The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-06-14
NOTHING DOING
IN WALL Street
Trading in Moderate Volume
With Prices a Shade
Lower.
OUTSIDERS STAY OUTSIDE
PROFESSIONALS REMAIN IN
COMPLETE CONTROL.

New York, June 13.-In its main essen
tials todays stock market was but a
repetition Of those of the early week.
Trading was again in very moderate vol
ume, fluctuations were for the most part
exceedingly narrow and the bulk Of the
business was, if possible, even more pro-
feSSiOnaL OF the outside interest there
was none, a fact to which the managers
of the large commission houses relUCt-
antly testified. Traders and the profess
SlOnal element were almost unanimously
inclined to take a bCaTiSh view and the
they have been recently The news OF the
day, while again lacking in specific de
tail was not of the character calculated
to make for higher prices. Crop COnGl-
tons were subject of greatest interest
there being a fast growing impression
that the situation in the western states
is not distinctly favorable to large yields,
due allowances being made, however Tor
the usual scare reports and other forms
Of eXaggeratiOn. Another uufavOrable
influence was the heavineSS of the Unit
ed States Steel issues These stocks have
not been very active recently, but the
pressure directed against them today was
so persistent as to provoke comment.
The downward tendency of these shares
was doubtless accounted for in part If
not entirely by the testimony OF those IN
a position to know that the business ia
all branches Of this industry except steel
rails is on the decline as compared with
year. The fun bull points that developed
i'm the course of the day went by I'M
noticed. For instance the increase OF the
Pennsylvania COmDanES dividend from a
to a o per cent basis failed to evoke any
response IN the shares Of the PenHSylEa-
MIA Railroad company, although the en-
tire stock Of the first named corporation
is held by the railroad The reaction
which followed the strong and active
opening i'm the local grain markets was
also without effect in the securities mar
kct ST Paul was again the. only stock
that displayed decided strength, the other
active issues with few exceptions, snow
ing marked weakness. This tendency
was further pronounced in the late trad
ing. which was most prominent for its
frequent periods Of absolute StaSnauon.
few new stories were circulated TO ac-
count for St. PduIS further rise, some of
them SO impossible as To tdil OF tntiT
own weight. Board room gossip had il
that a prominent operator whose success
full coup in one of the southern railway
properties a few years ago is still re-
membered. had bought heavily of St Pau
i'm the hope of securing recognition in It's
directory. Another equally irresponsible
story was that Union Pacific interests
had recently acquired large holdings with
a view 20 getting control In the tnaI
dealings the selling pressure became 50
acute as TO wipe out St. PaulS gain and
reduce the general level materially below
the previous days closing Inc greatest
wca kneSS was in the Hill stocks. Union
Pacific Canadian Pacific, Missouri Pa
cifiC Chicago Great Western, Kansas &
Texas preferred. Louisville < Nashville
and Brooklyn Transit, with similar weak
ness in numerous industrial stocks The
movements of the foreign stocks weT5
generally like our own in point of weak
ness Americans were irregular I'm Lon
don. and little business for that account
was done here Money conditions were
without material change. aside from the
better demand for OVer-yCar loans which
were made at 5l4 per cent, though SIN
months loans were reported at 4%a DeI
cent Late incidents of the day included
an increase from to 2l2 per cent on the
dividend on the preferred stock of the
Pittsburg. Cincinnati. Chicago & St
Louis road. and the publication of the
Western Union Telegraph company
/ earnings for the year. The figures indi-
Gated slight falling off in net, and q