stocks.
Reports of railroad earnings both of
8 gross and net, have been. good Tor June.
The dealings in bonds have been
largely in the more speculative issues
and the important price movements
have been in convertible bonds IN SYM
patty With the stocks.
United States new As coupon adj
vanced Z per cent as compared with
the closing call Of last week