The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-06-08
ACTIVE BUYING
STOPPED SHORT
Announcement of Gold Exports
: to Paris. Put a Crimp in the
Stock Market.
HEAVY DRAINAGE OF CASH
AIR FILLED WITH RAILROAD
RUMORS.

New York, June IAN active absorp-
ton of stocks on q rising scale today
was brought almost TO a standstin py
the Unexpectedly heavy engagements OF
gold for export to Paris tomorrow. Con-
ditions in the exchange market had pre-
pared expectation for an additional ship
ment tomorrow, but so large sum as
Sc, SOC, 900 was a surprise. The movement
was the more impressive by reason OF
the failure of the foreign exchange mar
ket to show any effect, as is usual, OWING
TO the custom of selling exchange Dills
against gold shipments when they are
made. The rates today, however, were
firmly maintained and it was evident
that the outward movement OF gold was
TO extend over into next week. The Paris
market stands under obligation to New
York for S4,OO0,000 on subscriptions to New
Haven which mature next week, but this
obligation seems TO have no erect IN
checking the flow of gold from New
York to Paris. TOday's IS. 6D,0 600 engage
ments will not figure in tomorrow's bank
statement. Nevertheless, the sub-treas-
ury absorption from the money market
up TO Thursday night, principally on ac-
count of gold withdrawn for export,
amounted to 81, $4,000. This was offset to
only a small extent by the balance in
favor of New York on the currency move
ment with the Interior that balance hav-
ing fallen considerably below the figures
for several weeks past.
This course of currency was not effec
tive on rates for call loans today, the
tone IN IndL department OF the money
market remaining steady. Payment was
made today also of IS, 600 900 installment
of subscriptions on Great Northern pre-
ferred new stock. This heavy drainage
of cash reserve while 80 many eager re-
quirements for new capital purposes re-
main unsatisfied is regarded as something
of an anomaly and has effect Specu-
latiVe sentiment in spite of the absence
of effect Immediately in the money quo
tations. Reports of low condition esti-
mates in winter wheat crop today made
by state authorities in Kansas and Ken
lucky served to shake to some extent the
confidence that has been felt that Mon
days government report would show
marked improvement over the previous
monthly estimate.
A feature of the day was the number
OF rumors of new railroad relations which
came into circulation. Apparently the
plan for transfer of control of the BOs-
ton & Maine to the New York, New
Haven & Hartford gave the impetus to
these rumOrs. Many of them conferred
Delaware & Hudson, but none of them
received any official sanction. The coal
ers were all helped by the evidence of
prosperous conditions in that trade In
eluded in the showing was the huge in
crease in the tonnage of the Nav ship
ments over those of May of last year
Readings prominence in the DAYS ad-
vance was partly due to this and was
notably increased by rumors of a pro-
posed increase in the dividend rate also
without official sanction The check TO
activity which followed the gold export
engagements resulted in only slight con-
ceSsiOnS in prices and they were lifted
to the highest level again late in the day
The close was fairly steady.
Bonds were firm Total sales, par
United States bonds were unchanged on
call.